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What happens to a debt if a person has nothing in the estate?
The executor will show the plan to the court. It will include all debts and all assets. If the debts are more than the assets, the debts will be cancelled.
What does an executor have to do upon brothers death?
They have to inventory and value the estate. Then they have to resolve all debts and taxes and distribute the remainder per the will or the state law.
What is the year of jubilee?
In the Bible, the Year of Jubilee was a time when all debts were cancelled, and all prisoners forgiven and released.
If there is a living trust upon death is the trust responsible for paying all the credit card debt?
No. Not unless the payment of debts was made a provision of the trust. Otherwise a decedent's estate is responsible for paying debts before any distribution can be made.
Who is responsibe for spouses debts in case of death?
The estate is responsible to resolve all debts. Once they are resolved, then the rest can be distributed to the spouse.
Can someone put an old debt back on your credit report after your bankruptcy has been filed?
The whole point of bankruptcy is that at the point of insolvency all assets transfer to the assignee, and all debts likewise. So debts are cancelled by the bankruptcy, the available assets being all there is to claim against.
What happens to debt after death?
Generally a deceased person's assets and debts are subject to probate procedure. State's establish laws pertaining to what property/assets can be exempted from probate action and what assets will be used to pay outstanding debts. All debts must be satisfied to the extent required by state law before any inheritances are distributed. Probate laws are applied differently depending upon the circumstances, such as there being a surviving spouse, the status of the debts (joint or sole) and so forth.
What power of attorney does not terminate upon death?
All power of attorney grants terminate upon death. They can only represent a living person.
Who is responsible for credit card debt after death in Michigan?
The estate of the deceased is responsible in Michigan. The executor is responsible for listing all assets and debts. The debts are paid and anything left is distributed.
Who is responsible for credit card debt after death in Indiana?
The estate of the deceased is responsible in Indiana. The executor is responsible for listing all assets and debts. The debts are paid and anything left is distributed.
What constitutes a person's estate at the time of their death without a will?
The existance of will does not affect the estate. It is all of the individual's assets and debts.
Who is responsible for credit card debt after death in Nebraska?
As in all states, Nebraska requires the estate to be responsible for all the debts of the deceased. That means before the estate can be settled, all debts have to be cleared. If there is not enough in the estate to cover them, there are some people who will not get paid.
