Asked in Debt Collection, Debt Responsibility
Is a parent liable for childrens debt?
It depends on the age of the child. If they are minors, they shouldn't have debt, as they are unable to contract. If they are over 18, the debts are not the parent's responsibility unless the parents co-signed. The estate should be set up to resolve the debts. ...
Is a personal representative liable for the decedent's debts when there is no estate?
The personal representative is not responsible for the debts. The estate pays the debts. ...
Asked in Debt Responsibility
When a person dies is the remaining daughter responsible for the debt of credit cards?
No. The deceased person's estate is liable for any of the debts of that person, but heirs are not liable for debts if the assets in the estate are not enough to cover the debts. ...
Who is responsible for childrens medical bills?
It depends partially on the age of the children. If they are not adults, the parents are responsible. If the children are above the age of majority, and not on their parents' insurance, they should be responsible for their own debts. ...
Your daughter died a few weeks ago are you responsible for her debts?
I am very sorry for you loss. Parents are not supposed to bury children. It is very unlikely that you are responsible for your daughter's debts unless she was a minor or you had guaranteed those debts. If, for example, you co-signed a car or apartment, you may be liable for those debts. ...
Is it a law that a parent be responsible for their childrens wrongful acts in Texas?
It's a general legal principle everywhere that parents are held liable for the actions of their minor children. ...
Asked in Debt Collection
Are adult children liable for the debt if a parent files for bankruptcy?
No, if the adult children are not joint debtors they are not responsible for their parents debts. If they are joint debtors the parents' debts could be discharged in BK leaving the adult children who were not a part of the BK procedure open to the recovery of the debt(s) by creditors. ...
Is the executor of the estate liable for mortgage if foreclosure?
The executor is not personally liable for anything. The estate is liable for all of the debts. If the executor is going to inherit anything, there may not be anything for them to get. ...
What if there isn't enough money in an estate to pay off all debt who is liable?
The estate is liable and has to pay off all the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended. ...
After bankruptcy are you still liable for old debts?
It depends on which debts are discharged in your bankruptcy. There are several types of debts, such as student loans, which consistently persist through bankruptcy. Moreover, you may be liable even for debts that traditionally are discharged, such as credit card debts, where there is even of bad faith and manipulativeness on your part, i.e. you racked up thousands in credit card debt in the days before filing for bankruptcy. ...
Asked in Bankruptcy Law
Can you file a personal bankruptcy and include business debts?
If you are personally liable for the debts, you MUST include them in any bankruptcy filing. If the business is a separate legal entity (corporation, LLC, LLP, partnership), you must include the business as an asset, but any debts you are not personally liable for are not listed in your bankruptcy. If the business is small, has only one owner, one corporate officer and shareholder, etc., the owner is probably personally liable for most if not all debts. ...
Asked in Business Law, Incorporation
What is oe important difference between a general partnership and a limited partnership?
Any general partner is jointly and severally liable for all debts of the general partnership; limited partners are not liable. This means that all general partners are equally liable for partnership debts and any creditor can go after any of the partners to collect. Limited partners are not liable beyond their contributions. ...
Can we as a family be held liable for our daughter's debt?
There are a number of factors involved. Typically the estate is responsible for paying the debts, including the funeral and medical bills of the deceased. If the daughter is a minor, or still listed on the parent's medical insurance, the parents can be held responsible. parents co-signed any paperwork regarding medical procedures, they may be held liable. ...
Asked in Power of Attorney
If you have power of attorney are you responsible for debts?
As long as you identify yourself as the attorney-in-fact whenever you discuss anything or sign anything, you should not be liable for the debts. ...
Asked in Business and Industry
What are the advantages and disadvantages of a partnership businesses?
Some advantages of a partnership business is that the gains and losses are shared, you share the resposibilities, and it's easy to set up. But some disadvantages to a partnership business is that each partner is 'jointly and severally' liable for the partnership's debts; that is, each partner is liable for their share of the partnership debts as well as being liable for all the debts, there is a risk of disagreements and friction among partners and management, and each partner is...
If an executor overpays a beneficiary and the other beneficiaries want the overpayment back who is liable?
The executor is liable for any errors they make in paying debts or paying beneficiaries. ...