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Who is responsible to pay back debts?
The government is responsible to pay all back debts.
When a business owner dies who is responsible for the debt?
If it is a sole proprietorship, then the estate will have to pay the debts. If it is a corporation, and the "owner" held all of the stock, then the corporation will have to pay all the debts.
Is a beneficiary responsible to pay debts?
No a beneficiary is not responsible. One of the primary reasons to open an estate is to resolve such debts. 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 if there are no estates will the children have to pay debts left by parents?
A person's estate is responsible for their debts unless someone else agreed to pay them.
Are joint executors liable for any debts unpaid from the estate?
The executors are responsible for the payment of the debts according to the payment scheme required by state law, however, if they do their jobs properly only the estate is responsible for the debts of the deceased. You need to be careful when there are debts and not enough money to pay them all. Certain creditors have the legal right to be paid first and the debts must be paid before any property is distributed to the heirs. You should seek the advice of an attorney who specializes in probate.If there are no assets in the estate to pay debts the creditors are out of luck.
Who is responsible to pay back debts?
The government is responsible to pay all back debts.
Who is responsible to pay back all depts?
The debts of the US Federal government is responsible for paying all of its debts. This can be done by raising taxes, passing tariff acts and reducing government spending to not allow the debt to enlarge.
What is the number one reason why consumers default on their debts?
They do not have the money to pay back their debts!They do not have the money to pay back their debts!They do not have the money to pay back their debts!They do not have the money to pay back their debts!
Who is responsible to pay back all U.S depts?
The debts of the US Federal government is responsible for paying all of its debts. This can be done by raising taxes, passing tariff acts and reducing government spending to not allow the debt to enlarge.
When a business owner dies who is responsible for the debt?
If it is a sole proprietorship, then the estate will have to pay the debts. If it is a corporation, and the "owner" held all of the stock, then the corporation will have to pay all the debts.
Who is responsible for my deceased husbands medical bills in Florida?
Technically the estate is responsible for all the debts of the deceased. The spouse, through the estate, has to pay off the debts.
Is a executor of a will responsible for all the bills of a estate?
The executor is not personnally responsible. The estate is responsible to pay off the debts. If the assets are not sufficient to pay off the estates, they do their best and get the court to agree.
Is a beneficiary responsible to pay debts?
No a beneficiary is not responsible. One of the primary reasons to open an estate is to resolve such debts. 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 to pay a credit card if the person dies?
The person's estate pays for all outstanding debts.
Do I as personal representative have to pay medical bills that I do not have money for?
The estate is responsible for the debts of the decedent. However, you should seek the advice of an attorney if there is money but not enough money to pay all the debts. There is a legal scheme by which debts must be paid.
What if there are no estates will the children have to pay debts left by parents?
A person's estate is responsible for their debts unless someone else agreed to pay them.
What if you are the executor of the will m i responsible for any debts if the home was not in my name?
Being the executor does not make you personally responsible. The estate has to pay any debts. If the estate cannot pay them, the debtors do not get paid.
