Bankruptcy Lawyer to Guide on Your Deceased Parents Unpaid Debt
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Posted On :
Nov-16-2011
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Article Word Count :
423
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Call us if you want to feel something you probably haven't felt in a while- Hope. The decision to file bankruptcy lawyer New York has important benefits. And it may be your best option. Bankruptcy Is Not A Dirty Word.
As filing a bankruptcy is a tough decision, you should approach the right bankruptcy lawyer. We are a specialist bankruptcy attorney in New York, who can guide you through the process effectively.
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Are you responsible for the debt that your deceased parents could not pay off? A New York bankruptcy lawyer can guide you to this confusion. In general, you become the owner of your parents property, if that has been stated in your parents’ will. However, the bankruptcy attorney in New York will tell you that your right on the assets commence only after the debt amount has been deducted from the total amount of your deceased parents. It is best to bring together your family lawyer as well as the bankruptcy lawyer and then deal with the whole issue.
As per the legal regulation, there would be an executor to take over the charges of distributing the property in the will to various beneficiaries. Along with that, the probate court would keep an eye on the whole action to see whether the assets have been distributed equitably. Now, if your parents have some dues to pay, the probate court would make it sure that those charges are cleared off. Your bankruptcy lawyer can help you to deal with this issue. It might happen that, a large number of liabilities are needed to be paid and situation as this might confuse you. Your bankruptcy attorney New York would tell you that, if the debt exceeds the assets, then you would not get anything from your parents’ property, as the amount would be taken to pay off the liabilities. Whereas, if the situation is opposite, that is to say, the debt amount is less than the total property written in the will, then you would have the authority on the amount left, after the debt has been cleared off. However, probate court does play an important role in this case.
A bankruptcy lawyer in New York would also tell you that the creditor has no authority to have their debt claimed from the life insurance policy. Basically, a life insurance policy is a legal contract between a life insurance company and the insured. Hence, the life insurance proceeds would go directly to the named beneficiary after the death of your parent. The insurance proceed is not allowed to be included into the estate for distribution.
Moreover, your bankruptcy attorney New York would also tell you that a creditor does not have legal rights on the pension death benefit left to the named beneficiary. The probate court has no authority over it. Incase you have some queries about other assets related to bankruptcy; contact our bankruptcy lawyer in New York at thenybankruptcyattorney.com.
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Article Source :
http://www.articleseen.com/Article_Bankruptcy Lawyer to Guide on Your Deceased Parents Unpaid Debt _104946.aspx
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Author Resource :
Sumauli works with Asha Infotech and is an expert in web-based writing. Asha Infotech is a Creative Digital Agency seo services India. You can also get providing seo tips and Web Design tips just visit our Blog creativeimpressionz.com
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Keywords :
bankruptcy lawyer, bankruptcy attorney new York, new york bankruptcy attorneys, bankruptcy lawyer ny, ,
Category :
Finance
:
Finance
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