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Funds or property that have value in meeting debts are called what?
bankrupt The above is not just incorrect entirely, but makes less tha no sense: The funds and property that may be used to meet debts, (of a bankrupt or not) are called "assets".
Do inheritors in the estate have to pay their debts before inheritance payout?
The debts of the estate have to be resolved first. Only then can funds be distributed.
What is the meaning of corporate insolvency?
The definition of corporate insolvency is the inability to pay debts. It occurs when the business or corporation does not have sufficient funds to pay off its debts.
If you are an heir to the estate are you also an heir to the credit card debt incurred by the previous owner?
No, all non exempt property belonging to the deceased is used to pay outstanding debts. None of the estate will be distributed to beneficiaries until probate procedures are complete and all debts have been paid to the extent of the available funds.
Can a bank account held soley by the non debtor spouse be levied for the debtor spouses debts if the couple reside in a non community property state?
If it can be proven that the debtor has funds going into the non debtors account then the amounts that are going into the non-debtors account that originally were funds belonging to the debtor can be levied.
Funds or property that have value in meeting debts are what?
Assets
Funds or property that have value in meeting debts are called what?
bankrupt The above is not just incorrect entirely, but makes less tha no sense: The funds and property that may be used to meet debts, (of a bankrupt or not) are called "assets".
If there are no funds in a trust just property how are the debts paid?
If there are no funds with which to pay the debts of the trust then the property must be sold in order to pay them.
Can a house that was willed to someone be sold by the estate attorney even if the new owners want to do as they please with it?
The answer depends on the details. For example, if there are debts to pay and no cash, the property must be sold to satisfy the debts. A decedent's debts must be paid before any property can be distributed. In that case, the heirs can purchase it from the estate, thereby providing the funds to pay the debts.The answer depends on the details. For example, if there are debts to pay and no cash, the property must be sold to satisfy the debts. A decedent's debts must be paid before any property can be distributed. In that case, the heirs can purchase it from the estate, thereby providing the funds to pay the debts.The answer depends on the details. For example, if there are debts to pay and no cash, the property must be sold to satisfy the debts. A decedent's debts must be paid before any property can be distributed. In that case, the heirs can purchase it from the estate, thereby providing the funds to pay the debts.The answer depends on the details. For example, if there are debts to pay and no cash, the property must be sold to satisfy the debts. A decedent's debts must be paid before any property can be distributed. In that case, the heirs can purchase it from the estate, thereby providing the funds to pay the debts.
Must home be sold to pay estate debt?
If there are no other funds then the property must be sold to pay debts. The debts of the decedent must be paid before any property can be distributed to the heirs. If the heirs want to keep the house then they must get together and pay the debts.
Is a will necessary if mother has no property?
She may not have property, but she may have debts. This will allow you to resolve the debts and close out accounts.
What happens if a person dies leaving credit card debts and they have placed all their property into a non-revokeable trust?
The Trustee of the Trust is responsible for paying the debt out of the trust funds.
Does property have to be sold during probate?
Yes, the executor can sell the house. It will become a part of the estate and will escheat to the state if there are no beneficiaries.
Can an executor pay for vouluntary services such as hospice out of estate money?
The executor is obligated to pay all of the debts of the decedent. The creditors get paid before any funds or property are distributed to the heirs.
Do inheritors in the estate have to pay their debts before inheritance payout?
The debts of the estate have to be resolved first. Only then can funds be distributed.
What is an insolvent estate?
An insolvent estate is a the property of a deceased individual that has more debts than assets. Often the property must be sold to cover those debts.
Can an executor access stock funds to cover funeral expenses?
The stock funds would be a part of the estate. They can be sold to cover estate debts.
