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/biz/ - Business & Finance

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23363261 No.23363261 [Reply] [Original]

When someone dies, what happens to their debt? Does it get added to the national debt or does it get written off?

Also, any good books to learn basic economics from? I know math.

>> No.23363361

>>23363261
bump, is /biz/ the wrong board for this question?

>> No.23363370

>>23363261
it gets taxed at 150% and then all the relatives, friends and everyone who's ever known or met the deceased is asked to pony up the cash immediately. If they don't they get publicly flogged and gang raped by everyone in the village.

>> No.23363387

>>23363370
I fucking chortled.
> National debt
> the village

>> No.23363420

Come on y'all, none of the gigachads in this place know?

>> No.23363523

Their children are liable for it so if your dad has a bunch of credit card debt and no life insurance you'll have to pay for it when he dies

>> No.23363531

>>23363370
this is your brain on curry

>> No.23363537

debt goes to the estate and needs to be paid before the proceeds are distributed by the executor to the heirs, if there is more debt than assets it gets written off

>> No.23363551

>>23363261
kids have to pay or they go to kleros court

>> No.23363562

>>23363261
>When someone dies, what happens to their debt?
It goes away, at least in the USA. Might be different in third world backwards countries
>Does it get added to the national debt or does it get written off?
What the fuck do you think national debt is? National debt is GOVERNMENT debt in the form of future bond payments the GOVERNMENT must make to bond holders. Personal debt people have is money owned to companies/ people etc. They're not related in the slightest. No person has debt contracts they must pay to the government other than of course our taxes. And yes, if you die with unpaid taxes they do just go away. That's why there's unironically a ton of businessman/ finance related suicided during market crashes. Levered businessman kill themself so the debt isn't passed to family members.

>> No.23363571

>>23363537
This guy is right, that's a big one as most boomers do own property but also debt, but you certainly can never be asked to pay up for a decesesed family member, you simply won't recieve any inheritence you otherwise might have been entitled to.

>> No.23363582

>>23363531
you ought to know Hrishikesh

>> No.23363657

>>23363562
> It goes away, at least in the USA. Might be different in third world backwards countries
So the investors/lenders accept that as part of the risk of giving out a loan?
> National debt is GOVERNMENT debt in the form of future bond payments the GOVERNMENT must make to bond holders. Personal debt people have is money owned to companies/ people etc. They're not related in the slightest.
That's true, however: 1) What about federal loans? 2) Creditors could seek some sort of reassurance in that form, right?
> Levered businessman kill themself so the debt isn't passed to family members.
Is this true?

Do you know of any books that I can read to learn basic economics?

>> No.23363744

>>23363657
Ngmi

>> No.23363763

>>23363744
why not?

>> No.23363766

>>23363361
>business on /biz/
>tax advice on /biz/

The people here are very proud of their attempts to evade the government.

>> No.23363806

>>23363763
Millionaire next door
Intelligent investor

Buy chainlink, stocks that pay a good dividend, and never buy a new car.

>> No.23363816

>>23363763
Really you should just buy gold and silver. The mining stocks are supposed to 25-100x in the coming bulk market

>> No.23363856

>>23363766
That's silly.

>>23363806
These are not books about the principles of economics though. I want to understand a bit about economics, things like supply and demand, etc.

>>23363816
Not interested.

>> No.23363904
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23363904

>>23363856

>> No.23363918

>>23363657
>So the investors/lenders accept that as part of the risk of giving out a loan?
Absolutely, you'd be shocked at how much of consumer debt is never paid back. For houses and car debt I'm not sure but it's definitely above 30% goes default, but at least they can repossess. For credit card debt the default rate is more like 30%-35% right now, and that's with nothing to reposess. That's why credit cards have to charge 25%+. The people who actually pay it back get fucked by the 30%+ who default. Not to be too racist but from personal experience like 65%+ of blacks simply don't pay back their debt. Basically in the USA white Americans pay for blacks to have free shit when it comes to credit card, not to mention of course the federal government and taxes.
> What about federal loans?
I honestly didn't know this was a thing. It's frankly frightening to me the federal government is in anyway in charge of giving out loans to people. That's a really bearish sign for the future of the USA
>Is this true?
Like 500 wealthy people suicided after the 2008 great recession, it would be really shocking to me if most of those were really due to just sadness alone

>> No.23363972
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23363972

>>23363766
Can you go more into depth about that assertion?

>> No.23364064

>>23363904
Thank you, great post.

>>23363918
>Not to be too racist but from personal experience like 65%+ of blacks simply don't pay back their debt. Basically in the USA white Americans pay for blacks to have free shit when it comes to credit card, not to mention of course the federal government and taxes.
There's nothing free though, is there? Those people put themselves in a position where they get fucked in the ass by the system for the rest of their life, while the whites who paid the debt enjoy a higher quality of life.

>> No.23364069

>>23363856
/fit/ used to be called fitness and health until moot realized that snake juice cultists had taken over

Likewise /biz/ has increasingly regular gambling threads, so this isn't about business or tax information but about "how can I pump this shitcoin that does nothing then rug all the dumbfucks that buy it?" or "which horse will win the next race?" or "why does the government want to investigate my assets, fucking assholes".

>> No.23364169

>>23364064
Can't get blood from a stone and blacks defaulting on mortgages heavily contributed to the 2008 recession which is fucking whites because banks were ordered to lend to blacks who couldn't prove they could actually pay back their loans.

>> No.23364361

>>23363856
>I want to understand a bit about economics, things like supply and demand, etc
What parts? Micro or macro? Micro economics is maximizing utility of individuals macro economics is how to allocate scarce resources.

>> No.23364508

>>23364069
I mean to be fair, most of the threads about business or tax really doesn't need to be posted here, its generally speaking not interesting and in both cases you should just RTFM instead of asking on an anonymous Indian scamming forum.

>> No.23365612

>>23363261
debt is inherited