After Ingeborg Holm's husband becomes sick and dies, the family's small grocery store fails, Ingeborg becomes bankrupt, and she is forced to move to the workhouse. Her three children go to foster homes. Ingeborg simply must see them again.

An alcoholic, abusive ne'er-do-well is shown the error of his ways through a legend that dooms the last person to die on New Year's Eve before the clock strikes twelve to take the reins of Death's chariot and work tirelessly collecting fresh souls for the next year.