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Who takes control of selling the assets of an estate in order to pay off the credit card debts?
Wiki User
∙ 19y ago
Sometimes the judge in probate court, sometimes the court trustee. Probate proceedings are determined by the statutes of the state of residency.
Wiki User
∙ 19y ago
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Credit card debts in estate?
The estate has to pay all of the debts, including credit cards, if possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
Can credit card companies force heirs to sell real estate after a death?
If the credit card company has filed a claim against the estate the debt must be paid before any assets can be distributed to the heirs. In any estate the debts must be paid first. The heirs get any assets that are left after the payment of debts. If the estate doesn't pay the bill the creditor can force the sale of the real estate to collect the debt. If the property is the only asset and the heirs want to keep it then the heirs must pay the credit card bill.
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.
The whole estate is in trust for the daughter of the deceased who is responsible for the credit card debts?
If the will provides that the estate shall be held in trust for a daughter that is called a testamentary trust. By law, the debts of the decedent will be paid first out of the assets of the estate. After the debts have been paid any remaining assets will then be transferred to the trust for the benefit of the daughter.
If the decease has credit card debt with no dollar value to his estate what happens to the debt?
The estate has to pay all of the debts off if possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
Credit card debts in estate?
The estate has to pay all of the debts, including credit cards, if possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
Are you responsible for your deceased parent's credit card debt?
If the estate has any assets, the estate should pay for the debt before anything is passed on to the heirs. If there are no assets the credit card company will just have to write it off. You are not held responsible unless you co-signed for the card.
What powrs do the executor of estate have after the estate goes into probate?
Once they have the letter of authority, they have full control of the estate. They are responsible to the court for the inventory and dispersion of assets.
Do you have to pay unsecured credit card debts?
The personal represenative of the estate should pay them from estate assets if they are valid claims. The beneficiaries would not pay them.
Who pays for credit card debt when the decease has left no estate?
Credit cart debts are one of the primary reasons to open an estate. The estate has to pay off the debts. If the estate doesn't have the assets to do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Who is liable to pay my monthers line of credit if there is not enough money in her estate.?
If there is an unsecured line of credit and there are no assets then the creditor is out of luck. If the line of credit is secured by a mortgage on mother's real estate the lender can foreclose and sell the property. You must probate the estate if there is real estate. In that case, if the debts are greater than the assets then you should seek the advice of an attorney before paying any debts. There is a statutory priority of payment that must be followed by the administrator.
Are adult children responsible for credit card and medical bills with an estate?
They are not responsible to do it with their own money. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, there are some people who will not get paid, including the beneficiaries.
Can credit card companies force heirs to sell real estate after a death?
If the credit card company has filed a claim against the estate the debt must be paid before any assets can be distributed to the heirs. In any estate the debts must be paid first. The heirs get any assets that are left after the payment of debts. If the estate doesn't pay the bill the creditor can force the sale of the real estate to collect the debt. If the property is the only asset and the heirs want to keep it then the heirs must pay the credit card bill.
What are the estate laws in California concerning credit card debt?
In California, credit card debt does not automatically pass to a deceased person's heirs. The deceased person's estate is responsible for paying off any debts, including credit card debt. If the estate does not have enough assets to cover the debt, creditors typically cannot go after the deceased person's family members. It is advisable to consult with a legal professional for specific advice on handling credit card debt in an estate in California.
Is an estate necessary for an indigent parent?
If by indigent you mean completely without assets, then no, an estate is not necessary. An estate is necessary if a decedent has assets that are to be transferred to another person, whether by will or intestacy. In fact, since a decedent's "estate" consist of his/her assets nd if there are no assets, there is no "estate."
Your daughter and son in law both died what do you do with credit card?
Shred it and let the company know. They will want to file a claim against the estate. If the estate has no assets, they won't get paid.
Is your estate responsible for your credit card debt after your death?
Answer: Your estate is responsible for all of your debts when you die. The assets don't always cover the debts but any creditor can file a claim against the estate for money you owed them.
