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One of the biggest misconceptions out there at the moment is that debts are written off if/when they die.
You might think that debts are no longer your concern if the worst happens to you, and you’d be right to an extent, but the financial situation you leave behind can have a serious impact on your family.
This is because creditors (the people or companies you owe money to) reserve the right to make a claim against your estate for any debts owed at the time of your death.
For someone who has no dependents and no assets (such as money or property) they’ll be nothing for the creditors to take from. Continue reading