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The executor is expected to exhaust the resources of the estate to resolve all debts. If the value of the estate does not cover them, those owed money are short changed and the beneficiaries do not receive anything.
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What property can bankruptcy court take?
All assets that are worth something can be liquidated (sold or auctioned to pay outstanding debts).
Does an estate have to sell real property to pay decedent's credit card debt?
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.
What happens to the decedent's debts if there is no money only the home?
Generally, the home must be sold to pay the creditors. If the heirs want to keep the home then they must pay off the creditors.
Who is responsible to pay back debts?
The government is responsible to pay all back debts.
Who is responsible to pay back all debts?
The government is responsible to pay all back debts.
Are cemetery plots considered property that can be sold to pay for outstanding debts of a deceased parent?
yes cemetery plots are considered property and can be bought and sold to pay debts
What property can bankruptcy court take?
All assets that are worth something can be liquidated (sold or auctioned to pay outstanding debts).
What is the meaning of bankrupt?
declared in law unable to pay outstanding debts.
Is the money for a sale of an estate supposed to pay off all outstanding debts?
yes
If there are no funds in a trust just property how are the debts paid?
If there are no funds with which to pay the debts of the trust then the property must be sold in order to pay them.
Must home be sold to pay estate debt?
If there are no other funds then the property must be sold to pay debts. The debts of the decedent must be paid before any property can be distributed to the heirs. If the heirs want to keep the house then they must get together and pay the debts.
What happens when mom dies and has no estate except life insurance and outstanding credit card debt does executor have to pay the outstanding debt?
Yes, the executor has to pay the debt. Debts are one of the primary reasons someone should open an estate. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Can a house that was willed to someone be sold by the estate attorney even if the new owners want to do as they please with it?
The answer depends on the details. For example, if there are debts to pay and no cash, the property must be sold to satisfy the debts. A decedent's debts must be paid before any property can be distributed. In that case, the heirs can purchase it from the estate, thereby providing the funds to pay the debts.The answer depends on the details. For example, if there are debts to pay and no cash, the property must be sold to satisfy the debts. A decedent's debts must be paid before any property can be distributed. In that case, the heirs can purchase it from the estate, thereby providing the funds to pay the debts.The answer depends on the details. For example, if there are debts to pay and no cash, the property must be sold to satisfy the debts. A decedent's debts must be paid before any property can be distributed. In that case, the heirs can purchase it from the estate, thereby providing the funds to pay the debts.The answer depends on the details. For example, if there are debts to pay and no cash, the property must be sold to satisfy the debts. A decedent's debts must be paid before any property can be distributed. In that case, the heirs can purchase it from the estate, thereby providing the funds to pay the debts.
Who is responsible to pay a credit card if the person dies?
The person's estate pays for all outstanding debts.
Can your residence be taken in a law suit?
If the judgment is against you and you do not pay it, the home can be sold to pay the debts.
What happened to the farmers who couldn't pay their debts in Athens in the seventh century BC?
The were sold as slaves to other cities to pay for the debt.
Is a viable method to used to collect outstanding debts?
A method to collect outstanding debt is to take legal action. If you sue or threaten to sue someone for a debt, they are likely to pay.
