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In the majority of situations the state Probate Court decides how the deceased assets and debts are distributed. If the deceased left no assets or had no assets that were not exempted according to state law, the estate is probated as a "no asset" case. Therefore, creditors will not be able to collect on any debt(s). The exception is, if the deceased debtor has a surviving spouse and they resided in a community property state. Then the spouse may be liable for some or all of the debts even if they were not an account or loan holder/borrower.
Wiki User
∙ 19y ago
Wiki User
∙ 13y agoThat would be the reason to set up an estate. The estate has to pay all of the debts off if possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
Wiki User
∙ 14y agoThe estate should be filed in probate. If the debts exceed the assets the estate will be deemed insolvent and the court will assign a schedule of payment according to state laws.
Wiki User
∙ 9y agoNobody, if there are no assets left in the estate. The debtors don't get paid in this case.
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Who pays unpaid taxes after a death?
To be clear, before anybody can inherit property from the deceased the following have to be settled in this order:1) Taxes due must be payed2) Debts must be settled3) Whats left gets to be distributed an accordance with the will to the heirs.Note the deceased's Executor is responsible for doing all this (the executor may also be an heir).Also NOTE that unpaid taxes and debts come out of the ESTATE.If the estate runs out of money to do this, potential heirs do not have to pay the deceased's taxes or debts out of their own money. However, they will not inherit anything in these circumstances.
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