If a person that borrowed money from me and signed a promissory note recently killed herself, do I have any rights for repayment through her estate?

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If a person that borrowed money from me and signed a promissory note recently killed herself, do I have any rights for repayment through her estate?

The amount is $3,000 + 7% interest; borrowed 3 years ago. No payments have been made. Her sister called me with the news and said my borrower filed bankruptcy 7 months ago.

Asked on July 27, 2011 California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If the person who owed you money is dead and filed for bankruptcy seven months ago, did you receive notice of the bankruptcy? If not, and if the bankruptcy is not concluded, then most likely your bligation is not discharged in the bankruptcy and will not be because the perosn who filed for the protection is dead.

If the person who owes you money has an estate that will be probated in a Will, you need to make a creditor's claim to the estate for payment. You do have rights for repayment of your $3,000 loan plus accrued interest through her estate.

If your loan was secured with property or some item of value, you can foreclose on the security to pay the loan.


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