Won’t all the people he owes money to be the first in line for his estate? Any other heirs he has shouldn’t get squat.
I thought the Ghouliani take on his name was perfect. His picture should be part of the entry for “ghoul” in every encyclopedia.
I would think so. If he has any outstanding creditors, it seems to me that they would be paid first. Or at least among those who are preferred creditors.
I’ve heard this myth before from debtors: “If the creditor dies, then I’m off the hook; I don’t have to pay him.” Where this comes from, I don’t know, because I have successfully pursued debts on behalf of creditors even when they are dead. Money owed is money owed, and a debt is not extinguished just because the creditor dies.
I hate doing legal collections. They suck, they are pond scum, they are for bottom-feeders. But as a lawyer, I know how to do them.
That’s probably true. The creditors will clean out his estate. It will be in some priority order, and definitely gnawed down to zero before any other vultures can get their claws on it.
Ghouliani isn’t a creditor in this context, he’s a debtor very deeply in debt due to a whole bunch of lawsuits. The point being, if and when he dies, he’s personally off the hook, though his estate is not.
Successfully pursued them from whom? If the person who owed the money is dead, who do you go after next?
There are all sorts of things that I know how to do that are legal but utterly disgusting…but that does not obligate me to actually do them.
The estate. It’s just that simple; everything the dead debtor owes will be paid to creditors before it is paid to the will’s beneficiaries. If the decedent’s estate does not settle the decedent’s debts, then we have a whole 'nother question, but the point is that death does not absolve you or your estate of debts.
Okay, I think you get it. Creditors can still go after his estate.
Death does absolve you of your debts. If others wish to pay off those debts after you are gone, or if there enough “estate” to pay off creditors that is one thing, but lending money is never without risk.
No, it does not. At least, not in my jurisdiction. Your estate still owes them. Remember, IAAL, and I know whereof I speak, in my jurisdiction.
When someone dies, their debts are generally paid out of the money or property left in the estate. If the estate can’t pay it and there’s no one who shared responsibility for the debt, it may go unpaid.
Generally, when a person dies, their money and property will go towards repaying their debt. If there’s no money in their estate, the debts will usually go unpaid.
For survivors of deceased loved ones, including spouses, you’re not responsible for their debts unless you shared legal responsibility for repaying as a co-signer, a joint account holder, or if you fall within another exception.
If you’re not responsible for a debt, debt collectors may still contact you if you’re a surviving spouse or oversee the estate, but it’s illegal for debt collectors to suggest you’re responsible for paying from your own money. It’s also always illegal for them to harass you about paying the debt.
Dead people are discharged of debt. You can’t get blood from a stone, and you can’t get payment from a dead person.
No, they are not discharged from debt. You cannot get blood from a stone, but you can get blood from their estate. Jeez, this is starting to sound like arguments I’ve had with my debtor clients. “Well, I’ll just wait until he dies.” No, that’s not going to happen, even if the creditor dies. Where did this myth come from?
Understand this: The debt still stands. It is owed to the creditor’s estate. Whether you like it or not, the estate will be coming after it. The estate has lawyers who know what they are doing. They will collect, through judgments, writs, and bailiffs who will and can seize property.
Those who think that the creditor’s or debtor’s death cancels a debt, are wrong, wrong, wrong, and just plain wrong. I’ve done this before. It is not pleasant, but … it was a living.
When a person is buried, they are buried with the clothes on their back, not the clothes in their closet.
I may leave an estate, or I may not leave an estate, but what I leave I leave behind.
Stolen from elsewhere:
BREAKING: Rudy Giuliani in “critical condition” but reportedly receiving very best medical care at Johns Hopkins Flooring and Drywall.
Right, but the “clothes in their closet” are generally a part of their Estate.
I think what you’re smelling is the Burger King across the street.
Well, in MN we’re facing the specter of Mike Lindell running for governor. Yes, really. He likely doesn’t have a snowball’s chance in hell of being elected over Amy Klobuchar, but MN is not as blue as people think. So it’s not out of the realm of belief that Rudy could try to bounce back. Or stagger into the room, as it may be.
In a show of support - well, actually, pedantry…physicians are pointing out that the statement by Giuliani’s spokesman that he is in “critical but stable” condition is nonsensical, as you can’t be both. From WebMD:
In this context, I believe “stable” references the equine domicile with which we’re all generally familiar.
And, then, the kind of ass that Giuliani is.
Damn. Woke up not seeing the headline I was hoping for.
When a person is in debt, creditors aren’t after them, creditors are after their wealth. When they die, the creditors are still after their wealth. Nothing changes.