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What happens to the decedent's debts if there is no money only the home?
Wiki User
∙ 9y ago
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.
Wiki User
∙ 9y ago
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What happens when sheriff pays more than what is owed at sale?
money will go to the person buying the home
Is the interest on a home equity line of credit tax deductible?
The beauty of a Home Equity Loan or Line of Credit is that interest paid is usually tax deductible* AND you can use the money for any purpose YOU choose - home improvements, consolidate debts, college education, vehicle purchase, or vacations.
What type of personal debts is usually considered wise and justified?
Home Mortgage
What type pf personal debts is usually considered wise and justified?
home mortgage
Can you file for bankruptcy if the deceased parent's nursing home bills cannot be paid because there are no more funds in the estate?
You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.
In Texas must a home in probate be sold?
No, it does not have to be sold. But the debts have to be settled and if there is not enough money to resolve the debts, the home will have to be sold.
What happens to home warranties when a home builder files Chapter 11 Bankruptcy?
Gone unless someone buys his business and assumes debts and obligations.
Who pays nursing home when you die?
Normally any debts a person has when they die (such as outstanding fees to a nursing home) are paid out of the estate of the deceased person. If there is not enough money in the estate to meet all the debts then the people owed money get only a share of what there is. Relatives do not have to make up the difference unless THEY told the nursing home THEY would pay the nursing home costs (and signed a contract to this effect).
Is your wife liable for your debts?
Your wife is considered responsible for your debts. The logical reason for this is that she benefits from your money. If you go into debt to buy a home, car, personal items, food, etc., for the both of you, she is receiving their use.
If you owe your parents money but mom died and dad is in a nursing home can you just have the money subtracted from your inheritance or must you pay it to the estate now?
The specifics will depend on the executor of the estate. If when the parent's die there are not adequate assets to settle the debts, the loan will probably have to be repaid. If there is enough to cover the debts, the loan can be subtracted from the bequest.
When Dad died in a Florida nursing home does the state have the right to his estate?
Not unless he owes money to the state. The estate has to resolve all debts and then the laws of intestacy or the will will be executed.
Can an executor sell a family home that has to be shared and shared alike by 6 siblings?
Yes, the executor may sell the home. The money would be used to pay debts and taxes. The remainder would be divided according to the will.
What happens when you are left in bankruptcy?
You are not left in bankruptcy, you enter into it willingly. In chapter 13 you enter into a repayment plan and all your debts are paid in about 5 years. chapter 7 negates all debts that are unsecured like credit cards and leaves you with only your secured debt like home and cars. In both cases you keep your vehicle and home
What happens if you decide not to pay earnest money when buying a home and sighned contract?
The people you are buying the house from can sue you for the earnest money.
Can a debt collector take your home for debts that your mom owe?
Not unless you co-signed for the debts. Or the home was part of your mother's estate. Debts are one of the primary reasons someone should open an estate. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
If a decedents home is left out of their trust is the executor still liable to pay the mortgage?
The home is a part of the estate. It does not matter that it is or is not in a trust. The executor is responsible for taking care of all of the assets of the estate.
If someone dies in a nursing home under medicare and money is in her estate what happens to the money?
If the money is in the sole name of the decedent it can be attached for any funds owed to the nursing home or to the government for government provided medical assistance.
