This will not stop creditors from contacting you, however, so it may be best to resolve the estate personally.You can liquidate the assets in the estate and repay the creditors a portion of the remaining cash equivalent to the portion of debt the decedent owed the creditor.This means every single transaction must be run through the court.Similar to a bankruptcy proceeding, a probate on an insolvent estate freezes the assets and lets the court decide how to spend the money left behind.You hand all of this over to the court when you enter probate. This may, or may not, work with your goals to end the process quickly.Probate can take years to resolve an insolvent estate. When the owner of the estate passed,they left behind a greater amount of debt than equity.
A judge will work to cancel or reduce debts in most cases in order to repay all outstanding balances with money earned from liquidating the estate.
Attorney fees will quickly eat up those few thousand dollars. One is to handle the probate and try to handle the debts on your own.
The other is to enter probate and pay attorney fees out of pocket.
In some cases, the attorney fees may climb so high that nothing is left for the creditors.
Insufficient funds can be a problem in small estates where only a few thousand dollars are left to repay debts, even if the debts are small.