If you are up in age and are dealing with crushing debt, you may wonder what happens to your debt after you pass away. After all, it is a legitimate concern for elderly Nevada residents, as they certainly don’t want to be a burden on their families, and they may not be equipped to deal with creditors at their age.
While some may believe that their debt simply goes away if they pass away, it is important to realize that this may not always be the case. Moreover, it is critical to understand the lengths that some creditors will go to collect on posthumous debt. This post will briefly explain.
Essentially, some creditors will use the probate process as a way to collect on certain debts. Nevada law allows for creditors to collect past debts owed by a person by establishing claims against the person’s estate. Examples of debts that can be collected through probate include unpaid mortgage payments, unsatisfied judgments, unpaid utility bills and payments owed under certain contracts.
Because of this, an executor who has been pressed into service may not be able to tell whether a claim is legitimate or not, or whether a creditor actually has a legal claim that can be asserted. This can add more stress and heartache to an already difficult situation. In these instances, the guidance and advice from an experienced probate attorney can be helpful. If you have questions about defending legal claims against an estate, the lawyers at Escobar, Michaels & Associates can help.