What happens to the decedent’s debts iftheir estate is deemed insolvent?
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What happens to the decedent’s debts iftheir estate is deemed insolvent?
Asked on August 10, 2011 New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I am so sorry for your loss. I am assuming here that you are the personal repreosentative - either the executor or executrix of the administrator or administratrix - of the estate, correct? New Jersey has a statute that applies to this situation. The statute details what you as the personal representative must do in the case of an insolvent estate - what must be filed and when. I would strongly suggest that you seek help with all of this to make sure that you as the personal representative are protected from any claims of potential creditors as I am sure that there has to be notice sent to any parties making a claim against the estate. Here is the link to get you started. Good luck.
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