If creditors have filed claims against the estate and there is no cash to pay the claims then the real property must be sold to pay the debts. The debts of the decedent must be paid before any property can be distributed to the heirs.
Yes, you can pay your property taxes with a credit card.
The estate is primarily responsible. However, a spouse is normally considered to benefit from such debt and can be held responsible.
If the credit card company has filed a claim against the estate the debt must be paid before any assets can be distributed to the heirs. In any estate the debts must be paid first. The heirs get any assets that are left after the payment of debts. If the estate doesn't pay the bill the creditor can force the sale of the real estate to collect the debt. If the property is the only asset and the heirs want to keep it then the heirs must pay the credit card bill.
The estate is responsible for the sole debts of the decedent. If there is no estate then the creditors are out of luck.
It does not. The debt belongs to the deceased. If the estate cannot settle the account, the credit card company is not going to get paid.
Yes, you can pay your property taxes with a credit card.
The estate is primarily responsible. However, a spouse is normally considered to benefit from such debt and can be held responsible.
Currently I am dealing with estate issues and credit card debts. I am not a lawyer but after talking to many professionals, it seems to me that if their is no estate and no joint credit card holders then the card company will have to write it off.....
If there is no cash in the estate, other personal property OR real property, the estate is said to be insolvent and the creditors are out of luck. However, the sole debts of the decedent must be paid from any property, real or personal, before that property can be distributed to the heirs.
If the credit card company has filed a claim against the estate the debt must be paid before any assets can be distributed to the heirs. In any estate the debts must be paid first. The heirs get any assets that are left after the payment of debts. If the estate doesn't pay the bill the creditor can force the sale of the real estate to collect the debt. If the property is the only asset and the heirs want to keep it then the heirs must pay the credit card bill.
Depends on whether you are in a community property state. If you are, and married, your spouse dies, you/estate is responsible for the bill.
The estate is responsible for the credit card 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, they may not get paid.
The estate is responsible for the decedent's credit card debt.
The estate is responsible for the sole debts of the decedent. If there is no estate then the creditors are out of luck.
your estate.
It does not. The debt belongs to the deceased. If the estate cannot settle the account, the credit card company is not going to get paid.
The deceased estate is responsible for repayment of debt, with secured debts taking priority. With the exeption of property which is ruled exempt to probate procedures, assets will not be distributed to named heirs until debts are satisfied.