When someone dies, who is responsible for any old debts that person had before they passed away?

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When someone dies, who is responsible for any old debts that person had before they passed away?

Asked on August 30, 2012 under Estate Planning, Georgia

Answers:

Paula McGill / Paula J. McGill, Attorney at Law

Answered 8 years ago | Contributor

If there aren't co-signors or guarantors, the debt will be paid from the assets of the estate.  If a particular debt is secured, the asset that secures the debt can be seized by the creditor if the administrator does not pay the balance of the debt.  All other unpaid balances will be paid by the sale of remaining assets.  If the liabilities exceed the assets, the creditors will have to suffer a loss.  The law sets out which creditor gets paid first.  It is the administor's responsibility to ensure the orderly payment of the estate's debts. 


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