What happens to your loans if you pass away?
in Banking, Insurance & Loans ·
Peter Rivera5 said:Anyone able to help me out here? I’ve got an auto loan on my name, and there's a life insurance policy tied to it. On top of that, I’m juggling two smaller personal loans and a negative balance in my checking account. I don't own anything else—not sure if the car counts as an asset or what. Honestly, I'm just done. I have zero desire to keep going and just want everything to disappear. I feel like I'm backed into a corner with no way out. If I pass away, does my husband or someone else in the family have to pay off these debts? Thanks for any insight.
Sell the car and cover whatever debts you can. As for the bank—try negotiating a repayment plan based on your current income. Life goes on...