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 10 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.

 http://www.judiciary.state.nj.us/rules/r4-91.htm


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