2007-05-03 05:40:30 · 15 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
Assuming you have no assets, the debts die with you.
If you do have an estate, the creditors will turn to the executor for whatever is available from the estate.
2007-05-03 05:44:44 · answer #1 · answered by Jack 6 · 4⤊ 0⤋
The administrator/executor of your estate will gather all your assets and debts. He will then pay off those assets according to the statutory schedule adopted by your state. If any assets are left over, those will be distributed to your legal heirs. If the assets are insufficient to cover the debts, then the creditors get either a partial payment or no payment whatsoever.
2007-05-03 05:50:03 · answer #2 · answered by mcmufin 6 · 2⤊ 0⤋
I believe the Public Administrators Office in your area takes control of your assets, assesses your debts/liabilities and pays them, with the remainder going into the State coffers
Best you create a will that after liabilities, the remaining assets go to a designated charity rather than the government
2007-05-03 05:44:06 · answer #3 · answered by banananose_89117 7 · 0⤊ 0⤋
If you are single, with no children, then your parents or siblings become your heirs. If there is an estate (property, valuables, etc.) they will go to probate court like people do with any one who dies with assets, will or no will. In this case, you will have died intestate. Your estate will then be probated. Your assets and debts will be gathered. Your assets will be liquidated and the proceeds of liquidation will be used to pay off your existing debts, funeral expenses, cost of last illness etc. You may get off scot free, but your heirs will not.
2007-05-03 06:22:12 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Anything in your estate will be sold at auction and the proceeds will go toward paying your debts.
2007-05-03 07:08:10 · answer #5 · answered by charliecizarny 5 · 0⤊ 0⤋
They will sell any assets that you may have to pay back what you owe the rest the state will eat up. It happens a lot.
2007-05-03 05:55:29 · answer #6 · answered by MommyofTwo 3 · 1⤊ 0⤋
They will be repaid by the court appointed executor/administrator out of any assets that can be found that are yours at the time of your death.
2007-05-03 05:52:48 · answer #7 · answered by Ben 5 · 1⤊ 0⤋
Your children are not liable to pay off your debts. I do not think you wife is liable either unless it is a joint account.
Your creditors will lose.
2007-05-03 05:46:55 · answer #8 · answered by Ron H 6 · 0⤊ 2⤋
Inevitably it becomes part of the FDIC debt I would guess.
2007-05-03 05:52:17 · answer #9 · answered by Tim O 5 · 0⤊ 1⤋
The company/person is out the money.
2007-05-03 05:43:53 · answer #10 · answered by Kenneth C 6 · 0⤊ 1⤋