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When The Judgment Debtor Dies







If a person, or people are debtors on your judgment, the death of your judgment debtor(s) does not always mean the death of your judgment. When you sue a company which later passed away, your judgment is more likely to really be gone. When a corporation closes, it all depends on the circumstances that caused it to fold. This article is my opinion and is not, legal advice. I am a judgment referral expert, and not a lawyer. If you ever want a strategy to use or legal advice, please contact an attorney.

First, how many judgment debtors were listed as being liable to repay the judgment? When not all your debtors have passed away, you may probably try to collect the judgment from the (still living) judgment debtors. This article covers cases where you wish to try to recover some money from your dead judgment debtor's estate.

Can you recover something from the judgment debtor's estate after the judgment debtor dies? Their demise does not automatically stop their estate's obligation to pay the judgment debtor's judgment debts. It all depends on the circumstances.

When did your judgment debtor die? When they die prior to when the judgment named them as the debtor, the judgment is void. When the final judgment was issued prior to the date of your debtor's demise, you have a chance of collecting some money.

Presuming the debtor died recently, the first step is to get in touch with the personal representative or executor of the judgment debtor's estate. You will need to make a valid and timely claim on the estate of the judgment debtor.

Basically, the estate of your judgment debtor, including their real estate, personal property, or trusts, are often liable for satisfying the dead debtor's debts before there are a distribution to their heirs.

To get any real chance at recovering some assets from your judgment debtor's estate, you must act quickly, and your judgment debtor must have had some assets. When your judgment debtor was poor when they passed away, they will not be getting any richer after they die. If your debtor and their relatives were poor, it is game over. When the dead debtor's remaining relatives are wealthy, send them your claim and a sympathetic and polite note, and a copy of your judgment. Who knows, they may pay you off.

One reason to act quickly, is that the first creditors to submit their claims are more likely to be paid. Tardy creditors might get nothing, or scraps. The other reason to move quickly is that every state has their own statute of limitations on making claims on the estates of debtors.

What if you are not near enough to your debtor, to know whether they died recently? Some methods to monitor their possible demise, is to scan the obituaries for the county or city where they live. Maybe a web version of a "newspaper" may have obituary listings. There are lots of web sites to see this kind of information including SearchBug.com and Ancestry.com. The more you know about your debtor, the more useful these sites can be. If the debtor is sick or old, maybe check their status every few months. Occasionally, a sneaky debtor fakes their demise on public records to thwart judgment owners.

Usually, judgments will continue to earn interest, even after the death of your judgment debtor. However, usually there is not enough assets in the judgment debtor's estate to fully repay all creditors. Be open to settling, especially when that's the case. Judgment recovery is often tough, and getting something for a judgment is always a win.


About Author Mark Shapiro :

<a href="http://www.JudgmentBuy.com" target="_blank">http://www.JudgmentBuy.com</a> - Judgment Enforcement. The free, easiest, fastest, and best way to recover your judgment money. &nbsp; Mark D. Shapiro - Do you have a judgment? Do you have leads for judgment owners? Do you buy or recover judgments? If so, JudgmentBuy.com is for you!


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Article Added on Monday, May 6, 2013
LD
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