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People who owe significant debts may spend years of their lives repaying what they owe. Creditors have to balance the desire for prompt repayment with the need to allow debtors to fulfill their other financial obligations. In some cases, people who owe money may die...
When someone dies, whatever property they own becomes the property of their estate. Their financial obligations also pass to their estate. The personal representative named in an estate plan or appointed by the courts has to fulfill the decedent's financial...
The death of a debtor can complicate matters for creditors owed money. While the debt doesn't simply disappear, navigating the process of collecting from a deceased individual's estate requires specific procedures under California law. When someone passes away in the...
The California probate courts oversee the administration of people's estates. Family members file testamentary documents with the courts or testify that there are no such documents to guide the process. The courts then help ensure that the administration of the estate...
Dealing with the debts of a deceased individual is a complex and sensitive issue that creditors often face. Understanding the intricacies of this process is crucial, especially when an estate lacks sufficient assets to cover all its debts. When an individual dies,...
Those seeking to collect money from an individual may feel concerned about their finances when a debtor dies. After all, someone who has died can no longer earn income to pay what they owe to others. Despite someone's death effectively transferring their assets to...
Inheriting a parent’s home can be a mixed blessing. Even if they paid off the mortgage and owned it “free and clear,” it can take a good deal of time and money to get it into shape to sell, use it as a rental property or move in. Additional complications may present...
When someone dies, numerous parties will feel the effect of their passing. Those with direct personal relationships obviously experience the most profound impact, but those with a professional or financial relationship with the deceased party could also worry about...
Knowing that someone owes you money, you send them letters and call them to keep them informed. You take steps to make sure that they realize they owe you that debt, and you do your best to collect it. What about if they pass away, though? Now, you’re going to need to...
Some people die in the same way that they lived. They have more debt to repay than assets to cover those costs. If there are co-signers for any of those debts, creditors can continue to pursue repayment from the co-signers. Otherwise, an estate claim is necessary to...