It would be a good idea. It allows the estate to close all the debts and provide the legal closure.
It does not affect your life estate. But the title to the property can be sold or transferred, subject to the life estate.
If the estate is declared bankrupt by the court the heirs receive nothing and the creditors are out of luck.If the estate is declared bankrupt by the court the heirs receive nothing and the creditors are out of luck.If the estate is declared bankrupt by the court the heirs receive nothing and the creditors are out of luck.If the estate is declared bankrupt by the court the heirs receive nothing and the creditors are out of luck.
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.
yes they did
You file a motion at the court where the estate was filed.You file a motion at the court where the estate was filed.You file a motion at the court where the estate was filed.You file a motion at the court where the estate was filed.
NO.
Yes
By filing a BK petition in your local BK court.
Sure. You can file for BK regardless of how much money you have or have coming.
how do I file a claim against an estate in Illinois, Cook county
The individual does not file a tax return, but the estate is required to. That is the responsibility of the executor. They file on behalf of the individual and the estate.
it should not unless you file bankrupt