[WSBARP] Insolvent Estate

[Richard Wills]

On 6/24/2014 9:18 AM, Corey Brock wrote:


I have an estate with one piece of real property that appears to have no
equity, client enters into purchase and sale, believing there was equity,
but the amounts from the secured creditors exceed the value of the
property.

Any thoughts as to reimbursing funeral expenses or costs of admin,


The secured creditor can foreclose under its DoT, leaving nothing in the
estate to pay anybody.

To add insult to injury, as the PR no longer is eligible for NP, the only
way the estate can close (under the statutes) & the PR can be discharged
is via a Report, Account, & Ptn for Distribution, with a full noticed
hearing with notice having been published.



or can the secured creditor ultimately just foreclose outside of probate
anyway.  Probate statute gives order of preference, but I believe the
secured creditor can foreclosure outside of probate.

Thanks


Corey F. Brock, Attorney
Brock Law Firm, P.S.
111 S. Post St.
Suite 2280
Spokane, WA  99201
509-622-4707 
Corey at brocklf.com

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author and do not necessarily have the endorsement of the Washington State
Bar Association nor its officers or agents. 

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