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In a bankruptcy the priority debts -- the debts that the court feels should be paid first -- are paid then the unsecured debts are added up.?
true
What if you are the executor of the will m i responsible for any debts if the home was not in my name?
Being the executor does not make you personally responsible. The estate has to pay any debts. If the estate cannot pay them, the debtors do not get paid.
Who is responsible for debts upon the death of a sole proprietor?
The debts are paid from the estate.
Do adult children have to pay off deceased parents debts from their inheritance?
The debts of the decedent must be paid by the estate. In fact, the debts must be paid before any assets can be distributed to the heirs.
How are you notified if an unsecured debt should be paid?
All debts should be paid, regardless of being secured or unsecured. However, if you are involved in a bankruptcy then the trustee will provide both the debtor and their creditor with the list of what, if anything, is being paid, adjustment, and/or monthly payment to expect.
I already know that outstanding debts of the deceased are greater than what insurance we will receive. Can funeral expenses be paid prior to other debts?
You need to speak with an attorney. Each jurisdiction has a statutory scheme by which debts must be paid. It becomes especially important when the estate is insolvent. If you don't follow the statutory scheme then you will be held personally liable.
Both of your parents have passed away and left you executor of estate are you responsible for all their debt left behind?
The estates are responsible for the debts. The attorney who is handling the estate will let you know how the debts will be paid.
True or false In a bankruptcy the priority debt the debts that the court feels should be paid first are paid then the unsecured debts are added up?
true
Which debts should be paid off first?
For consumer debts, credit cards. Highest interest.
What countries have paid back debt for World War ll?
I don't know all of them, but France,England,Russia and belgium have all successfully paid off thier war debts
Is the Executor of the Will responsible for paying the debts of the deceased?
Yes. That is one of the duties of the executor. The debts must be paid out of the assets of the estate before legacies are paid to the beneficiaries.
Do you have to pay the debts of your parents if they die?
The estate of a decedent is responsible for the debts. The debts must be paid before any assets are distributed to the heirs.
