Who pays off a business credit card after death?

Question by grinny: Who pays off a business credit card after death?
My recently deceased father has a company called “Bon Ltd” with his Aunt Sue acting as President. The Amex credit card statements list “Bon Ltd” and Sue Smith as having the account. Top Android Games . There are two cards with Dad’s name and Sue’s name. The Best Android Sites on the Web . Will Sue become personally responsible for this debt? The company is penniless, but was never officially bankrupted. Dad has no will and his only assets are two old cars. Wisconsin Foundation Repair contractor . Will I have to pay off this debt so my aunt doesn’t get stuck with it?

Best answer:

Answer by Dan B
Your dad’s estate/company becomes liable for the debt. AmEx will probably see this as Aunt Sue’s debt. But it will depend upon how Bon Ltd was organized, Ch S Corp?, LLC ? Probably LLC. In that case, AmEx may try to get their money from Aunt Sue.

Don’t know how much the debt is, but an attorney can help.

What do you think? Answer below!

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Posted by editor2_lendersnow-low-rate-mortgages on Dec 29 2008. Filed under Credit Cards + Debit Cards. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.