Can children become responsible for parents' debt?

Answer by  flamiss22 (5081)

You can only be held liable if you and your parents were co-signers and the child was legally an adult when it was signed.

Answer by  luyuma (253)

When a parent dies and was in debt, the children will end up carrying some of the debt depending what kind of debt it is such as federal and state taxes.

Answer by  dsmith42 (371)

No, so long as they do not sign anything promising to take responsibility for that debt. However, the parent's estate if the parent dies is still responsible for the debt, so the child would not necessarily collect all the assets in case of death. Specifics of exemptions on the estate liable for the debt depend on the state.

Answer by  Mallika (449)

Childrens won't be responsible for parents debt while they are minors. Becasue at that stage they are helpless they can't do anything. But when they become major they can help.