Go Back To Search Results Question If a person dies, who owns the liability of his personal loans and credit card loans? Hi, If a person dies, who owns the liability of his personal loans and credit card loans? In INDIA is there any law or rule related to this? Best regards, Raja By rajaraman v Posted on 12/10/08 Total Answers 5 Answers- Who is going to get is assets, they are liable for the outstaning loans. Answer by : SwamiNathan A S On Date 2008-12-10 01:50:24 The nearest relative, often noted in the application for credit Answer by : NW On Date 2008-12-10 01:50:32 the person who inherits the assets of the deceased individual will be liable for the loans to the extent of the value of the assets inherited by him/her from the deceased person Answer by : consultant2050 On Date 2008-12-10 01:57:30 It usually comes out of the deceased persons estate via his executor (not as in excusionist). I assume a legal will was or has been drawn up? If not it will take longer to settle the details & I'm not sure about probate or death taxes in India? Answer by : min On Date 2008-12-10 02:31:39 i think this is already mentioned while you fill up form for application for personal loans and credit card loans. every bank takes gurrented persons. only that person is liblle to pay back it. check application with loan giver. who is a gurrenter. Answer by : riddhi On Date 2008-12-10 04:36:02   Go Back To Search Results