[WSBAPT] Estate Became Insolvent-RP Only Asset-Just above Water

[Jayne Gilbert]

I posted something similar to this last week and only got one response. Dear
listserv people if you have any thoughts, please respond:

QP: There is not enough equity to pay General Creditors. PR will be filing
a Notice of
Apparent Insolvency. After the mortgage has been paid and the cost of a
sale has
been paid, there will be between $2,500-$4,000.00 left for Creditors at best

When the Creditors have all received Notice of Insolvency and Notice is
Filed with
the Court can the PR resign, quit or otherwise walk away from the Probate?
If so
what kind of Motion does the PR bring?

Or does the PR simply inform the Creditors of her intent to "walk away" or
does
it require a Court Order?

Would your answer change if the PR lives in the house at present with the
Beneficiary's consent? And the mortgage Company is initiating Foreclosure?

The PR is not a Beneficiary or an heir

Would a Deed in Lieu for the Benefit of the Estate be a possible answer or
does that conflict with my duties as attorney to the PR and attorney to the
person who happens to be the PR?




The PR is not a beneficiary or heir.

This is my first and hopefully, last Insolvent Estate.

Thank you very much for reading this request for guidance.
I do appreciate it
-- 
*************************************************
Jayne Marsh Gilbert
Gilbert and Gilbert Lawyers, PS
(360) 336-9515
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