If my father died and his business is in great debt, is his estate responsible for the debt?

Asked on November 7, 2012 under Estate Planning, Illinois

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Under the laws of all states since your father passed with great debt owed it is his or her estate that will ultimately be responsible for paying off his or her debts owed. If there is not enough assets left to pay off the creditors then they get paid on a pro rata basis.


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