Why bother? No one can legally inheret debt. Actually debt can be "inherited" if the deceased left a spouse and the married couple resided in a community property state, the debts then revert to the spouse whether he or she incurred them. In non-community property states the deceased's debts are included along with all nonexempt assets and property in the probate procedure. The nonexempt assets and property are then liquidated to pay debts according to their priority and to the extent that funds are available.
An administrator or executor of the estate needs to be appointed and file an appearance in the bankruptcy court. The case can continue to discharge of debts of the deceased. Get an experienced bankruptcy lawyer if there no attorney of record.
An executor cannot file for bankruptcy in the name of the decedent.
No. You cannot file bankruptcy as the executor of an estate. If there are not enough assets to pay the debts of the decedent the executor can file a petition to have the estate declared insolvent. You should consult with the attorney who is handling the estate or an advocate at the court.No. You cannot file bankruptcy as the executor of an estate. If there are not enough assets to pay the debts of the decedent the executor can file a petition to have the estate declared insolvent. You should consult with the attorney who is handling the estate or an advocate at the court.No. You cannot file bankruptcy as the executor of an estate. If there are not enough assets to pay the debts of the decedent the executor can file a petition to have the estate declared insolvent. You should consult with the attorney who is handling the estate or an advocate at the court.No. You cannot file bankruptcy as the executor of an estate. If there are not enough assets to pay the debts of the decedent the executor can file a petition to have the estate declared insolvent. You should consult with the attorney who is handling the estate or an advocate at the court.
Estates do not go bankrupt. The assets are inventoried and valued and the debts are listed. The executor proposes a settlement to the court. If it is accepted, the estate is closed.
The executor of the estate can do so. It is more than possible for the estate to not be able to pay all debts.
You need to include all of your debts in the bankruptcy.
NO, a will is kept in the custody of the person or the appointed executor. Once the person is deceased the executor would file it and start the probate process.
A husband (or wife) may file for bankruptcy separate from his or her spouse. Technically speaking, this should have no effect on the other spouse as they are filing bankruptcy for their separate debts and you will not be held responsible for their debts nor will it be reflected on your credit report, etc. It is important to note that those debts you held jointly will remain with you (the spouse that did not file for bankruptcy).
You can file bankruptcy for two possible reasons: you are unable to pay your debts or your creditors file for bankruptcy if you owe them more than 1000 dollars.
The fact that you have a repossession on your credit report is not a determining factor of whether your can file for bankruptcy. Generally in bankruptcy you can remove the debts from the repossession of your vehicle.
Yes. Bankruptcy is a Federal Government function. It effects debts in all states.
Answer: You need proof of death to file a petition for probate.
Yes. An executor has no legal authority until the will has been filed with the probate court and the executor has been appointed by that court. If the person named as executor in the will is deceased or chooses not to act as executor, they can file a declination or the petitioner can note in the petition the named executor is deceased. In either case, some other person can petition for appointment as executor.
There are many ways one can file for chapter 11 bankruptcy. One can file for chapter 11 bankruptcy by proposing a plan in which the debtor plans on paying back debts over time.
Certainly, they file a petition with the court. They usually require the agreement of the beneficiaries of the will to do so.
No. The executor is required to settle the estate with expediency. Any interested party can file a motion with the court asking it to compel the executor to file the necessary documents to close the estate.
When you file for Chapter 7 bankruptcy, you are responsible for listing all of your debts. Some debts are generally not dischargable (i.e. child support, most taxes, student loans, secured debts, etc.). When you receive a discharge for dischargeable debts, the discharge generally applies to debts listed in your bankruptcy filing and any subsequent amendments. The discharge does not apply to date incurred after you filed bankruptcy and generally does not apply to debts that you failed to list in the bankruptcy.
Yes, if you have unsecured debts or other secured debts like a huge car payment you need to get rid of. Be careful to complete the bankruptcy documents carefully, especially if you file a Chapter 7, or use an experienced bankruptcy lawyer.
Yes if you have an eviction before you file bankruptcy. All action on your eviction will cease until the bankruptcy judge or trustee has made decisions on your debts in the bankruptcy.
Bankruptcy is a Federal process and has no effect on child support. Bankruptcy does not dismiss child support debts.
Just because she is your mother, it does not mean that you are automatically liable for her debts. When you file for bankruptcy, you can include only those debts which you are liable either personally or as a co-signor or joint debts. If you are not a co-signor and you include your mother debt in your bankruptcy, you will be committing fraud and your petition will be dismissed. Once a bankruptcy petition is dismissed for fraud, there may be restrictions on future filings. Your mother will continue to be liable for the debt. If she is unable to pay the debt, she can file for bankruptcy to discharge the debt. For an official opinion, it is advised you seek legal counsel.
You can't file bankruptcy "on" any asset. You file for bankruptcy, listing all your assets and debts, to discharge all dischargeable debts. You can surrender an asset such as a second house and get a discharge on any unpaid amount due on a mortgage, while reaffirming the mortgage(s) on the first house.
Not only does it not have to pay, it will not pay your debts. Debts are not extinguished in bankruptcy. The creditors are prohibited from collecting them, assuming you get a discharge. They still exist in some world of uncollectability.
Yes, one spouse (rather than the couple) can file for bankruptcy when they have significant individual debts. Generally, this action by one spouse will not negatively affect the financial situation of the other spouse, nor will they be responsible for the debts of their spouse. It is important to note that those debts in which the couple is jointly and severally liable for will remain with the spouse that did not file for bankruptcy.