Responsibility for Debt in a Negative Net Worth Estate
My husband and I own several properties on which we owe more than the value. We also both have significant individual credit card debt. We live in a community property state. My husband has a critical health issue. If he were to pass, any estate would have a negative net worth. My husband is concerned about leaving me with a mountain of debt that would consume any life insurance benefit. Would I be responsible for the debt on our jointly owned properties? Would I be responsible for credit card debt in just his name? Would life insurance proceeds be required to pay these debts?