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Estate insolvent cannot pay credit card debt affect on heir's credit history or tier score?
Wiki User
∙ 13y ago
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.
Wiki User
∙ 13y ago
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Who pays outstanding bank loan on personal property which is more than the value of the estate after death in NY State?
The estate is responsible for the debts of the decedent. The property should be returned to the creditor if possible. However, if the assets cannot cover the debts the estate is declared insolvent and the creditors are out of luck.
If an estate has no money or is insolvent is the executor responsible for any monies like insurance owed on the house or mortgage payments or electrical bills and water bills?
No. The executor or executrix cannot be held personally responsible for the decedent's debts.
Is the executor of a will responsible for any unpaid bills that the estate cannot pay?
The estate is responsible for the debts of the decedent. However, the court-appointed executor is responsible for paying the debts according to the schedule set forth in the state probate laws.If the executor has performed their duties according to the law and there are not enough assets to pay the debts then the estate is deemed to be insolvent and the creditors are out of luck.
Can you file for bankruptcy if the deceased parent's nursing home bills cannot be paid because there are no more funds in the estate?
You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.
What does declared insolvent mean?
Maybe look at another wedsite Insolvent means you cannot pay your bills, or more specifically, you owe more than you can pay based on your current income.
Who pays outstanding bank loan on personal property which is more than the value of the estate after death in NY State?
The estate is responsible for the debts of the decedent. The property should be returned to the creditor if possible. However, if the assets cannot cover the debts the estate is declared insolvent and the creditors are out of luck.
Is America insolvent?
NO! A sovereign country with it's own currency cannot actually become insolvent in the way that a an individual, a household, or a corporation can.
Can you file bankruptcy as executer of estate?
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.
If an estate has no money or is insolvent is the executor responsible for any monies like insurance owed on the house or mortgage payments or electrical bills and water bills?
No. The executor or executrix cannot be held personally responsible for the decedent's debts.
Is the executor of a will responsible for any unpaid bills that the estate cannot pay?
The estate is responsible for the debts of the decedent. However, the court-appointed executor is responsible for paying the debts according to the schedule set forth in the state probate laws.If the executor has performed their duties according to the law and there are not enough assets to pay the debts then the estate is deemed to be insolvent and the creditors are out of luck.
Can you file for bankruptcy if the deceased parent's nursing home bills cannot be paid because there are no more funds in the estate?
You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.
What does declared insolvent mean?
Maybe look at another wedsite Insolvent means you cannot pay your bills, or more specifically, you owe more than you can pay based on your current income.
What are the problems of estate management research?
Some of the common problems that affect estate management research are that most of the recommendations cannot work on a different estate in a different location. Most of the management approaches should be on a case by case basis.
What happens if estate cannot pay the debts in Florida?
If possible the estate has to pay off the debts. If the estate cannot do so, they distribute according to a plan as best they can. If the court approves the distribution plan, the debts are ended.
If a beneficiaryto an estate is murdered by his son can the son inherit part of his estate?
Generally, a person who commits murder cannot inherit from their victim's estate.
How long can mineral rights go without being probated in ND They were in a estate in which the lady died in 1989 and never has been probated?
If the estate was not probated then the rights have not passed legally to the heirs. The estate must be probated. Until that has been done the heirs cannot exercise their mineral rights.If the estate was not probated then the rights have not passed legally to the heirs. The estate must be probated. Until that has been done the heirs cannot exercise their mineral rights.If the estate was not probated then the rights have not passed legally to the heirs. The estate must be probated. Until that has been done the heirs cannot exercise their mineral rights.If the estate was not probated then the rights have not passed legally to the heirs. The estate must be probated. Until that has been done the heirs cannot exercise their mineral rights.
Does the executor fee continue as long as the estate has property?
Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.
