Short answer. Generally yes, you get both. Article 938 says a legacy or devise made to a creditor shall not be applied to his credit, unless the testator so expressly declares. So unless the will clearly states the gift is meant to pay off the debt, the legacy is treated as a separate benefit on top of the money owed to you.
What the law says
A legacy or devise made to a creditor shall not be applied to his credit, unless the testator so expressly declares
Civil Code, Article 938 — A Legacy to a Creditor. Read the full provision →
What the law says
the creditor shall have the right to collect the excess, if any, of the credit or of the legacy or devise
Civil Code, Article 938 — A Legacy to a Creditor. Read the full provision →
By default, the legacy is on top of the debt
Article 938 answers your question with a presumption in your favour. It provides that A legacy or devise made to a creditor shall not be applied to his credit. That means the law does not assume the deceased intended his gift to cancel what he owed you. The debt and the legacy are treated as two separate things: the estate still owes you the money as a creditor, and you also receive the legacy as a beneficiary under the will. Unless something in the will says otherwise, leaving a legacy to a person who happens to be a creditor is read as an act of liberality on top of the existing obligation, not as a roundabout way of paying it.
The exception must be express
The presumption gives way only in one situation, and the article is strict about it: unless the testator so expressly declares. To make the legacy count against the debt, the will must say so in clear terms; a vague hope, an implication, or the mere fact that the amounts happen to be similar is not enough. The word expressly does real work here. It protects a creditor-beneficiary from having a genuine debt quietly swallowed by a gift. So look closely at the language of the will: if it does not plainly state that the legacy is given in payment of, or to be applied to, your credit, the default rule stands and you keep both.
If the will does apply the gift, you collect the excess
Suppose the will does expressly declare that the legacy is meant to satisfy your credit. You are still not left short. The article continues: the creditor shall have the right to collect the excess, if any, of the credit or of the legacy or devise. In plain terms, the two are set off against each other and you may claim whatever surplus exists. If the debt is bigger than the legacy, you collect the unpaid balance of the debt; if the legacy is worth more than the debt, you keep the extra value of the legacy. Applying the gift to the credit does not let the estate profit at your expense.
What still has to happen
A few practical points remain. First, your debt is a claim against the estate and is dealt with as a debt, and creditors are generally paid before the estate's free portion is distributed, so being owed money is a different and often stronger position than being a mere legatee. Second, a legacy is only as secure as the estate that funds it; if the estate cannot cover all gifts, or if paying the legacy would impair the compulsory heirs' protected shares, the legacy may be reduced even though the debt is not. Finally, you must still prove the credit exists, since Article 938 governs how a legacy meets a debt, not whether the debt was real.