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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.
what disadvantage of buying insolvent estates?
An insolvent estate is one with no value to it. The debts are greater than the assets. Therefore, it does not make sense to purchase an insolvent estate.
If there is no money in the estate of deceased family member who is responsible for the credit card debt of the deceased?
If there is no cash in the estate, other personal property OR real property, the estate is said to be insolvent and the creditors are out of luck. However, the sole debts of the decedent must be paid from any property, real or personal, before that property can be distributed to the heirs.
Can heirs of mothers estate file ensolvency if there is already an administrator?
No. It is the responsibility of the administrator to notify the court if the estate is insolvent and provide all the supporting documentation.No. It is the responsibility of the administrator to notify the court if the estate is insolvent and provide all the supporting documentation.No. It is the responsibility of the administrator to notify the court if the estate is insolvent and provide all the supporting documentation.No. It is the responsibility of the administrator to notify the court if the estate is insolvent and provide all the supporting documentation.
What happens when your parents are deceased and there is no money left in the estate to pay for medical bills?
If there is any other property such as real estate then it must be sold to pay the debts. If there are no assets the estate will be deemed insolvent by the court and the creditors are out of luck.
Who pays outstanding bank loan on personal property which is more than the value of the estate after death in NY State?
The estate is responsible for the debts of the decedent. The property should be returned to the creditor if possible. However, if the assets cannot cover the debts the estate is declared insolvent and the creditors are out of luck.
What can you if the estate money is not enough to pay delinquent property taxes plus necessary debt?
The property could be sold to pay the debts. If that's still not enough a motion should be made to the court to declare the estate to be insolvent. The law will then govern how the creditors will be paid.
Can an executor charge rent to an heir that has lived in the property for 19 years and was the caregiver of the deceased?
The executor of the estate is responsible for the estate. Use of the estate property is an asset and they should pay rent.
In a life estate does the owner of real property still own the property if he has quit claimed the property to the remaindermen?
No. If the person who owned the land granted a life estate and conveyed the fee to the remaindermen then that person has transferred all her interest in the property. She no longer owns it.
What are difference between an estate agent and an auctioneer?
An estate agent is an agent who is in control or charge or the estate. The auctioneer is the one who is going to get the most money they can from the estate and property.
Does an executor have the right to charge an Estate to have heir's inherited business property re-appraised after Estate set business property and equipment value in will as part of heir's enheritance?
Yes.Yes.Yes.Yes.
Can you file bankruptcy as executer of estate?
Why bother? No one can legally inheret debt. Actually debt can be "inherited" if the deceased left a spouse and the married couple resided in a community property state, the debts then revert to the spouse whether he or she incurred them. In non-community property states the deceased's debts are included along with all nonexempt assets and property in the probate procedure. The nonexempt assets and property are then liquidated to pay debts according to their priority and to the extent that funds are available.
