The
creditor has no option....if the debtor is dead and assets are gone, the
creditor cannot recover. This is a true case of "you cant get blood
from a turnip"
The
assets are sold off to pay as much of the debt as possible. First
secured debts are paid and then unsecured debts are paid. Any debt that
remains is not repaid and the creditor writes off the
loss.
Sub: #1 posted on Tue, 01/25/2011 - 02:42
Moderators Cum Industry Expert
(Posts: 17310 | Credits: )
Sub: #2 posted on Tue, 01/25/2011 - 04:30