Efficient And Effective Resolution Of Estate Debt
When a loved one dies with debt, the person’s executor may have to pay creditors who made claims on the estate. When doing so, they will need to handle such matters prudently. Since this can be a complicated process, it is ideal to have a lawyer who understands the probate process and can provide guidance to executors, surviving spouses, and heirs dealing with financial matters.
At Lee Norton Bain, Attorney at Law, I bring over 30 years of practice to this area of law. I regularly guide executors through the probate process. Due to my experience representing clients filing for bankruptcy, I also understand the rights of individuals facing overwhelming debt including the best methods for reducing or eliminating that debt.
Helping You Prioritize Debts The Estate May Owe
It’s common for individuals to die with debt. In fact, this occurs the majority of the time. Many estates are insolvent, meaning that the debts outweigh any of the assets. While it may seem like the right thing to do to pay off debt as soon as possible, it is important to put in place a strategy for dealing with such debt before taking any action.
Texas law prioritizes the debt the estate needs to pay. There may be some circumstances where there is no duty at all to pay particular individuals or businesses who claim the estate owes them money. It is important to remember that creditors must timely file claims with the estate. If creditors do not take such steps, there may be no requirement to pay such debt. Should the executor pay off such debt, there may be no way for that individual to recoup such payments if the court decides the estate owes no money.
When representing you, I will guide you through the process of paying all debt and make certain that payments are legally necessary.
Handling Negotiations With Creditors
Because I will handle all negotiations with creditors, you as the executor or heir will not have to face the stress of dealing with letters or telephone calls. In certain instances, I can negotiate for reductions in the debt owed. I will put a stop to any creditor harassment. As part of my representation, I will also help you prioritize debt to ensure there are no mistakes made during the process.
Here To Serve You
Please do not go through the process of settling estate debts alone. Mistakes can be costly both for the estate and for you. Contact my Georgetown office right away for advice, guidance and representation by calling 512-686-4293 or 800-806-0754. You can also reach me by sending an email.