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What if your deceased brother estate does not have enough assets to repay his creditors?
Wiki User
∙ 14y ago
The creditors will just have to write off the debt. You are under NO obligation to pay his bills. They will try to get you to do it, but you don't have to take it on.
Wiki User
∙ 14y ago
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Are surviving children responsible for deceased parents debts in the state of Virginia?
The estate is responsible for the debts. If the estate has no assets, the creditors will not get paid. If there are not enough assets to pay the debts, the beneficiaries will not receive anything.
Can a sibling be held liable for another sibling's debts if the deceased sibling was not married had no children and left no assets or any estate?
No, a sibling will not be responsible for the debts. The estate is responsible for the debts. If the estate has no assets, the creditors will not get paid. If there are not enough assets to pay the debts, the beneficiaries will not receive anything.
Your father is deceased with a small estate in North Carolina and a lot of debt does the child have to pay for it?
The estate is liquidated, assets sold and as many of the bills paid as possible. If there isn't enough, the creditors don't get paid. It is not the children's responsibility to cover the debt.
What happens to the deceased's debts such as bank loans and tax arrearages?
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.
Is sister responsible for deceased brother debt if no will and claims him as tax dependent?
It will depend on whether she was listed in the debt documents. In most cases the estate will be responsible and if there are not enough assets, the debt goes unpaid.
What happens to the administrator of an estate with creditors?
The Administrator must file the proper notices that the estate has been filed to give the creditors the opportunity to file claims against the estate. The estate is responsible for the debts of the deceased. Claims by creditors must be paid before any assets can be distributed to the heirs-at-law. There is a statutory schedule by which creditors must be paid. If there are not enough assets to pay the creditors the estate is declared insolvent. The adminstration of an estate is a legal process that must be done according to the law. If the appointed Administrator doesn't know how to carry out their duties according to the law they should hire an attorney to supervise the probate process. Distribution of assets before creditors are paid can leave the Administrator exposed to personal liability.
Are you responsible for your husbands debts?
The debts are paid out of the deceased's estate, and this can include things that are jointly owned. Anything entirely in your name is safe. Even if the deceased's assets and joint assets are not enough, you are not responsible for the remaining debt.
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.
Is the wife responsible for the deceased spouse's hospital bill in Tennessee?
The estate is responsible for medical bills of the deceased. That means before the estate can be settled, all debts have to be cleared. If there is not enough in the estate to cover them, there are some people who will not get paid. The wife may not inherit anything from the spouse if there are not enough assets to cover the debts.
Does your credit card debt die with you?
No, it does not really die with the individual, but it could. The estate is responsible for settling any debts of the deceased. If the assets of the estate aren't enough to cover them, the debt will be discharged.
Does credit card debt die with you?
No, it does not really die with the individual, but it could. The estate is responsible for settling any debts of the deceased. If the assets of the estate aren't enough to cover them, the debt will be discharged.
Are joint executors liable for any debts unpaid from the estate?
The executors are responsible for the payment of the debts according to the payment scheme required by state law, however, if they do their jobs properly only the estate is responsible for the debts of the deceased. You need to be careful when there are debts and not enough money to pay them all. Certain creditors have the legal right to be paid first and the debts must be paid before any property is distributed to the heirs. You should seek the advice of an attorney who specializes in probate.If there are no assets in the estate to pay debts the creditors are out of luck.
