QUESTION
Can I file bankruptcy for my deceased husband’s estate?
Asked on Sep 17th, 2015 on Bankruptcy - Michigan
More details to this question:
Late husband's estate is poor. There is about $7,000 in outstanding debts. I am the personal representative of his estate.
5 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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No, only the living and active legal entities (corporations, cities etc) may file bankruptcy. Probating an estate serves the same function as bankruptcy, probate determines the assets and obligations, determines the priority of the obligations, sells the assets and uses the funds to pay off the liabilities and after the end of the probate all obligations are considered settled whether there is enough money to pay all or not.
Answered on Oct 05th, 2015 at 4:49 PM
An estate cannot file bankruptcy. Probate is like a bankruptcy in that if there are not enough assets to pay the creditors, the debts are eliminated. Speak to your probate lawyer and look at the possibility of setting aside the estate as provided under the Nevada homestead laws.
Answered on Sep 24th, 2015 at 5:14 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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You do not need to do so. Generally you can deal with all the issues in a simple form of probate. Consult a probate lawyer; it is almost always worth it.
Answered on Sep 23rd, 2015 at 7:01 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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That would be a no.
Answered on Sep 23rd, 2015 at 6:42 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Is the estate is insolvent and has no assets there would be no point in doing so. See an attorney with the details and for a specific opinion.
Answered on Sep 23rd, 2015 at 5:55 PM