Then the estate is sold to cover the debt, and the "inheritors" are usually hit up for the rest.
Another View: If the assets of the estate are insufficient to satisfy the debts of the deceased... UNLESS any of the heirs actually signed documents obligating themselves for their payment, once the assets of the estate are exhausted they are under no legal compulsion to pay off the deceased's debts.
The estate has to pay all of them off if possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
The estate has to pay all of the debts off if possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
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.
You can file a claim against their estate in probate court with proof of the debt. If you have proof of the debt and they have assets of value, you must be paid by the estate before any remaining assets can legally be distributed to their heirs. If they have nothing of value, than you have nothing you can claim from them.
The estate has to pay all of the debts off if at all possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
Their estate is responsible for the debt. First, if the deceased has a home, property, condo, cars, etc., the estate will sell it off and pay the debtors. If there are no assets, the debtors will lose their money. If there is no will, the estate will be distributed according to the intestacy laws.
The reason and estate is opened is to pay all the debts off if possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
Companies write it off if they can not claim payment for the estate and the family does not pay it. The family is only responsible if their name is on the bills with the deceased. In most situations when monies can not recovered due to death, they the company writes odd the debt as bad debt. The estate of the deceased is responsible for contacting all possible debtors and informing them of the death. They are also responsible for a full inventory of the assets of the estate. If the assets are greater then the debts, all debts will get paid off and the rest distributed to the heirs.
Generally no. The estate is responsible for paying the sole debts of the decedent. If on the other hand the debts are owed jointly with the person who was appointed the executor then that person is still responsible for paying them.
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.
Someone, normally a family member, will be appointed as executor of your estate. That person is in charge of your assets and debts as allowed by law.
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.