3 replies to this topic

[gellieshoes]

I live in MN and have a question about credit card debt that the company that holds my retirement IRA cannot answer for me as they say it is a state by state statute issue. I have four adult children, whose names are on this account if something were to happen to me. I have quite a bit of credit card debt. I know that if something were to happen to me the account then goes to my children in equal distributions. My question to you is can the credit card companies take money owed to them from this account if I were to pass away? Does it matter which state the credit card company is located in?

[FindLaw_AHK]

Would mostly depend on the account terms of agreement. If a debt is owed, then the estate will have to pay. Why are you not paying off the credit card debt?

[gellieshoes]

I'm working on it, but it never seems to go down much regardless of how much I pay over the required amount. Although my children have no idea just how much credit card debt I have, they want me to file bancruptcy. (sp). I'm not sure if I can live on social security, my small monthly stipend from my retirement account, and the two part time jobs I have.

[pg1067]

I live in MN and have a question about credit card debt that the company that holds my retirement IRA cannot answer for me as they say it is a state by state statute issue.

Why would you look to an IRA administrator to answer a question about this subject?

I have four adult children, whose names are on this account if something were to happen to me.

"[I]f something were to happen to" you??? Don't hundreds of things happen to you every day? I assume you meant to say that your children are listed as pay-on-death beneficiaries of the account (i.e., that they'll get the money in the account when (not if) you die). Correct?

can the credit card companies take money owed to them from this account if I were to pass away? Does it matter which state the credit card company is located in?

Do you really think there's a chance you won't die? Anyway, the answer to both questions is no.

it never seems to go down much regardless of how much I pay over the required amount.

The you either aren't paying too much over the minimum or are continuing to charge purchases on the account.

Although my children have no idea just how much credit card debt I have, they want me to file bancruptcy.

Why? In any event, you are, of course, free to speak with a local bankruptcy attorney.