What If Estate Assets Can’t Pay All Creditors? | NC

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Q: What happens if there are not enough estate assets to pay all creditor claims? A: Under North Carolina probate law, the estate is insolvent, and creditors are not paid on a first come, first served basis. The personal representative must review each claim, make sure it was properly and timely presented, decide whether it is valid, and place it in the correct legal priority class. Higher…