0
The debt you owed to the decedent will become a part of their estate and their heirs can collect as long as they have proof that you owe the money. The heirs can request that an estate representative be appointed and that person can pursue payment from you. The debt does not just go away as long as there is evidence that the money was owed to the decedent.
Wiki User
∙ 8y ago
Wiki User
∙ 8y agoIt passes to the estate. The executor can request payment of the debt. It becomes a part of the assets and will be used to offset any debts.
Add your answer:
Earn +20 pts
What happens when parents die and their debt is more than the assets by over 60000 in credit card debt and is this debt cancelled?
the debt dies with them... you owe nothing
What happens when one dies and they owe on their house?
When a person dies and still owes on their house, the debt typically becomes part of their estate. The estate will be responsible for paying off the mortgage using the assets left behind by the deceased. If the debt is not repaid, the lender may go through foreclosure proceedings to recover the amount owed.
Do I still owe a personal debt if my father dies?
You father's death does not release you from your obligation. You now owe the money to the estate.
When you owe a good or service to another person you are in what?
DeBt
What is a 3 letter word of a person in debt?
Owe
What information can you gather from a debt collector?
A debt collector can tell you and is required by the FTC to provide you in writing the name of the person or company you owe the money to, the amount of the debt, and what you can do if you think you do not owe the debt. If you need to know more information about debt's you owe,contact the FTC.
When a parent dies are children responsible for a debt they still owe to the parent?
They still owe the money to the estate. The executor may offset their inheritance by that amount.
If you owe money to a person what is your economic condition called?
Debt.
What can happen in SC to you if you owe a debt?
If a person owes a debt in South Carolina, they may have their paycheck garnished. They can also be sued for the debt.
When a widowed parent dies in California are the children responsible for the debt owed by deceased parent for loans credit cards taxes etc?
When someone dies in CA the relatives of that person are NOT responsible for the debts owed by that person. The credit cards and loans would like you to think you owe the money, but you don't.
How does an offer in compromise help a person settle tax debt?
An offer in compromise represents the most a person could be expected to pay of what taxes they owe. It allows a person to settle their tax debt with the IRS for less than the full amount they owe.
What happens when someone dies and they owe you money?
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.
