What Happens to Your Debt When You Die

It’s a common sentiment that we don’t want to burden our loved ones when we pass away. But despite all good intentions - many Canadians will die in debt. If you die with debt in Canada, does your spouse or kids inherit your debt or does it simply disappear when you do? Which of your debts have to be paid and how is your estate affected? Licensed Insolvency Trustee, Derek Chase, tackles these questions and explains what you need to know if you are in debt or an executor of a loved one's estate. Derek also answers the following questions:What kind of debt doesn’t have to be paid?What happens when there are no assets to sell to pay debt?Can the estate of the deceased go into Bankruptcy?How does the CRA handle the debt of the deceased?At what point do you need professional advice?Licensed Insolvency Trustees are licensed by the federal government to provide debt advice. You can be assured that the advice you receive from them will be unbiased and have your best interests in mind.   About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted. Additional Resources Derek L Chase & Associates Ltd. Licensed Insolvency TrusteeDeath & Debt: Will My Family Have to Pay?BC Bankruptcy Exemptions: Will I Lose Everything if I File for Bankruptcy?