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Estate Planning (1 viewing) (1) Guest
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Topic History of: debts of an estate
Max. showing the last posts - (Last post first)
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LK311 Does the estate have any cash, life insurance, anything the creditors can attach? if not and you want the assets, call teh banks, submit a death certificate, and negotiate a settlement amount. otherwise, if there is nothing to attach, file the return to the irs and see the response. you could probably get a cleaner answer from someone else, but this is what i would do.
Tia A. State is Illinois.

I talked to a probate attorney and she said to consult with a CPA regarding the tax issues on the estate.

Then I talked to a CPA and he said it depends on what the probate attorney negotiates. He also said to talk to a bankrupcty attorney. So, I still dont have a answer.

There is a mortgage on the home which is higher than the value of the home. There is also about $1,500 in credit cards and a credit card from Sears with a recent purchase of $1,000.

Should I
Jackie Tia A. wrote:
QUOTE:
I have a relative that is terminal. She has a house, which is worth less that what she said and it needs work. She also has credit card debt.

Who is responsible for the debt of the estate if she doesnt have enough assets to pay all her bills. I'm sure she has unpaid medical bills and God only knows what else. What happens to them?

What a mess


If the estate is insolvent then the creditors will have to write off the debt. The probate court inventory sheet will show that she had no assets. If you show that to the creditors then they will close the claim...usually.

What state?
Tia A. I have a relative that is terminal. She has a house, which is worth less that what she said and it needs work. She also has credit card debt.

Who is responsible for the debt of the estate if she doesnt have enough assets to pay all her bills. I'm sure she has unpaid medical bills and God only knows what else. What happens to them?

What a mess
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