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What happens if your estate debt is greater than assets?
Then the estate is sold to cover the debt, and the "inheritors" are usually hit up for the rest.Another View: If the assets of the estate are insufficient to satisfy the debts of the deceased... UNLESS any of the heirs actually signed documents obligating themselves for their payment, once the assets of the estate are exhausted they are under no legal compulsion to pay off the deceased's debts.
If the debt is greater than the assets of the estate is the executor responsible to pay off the remaining debt?
Generally no. The estate is responsible for paying the sole debts of the decedent. If on the other hand the debts are owed jointly with the person who was appointed the executor then that person is still responsible for paying them.
What happens when someone dies and they owe you money?
You can file a claim against their estate in probate court with proof of the debt. If you have proof of the debt and they have assets of value, you must be paid by the estate before any remaining assets can legally be distributed to their heirs. If they have nothing of value, than you have nothing you can claim from them.
When someone dies and has no will who get the car that is still not totally paid for?
All the property of the deceased goes into an "estate". This estate must be settled, property, debt, etc. Typically what happens if the debt is covered or not more than the property value, then it is up to the individual who wants the items that are available to petition the estate for it, also there is the opportunity to purchase it at an estate sale. You may want to talk to next of kin.
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.
Can a personal loan collect off of a life estate?
A life estate can be valued for sale and can be transferred, so it could be transferred to a creditor to satisfy a personal debt. A judgment obtained against the debtor who holds the life estate can be used to levy on the life estate and have it sold (usually at a sheriff's sale), thus satisfying the debt; assuming the value of the estate is equal or greater than the debt. The problem is the fact that upon the death of the initial life estate owner, the estate terminates and the ownership and used of the property (called the remainder) becomes the property of the remainderman. The person that acquired the life estate, either by voluntary transfer or judicial process, then no longer has the property.
What happens when a family spends more money than it has?
they have debt
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
Why does an account balance less than -40 dollars represents a debt greater than 40 dollars?
An account balance less than -40 dollars represents a debt greater than 40 dollars because negative numbers represent amounts owed or deficits. In this case, a balance of -40 dollars indicates that the account holder owes 40 dollars to the institution. The negative sign denotes that the account is in debt, hence the debt being greater than 40 dollars.
How many times greater was the royal debt in 1715 than in 1643?
400 times greater
What happens if you do not accept what was left to you in a will?
It is legally called a "disclaimer" and it means you do not have any legal possession of it, it cannot be seized from you, it remains part of the estate and it can be distributed to others by the estate. This is sometimes used when an heir has a debt that would completely consume the inheritance, so it is disclaimed rather than be forfeited to the creditor.
What is a regular repayment to reduce debt called?
payment greater than minimum due
