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What happens if a person dies without a will and all he has is medical bills and credit card debts but no assets?
Wiki User
∙ 13y ago
Even without assets, the estate has to pay off the debts. If the estate cannot do so, they distribute any money as best they can. If the court approves the distribution plan, the debts are ended.
Wiki User
∙ 13y ago
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What happens when equipment is purchased on credit?
assets and liabilities increase
How does Credit affects assets?
Credit has no impact on one's assets.
Where do you record credit purchases of fixed assets?
in fix assets
Is a credit a decrease in assets retained earnings revenue liabilities?
Credit causes the decrease in assets only because assets has debit balance as a normal balance while all other items has credit balance and credit causes the increase in them.
In Pennsylvania is the surviving spouse responsible for the deceased spouse's medical and credit card debt?
No, the spouse is not responsible. However it does come out there assets left behind.
Intangible asset increases by credit?
Intangible assets are assets like other assets and have debit balance so these are also increased by debit only and reduce by credit.
Are adult children responsible for credit card and medical bills with an estate?
They are not responsible to do it with their own money. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, there are some people who will not get paid, including the beneficiaries.
Can a credit card company freeze a checking account of a diabled person?
No creditor can freeze anyone's assets without court authorization--disability or not.
A credit may signify what?
Decrease in assets
A credit may signify...?
Decrease in assets
A credit signifies a decrease in?
a decrease in assets
Can credit cards be garnished?
Credit cards are not assets, there's nothing to garnish from them.
