In New York, debts are contractual in nature. That means I am responsible for my own debts, as well as those that I have agreed to be responsible for. If I don’t agree to be held liable for a debt, I cannot be forced to pay for it.
The issue becomes slightly muddier in the case of a deceased relative. If my relative incurs a debt and then dies, the creditor has a claim against the estate of my relative. If there are assets in the estate then the creditor may be able to sue and obtain a recovery – against the estate, not against me. But if there are no assets then there technically isn’t really an estate; in such case, the creditor walks away empty-handed.
Check Out These Related Posts:
