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Is it the same if say you die?? Do they collect from the estate or siblings??
Here is some scary stuff:http://money.cnn.com/galleries/2008/fortune/0812/gallery.market_gurus.fortune/index.html
Yes, the state collects from the estate FIRST. If there is anything left, then it is distributed to the heirs. If there is still additional debt beyond the deceased assets, there is really little the creditors can do to collect that deficit from the heirs....This is the way that many take advantage of the system and often buy HUGE assets at literally a few pennies on the dollar. Those buyers, then re-sell them and make a LOT (at the cost of the estate and the State).
You are spending too much time watching infomercials. The reason that probate takes so long is that the state waits for debtors prove their case. My understanding is that the order is IRS, State, secured debtors (ie spa paper), legitimate unsecured debt, and finally heirs. As far as making a LOT, the people who make the late TV infomercials peddling these schemes are the ones who make money. Many buyers watch the courts daily, and there is usually competition for anything that has tangible value. If something looks like it is selling it is for pennies on the dollar, it is usually a reason like a hot-tub that froze and would cost more to repair than it is worth.