406 – What Happens to Debt When You Die? What If You’re Insolvent?

If you die with debt, does it get passed on to someone else in your family? Is it possible for an estate to file a bankruptcy or consumer proposal? On today’s podcast, Doug Hoyes and Ted Michalos discuss what happens when you still owe creditors after you’ve passed and the impact on your estate. They provide practical advice on dealing with joint debt when one spouse has passed, how adult children can navigate debt repayment for their aging parents, and other dos and don’ts when it comes to dealing with an insolvent estate, including whether it’s a good idea to file a bankruptcy or consumer proposal post-mortem. Tune in for lots of helpful tips! Links: Does Debt Survive Death? https://www.hoyes.com/blog/does-debt-survive-death/ CPP Death Benefit: https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-death-benefit.html CPP Survivor’s Pension: https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-survivor-pension.html