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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.
What else can I help you with?
When can IRS garnish your tax refund?
An IRS refund can be seized for child support arrearages and/or tax arrearages. And in some cases for repayment of federally funded student loans.
What is Ebenezer Scrooge's business?
Loans and debts.
Is bad debts expense applicable to loans receivable?
Bad debts expense is also use to write off accounts receivable and not for loans receivables.
What is a good strategy to consolidate your debts?
A good strategy to consolidate you debts is to combine multiple loans, reduce the number of bills each month, lower the monthly payment, and reduce long-term cost of loans or debts.
How can an individual issue a wage garnishment against another person's taxes?
That is not a legal option. Tax refunds are subject to 'automatic' seizure only for tax arrearages, federally funded student loans and court ordered child support arrearages.
How do I protect myself from paying brother's debts after death?
You will never be responsible for his debts unless you co-signed on loans or debts. If you are the executor of his estate, then you must pay his debts out of the estate.
What is meant by a consolidation personal loan?
Consolidation personal loans are used to pay multiple debts from just one single payment. They can be used to pay the debts of multiple credit cards, loans and store cards.
What is the maximum amount of loans that can be filed on a chapter seven bankruptcy?
While there does not seem to be any limit to the number of loans or debts you can claim on a Chapter 7 Bankruptcy, there are restrictions as to the nature of your claims. Debts that will not be discharged include debts from alimony or child support, debts from accidents involving intoxication, educational benefit overpayment or loans made or guaranteed by any government department, debts for taxes, and certain debts for injuries caused by the debtor to another entity in a willful or mailicious manner. More information on Chapter 7 Bankruptcy rules and regulations is available at http://www.uscourts.gov.
What debts do you still have to pay after filing bankruptcy?
student loans child support
How does government get the money it needs?
Loans. They then collect taxes to pay back their debts.
Where can one get loans to pay off debts?
A person can get loans to pay off debts from a mortgage lender. However, how things are in our day in age they most likely won't approve the loan because of bad credit history.
What happens to your school loans when you die?
Generally, when you die your estate (assets, property, money) pays your debts first and what's left goes to your heirs.Your heirs don't inherit your debts but they don't get what's left of your estate till the debts are paid.If there is nothing left after the debts are paid, they get nothing, or if there is not enough to pay the debts then the balance of the debts die with you.If you have significant assests you might want to consult a qualified estate planner.
