Generally speaking, creditors cannot come after the family members of a deceased spouse or parent. However, if you have joint accounts or co-signed on something, you could be held responsible. This has unfortunate effects on your personal credit score; sometimes though, creditors are willing to work with you depending on your individual situation.

If, however, the deceased is your spouse and you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), debts acquired during the marriage are considered community property and you are likely responsible for them.

If you feel like you’re being held accountable to pay money for a debt that you’re not responsible for, you should get in touch with a consumer law attorney. Or, if you’re struggling to repay legitimate debt of a deceased relative, it may be a good idea to consult a debt consolidation company.

If you need credit, there’s good news! As of May 2009, President Obama signed The Credit Card Accountability Responsibility and Disclosure (CARD) Act into effect. The new laws were scheduled to roll out in three phases over a 15-month time span. The first phase went into effect on August 20, 2009, and included the new 45-day advance notice to cardholders regarding significant account changes or interest rate increases. It also required that issuers mail out statements 21 days (rather than 14 days) before the due date.

The second phase of the roll out, and the most extensive, went into effect on February 22, 2010.

But what exactly does the CARD Act mean for consumers? How does is effect your personal credit? Read more about the major provisions of The CARD Act.