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Lay out a plan of distribution and get the court to agree to it.
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∙ 12y ago
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What can occur when a person owes more money than he or she earns or pay to creditors?
A person can lose everything he or she owns when creditors move in to collect what they are owed. A person might have to go through bankruptcy.
What can occur when a person owes more money than he or she can earn or pay creditors?
A person can lose everything he or she owns when creditors move in to collect what they are owed. A person might have to go through bankruptcy.
What can occur when a person owes more money than he or she can earn or pay to creditors?
A person can lose everything he or she owns when creditors move in to collect what they are owed. A person might have to go through bankruptcy.
Why do i need an accountant for the estate?
Accountants have more authority (and financial experience) than an individual. They will be able to locate any outstanding money owed to a person's estate - and balance any money owed by the deceased to external parties.
Who is responsible for an adult child's debt after their death?
Provided the "child" is really an adult, check your state laws but generally 18 or 21, their estate is responsible for paying their debts after death. If they owed more than the total owed to all creditors at death, then the creditors are paid proportionately out of the estates assets. Any unpaid balance once the estate is empty the creditor has to write-off. No one else is responsible for these debts. If, on the other hand, a parent or family member co-signed for them, then the creditor can hold the co-signer responsible, but only for that account.
Who is responsible for deceased fathers unpaid medical bills?
Unless he had insurance to cover bills in the case of his death, the creditors will be looking to the heirs of his estate to pay them. The issue will more than likely be presented by his creditors in the Probate court.
Why do creditors have better memories than debtors?
Creditors have better memories than debtors is a popular quote that was coined by Benjamin Franklin. It is only logical for someone who owes money to forget but the one who is owed keeps remembering the debt.
What can occur when a person owes more money than he or she can earn or pay creditor's?
A person can lose everything he or she owns when creditors move in to collect what they are owed. A person might have to go through bankruptcy.
What is house under water in real estate terms?
That would be property where more is owed on the mortgage than the value of the property. The term upside down is also used in that sense.That would be property where more is owed on the mortgage than the value of the property. The term upside down is also used in that sense.That would be property where more is owed on the mortgage than the value of the property. The term upside down is also used in that sense.That would be property where more is owed on the mortgage than the value of the property. The term upside down is also used in that sense.
What meant by sundry creditors?
When amount from more than one small creditors are join and shown together it is called sundry creditors.
Who pays outstanding bank loan on personal property which is more than the value of the estate after death in NY State?
The estate is responsible for the debts of the decedent. The property should be returned to the creditor if possible. However, if the assets cannot cover the debts the estate is declared insolvent and the creditors are out of luck.
If the insured owed money to the IRS can the IRS go after the benefits left to a child to repay the deceased parent's debts?
That is one of the purposes of life insurance. The answer however is no, it would come out of the parents estate. If there is no estate than the gov could be SOL. BUT!!! It may behoove a child (depending on age) to settle the tab with all creditors and the IRS on behalf of the parent settling the estate with the insurance money rather than relying on a "fire sale" of the estate, and reaping the benefits of the estate at it's market value rather than a forced sale value....depending on the situation tho... 4lifeguild
