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The executor presents a plan to the court showing what debtors will be paid and what amounts they will get. If the court approves, the payments are made and the estate is closed. The rest of the debt will get written off as a loss by the debtors.
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What happens to a debt if a person has nothing in the estate?
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.
Are the joint heirs responsible for paying one brothers debt in a judgment from the proceeds of an estate settlement?
The estate is responsible to pay out the proper values to the beneficiaries. They have no reason to give more than the fair share toward anyone receiving assets.
How do you become debt free without assets?
To become debt free without assets, you can start by getting a job and paying your bills. Set up a budget and follow it. Be sure to include savings and investments. Do not add any more debt!
What are the advantages of investing in real assets?
assets cover more than just real estate. and i have no ever heard of un real assets. Thus, the query is a bit vague. Different assets increase in value at different rates......
Which one is greater debt or equity?
There is not a real answer to this question. It can be either. Debt and equity sum to the total assets. Either one could be more than the other.
Is wife responsible for debts of deceased husband in the state of Ohio?
The estate has the responsibility. And the assumption is that the wife inherits at least half, if not all, of the husband's assets. But the estate has to liquidate all assets before they can transfer them to the spouse. One way or another, the spouse really ends up paying the debt. If there is more debt then assets, the debt will normally be closed out.
What happens to a debt if a person has nothing in the estate?
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.
Is a executor in NY state responsible for debt if it is more than the assets?
The executor is not personally responsible for the debts. If the estate is not sufficient, the debtors will not get paid in full.
Are the joint heirs responsible for paying one brothers debt in a judgment from the proceeds of an estate settlement?
The estate is responsible to pay out the proper values to the beneficiaries. They have no reason to give more than the fair share toward anyone receiving assets.
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
How do you become debt free without assets?
To become debt free without assets, you can start by getting a job and paying your bills. Set up a budget and follow it. Be sure to include savings and investments. Do not add any more debt!
Who is responsible for your dead mothers debt?
Your mother's estate is responsible for her debts. The debts must be paid off before any money can go to the heirs. However, if she had more debts than assets, the heirs are not responsible for the difference.
Can adult children be responsible for burial or paying debt of a deceased parent if said parent abandoned them as a young child and there has been no contact for more than 20 years?
Children are never responsible for their parents debt, unless they co-signed for the debt. Those bills are the responsibility of the estate. The executor will pay them or inform the debtors of the lack of assets.
If you die -have no assets and owe for credit cards who has to pay the bills?
If one dies with no assets, not impossible in a small estate, then as a general rule there is nothing to pay debts with period; a credit card creates a debt; when a person dies, his estate is supposed to be distributed according to specific state rules; the rules create an order for the distrubution of assets. Where there are no assets, obviously the rules of order dont apply. In most of the states in the United States of America, debts which are incurred (gotten) in the name of a dead person while alive are debts to the estate, not to the living, unless there is a certain kind of fraud and it can be shown. In less than lofty language, as a general rule, where there are no assets, creditors eat the debt. (Which is one of the reasonx, creditors tend to limit debt to that which they feel comfortable in expecting to get back.For example, in this particular economic and financial climate, creditors and lenders are more interested in what they get back rather than what they get. In short, if the dead owe the debts, then the creditors have to look to the dead for the debt. Not the living....
What is the act of dishonestly appropriating or secreting financial or real estate assets by one or more individuals to whom such assets have been entrusted?
embezzlement
How do you pay a deceased persons bills if they have no estate?
You don't. You open the estate, collect all the debts, liquidate all the assets and pay what you can. If there are more debts than assets, people don't get all their money back.
What is assets to debt ratio?
=Total LiabilitiesShareholders EquityIndicates what proportion of equity and debt that the company is using to finance its assets. Sometimes investors only use long term debt instead of total liabilities for a more stringent test.Things to remember * A ratio greater than one means assets are mainly financed with debt, less than one means equity provides a majority of the financing.* If the ratio is high (financed more with debt) then the company is in a risky position - especially if interest rates are on the rise.
