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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.
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∙ 13y ago
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Who is responsible for debt when a parent dies in Florida?
The parent's 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.
In the state of Florida are children responsible for the medical bills or a deceased parent when there is not money or an estate?
In Florida the children are not personally responsible for the debt. 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.
What happens to the estate of a parent who dies and leaves a lot of 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.
What happens to debt of someone who dies?
One of the primary reasons to open an estate is to resolve these debts. The estate is required to pay off any debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What happens to a tax debt when taxpayer dies?
The estate has to pay off all the debts including taxes due. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What happens if a property goes into foreclosure and the borrower is dead?
The executor should be involved. As the estate they have 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.
What if your father died in Florida with 4K in credit card debts the estate was not big enough for probate and did not go through an administration is the estate still liable for the 4k in CC debt?
Yes, the estate is still responsible for 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.
If a person dies and there is no estate what happens to credit card debt left by the deceased?
The estate is required to pay off the debts including credit cards. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What happens if you die and owe the IRS money?
One of the primary reasons to open an estate is to resolve such issues, including taxes. 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.
What happens when no estate and no insurance who pays debts?
The decedent's estate is responsible for the decedent's debts. If there are no assets the creditors are out of luck.
In the state of Florida how long after an estate has been closed does the personal representative have to pay all the debts that are owed?
The estate cannot be closed until all the debts are resolved. In most cases distribution of the assets cannot occur until the full inventory has been completed. The executor has to present documentation showing that the debts have all been paid off before the court will close the estate.
What happens if a person dies without a will and all he has is medical bills and credit card debts but no assets?
Even without assets, the estate has to pay off the debts. If the estate cannot do so, they distribute any money as best they can. If the court approves the distribution plan, the debts are ended.
