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A person's ability to pay off debts based on the money that person has available to meet financial obligations is called what?
D. Capacity
A persons ability to pay off debts based on the money that person has available to meet financial obligations is called what?
D. Capacity
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 isn't enough money in an estate to pay off all debt who is liable?
The estate is liable and has to pay off all 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 cannot pay off his or her debts?
A person who cannot pay off their debts is often referred to as being insolvent. This situation arises when their liabilities exceed their assets, or they lack sufficient income to meet their financial obligations. Insolvency can lead to severe consequences, such as bankruptcy, which can affect their credit score and financial future. Seeking financial advice and exploring options like debt restructuring or forgiveness may help in managing their situation.
If a person dies with debts and if their estate cannot pay those debts can the creditor go after the executor to pay off the remaining bills?
No. If the assets of the estate doesn't cover the debts, the creditors will have to write them off. But that means that no one can inherit anything from the estate as it would have to be liquidated to pay debts.
Is the POP of a deceased person obligated to pay off any debts if the estate has no money?
No they are not personally responsible for the debt. 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 for a person's medical debts after death?
The estate is responsible for the decedent's debts. One of the primary reasons someone should 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 for funeral costs if a person has no estate?
The estate has the responsibility to pay off the funeral costs and debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
A person's ability to pay off debts based on the money that person has available to meet financial obligations is called what?
D. Capacity
Who is liable for debt when the person is dead and a mortgage remains?
The estate has the responsibility to settle the debts. 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 for the phone bill of a deceased person?
Phone bills will the the responsibility of the estate. 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 for credit card debt when a person dies?
Credit cards are the responsibility of 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 happens if estate cannot pay the debts in Florida?
If possible the estate has to pay off the debts. If the estate cannot do so, they distribute according to a plan as best they can. If the court approves the distribution plan, the debts are ended.
What happens if a person dies without a will and all he has is medical bills and credit card debts but no assets?
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.
Can you borrow money from the bank in Monopoly to pay off your debts and continue playing"?
No, in Monopoly, you cannot borrow money from the bank to pay off your debts and continue playing.
If a person has no estate at the time of death who is responsible for his loan debt?
The estate is always responsible. Debts are one of the primary reasons someone should open an estate. 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.
