A person's estate is responsible for their individually incurred debts. If there are no assets then the estate is declared insolvent and the creditors are out of luck. Some people think of assets as only being money in the bank. Perhaps you should speak with an attorney to verify that there are no assets and that the creditors are out of luck.
To become debt free without assets, you can start by getting a job and paying your bills. Set up a budget and follow it. Be sure to include savings and investments. Do not add any more debt!
No. The person's estate would be responsible for the debt. The creditor could attach any assets owned by the decedent but if there are no assets the creditor would be out of luck.
Unfortunately yes. Communal debt and communal assets.
Some or all of the deceased assets will be liquidated to pay for the debts before any remaining assets can be divided by the survivors or distributed as decreed in his/her will. If there are not enough assets to cover the debts, the court will divide the assets somewhat equitably. If the deceased was married, the debt will be passed on to the spouse.
A sheriffs lien occurs when a person gets in debt and their property or assets are seized. They are then sold by the sheriffs department to repay the debt.
The creditors will write it off if there are no assets. They cannot come after anyone exept the person with the debt or their estate. If neither exists, they write it off.
If there a will of intent then that person assumes all debt and capital gains ... if there no will of intent is NO ones reasonable ... the person's assets can be sold off to settle that debt in an auction ...
What is given is: total assets = $422,235,811 Debt ratio = 29.5% Find: debt-to-equity ratio Equity multiplier Debt-to-equity ratio = total debt / total equity Total debt ratio = total debt / total assets Total debt = total debt ratio x total assets = 0.295 x 422,235,811 = 124,559,564.2 Total assets = total equity + total debt Total equity = total assets - total debt = 422,235,811 - 124,559,564.2 = 297,676,246.8 Debt-to-equity ratio = total debt / total equity = 124,559,564.2 / 297,676,246.8 = 0.4184 Equity multiplier = total assets / total equity = 422,235,811 / 297,676,246.8 = 1.418
You can apply to the estate for your money. If there are no assets in the estate, you aren't going to be successful. Consult an attorney in your jurisdiction for help.
debt to assets ratio
A dead person in any state is not liable for debt. The deceased's estate is responsible for the debts to the extent there are assets in the estate to pay them.
The executor will show the plan to the court. It will include all debts and all assets. If the debts are more than the assets, the debts will be cancelled.