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Home#15 - Insolvent Estates


Gretchyn Gay Meinken, Esq. with Wade, Grimes, Friedman, Sutter and Leischner, PLLC in Alexandria and Joseph W. Stuart, Esq. in Fairfax City talk about the administration of  insolvent estates.  They discuss

  • the importance of identifying early in probate if the estate is or might be insolvent,
  • steps to take to identify creditors,
  • importance of not paying any creditors while you sort  if the estate  might be insolvent,
  • the order of creditor payment priority set forth in the Virginia Code if an estate is insolvent,  
  • requesting a Debts and Demand Hearing before the Commissioner of Accounts,
  • requesting the Commissioner to review and approve your proposed schedule of payment of creditors in light of the Debts Hearing and the Commissioner’s report,
  • the importance of following precisely the Commissioner of Accounts guidance based on the Debts Hearing as to what creditors get paid in each category and how much they get paid.
Recorded March 2016.  Broadcast 7-12-2016