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In most cases the debts of the deceased are the responsibility of the estate. They have to be paid off before any one else gets money. Anyone that was also a co-signer on any of the agreements might also be responsible. Consult a probate attorney in your jurisdiction for help.
What else can I help you with?
Upon my death i have put paid on death on my IRA and bank accounts to my grandson who i adopted. can this be taken to pay off debts that remain after my death?
That is classified information.
Can you borrow money from the bank in Monopoly to pay off your debts and continue playing"?
No, in Monopoly, you cannot borrow money from the bank to pay off your debts and continue playing.
What happen to mothers property when she death?
It depends on what she has stated in her will. If there is no will, then the government will look into the case and decide who inherits what. If the mother had debts to pay, then the bank can legally take possession of the property to sell in order to pay off the debts.
Who pays back unsecured loans after death Does the bank go after the estate or is the death of the borrower the end of it?
Banks don't give up that easily! They will go after the estate. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What is the journal entry for bad debts written off and later realized?
Debit cashCredit bad debts
Is a child responsible for any debt owed by parents upon their death?
They are not personally responsible. The estate has the responsibility to resolve the debts. If the assets are not adequate to resolve them, they have to be written off.
What happens when a bank writes off a debt?
The debt is simply deducted from the bank's assets. The bank sets its own interest rates for lenders, and any debts they write off is balanced by an increase in the interest rate.
What does it mean when it says written off credit cards?
The debts have been discharged.
Will credit card debts write off the debt after your death?
They will not do so immediately. They will attempt to collect from the estate. Debts are one of the primary reasons someone should open an estate. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Who is responsible for debt after death in Louisiana?
In Louisiana the estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What expenses can be written off in bankruptcies?
In bankruptcies, expenses that can be written off typically include outstanding debts, legal fees, and certain business expenses.
Hamiltonians and jeffersonians?
Hamiltonians are the people that supported Alexander Hamilton's viewpoint of helping other states pay off debts and creating a national bank. While some states had already paid off their debts, they were not very happy about his idea of helping to pay everyone else's debts. Jeffersonians were the people who supported Jefferson and Madison and opposed Hamilton's ideas and the creation of the national bank.
