Debts of a deceased
Date: Tue, 01/25/2011 - 02:09
When debts of a deceased are higher than the asset held what options does a creditor have inorder to recover the debt amount?
The creditor has no option....if the debtor is dead and assets a
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.
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.