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Debt Responsibility

~1000 answered questions
Parent Category: Estates
Questions relating to the responsibilities for debts left by an individual that has died.
%DETAILS% YES   Yes, you owe them money or yes they owe me the title if it has been written off? Thanks for your help.
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Answer PA is the only state I have seen with that law. There may be others.
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%DETAILS% Answer Once the divorce is final - the non-working spouse is no longer eligible for coverage. Claims would be denied. The ex would be elibible for COBRA though. For more details see http://www.steveshorr.com/dependent.definitions.htm www.steveshorr.com/cob…
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Yes.Howevery, if the will specifically names the proceeds, then it will get confusing. You should probably get a lawyer and review case law.For more info. see www.SteveShorr.com/life.htm   Whoever's name is on the will, gets all- but, depending on the amount, and complexity of the estate, thi…
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If you are not currently responsible for your husband's credit card debts, that situation would not change upon his death. Howvever, his estate might be expected to pay off the balance of any money owing. Whether or not that happens depends on how his estate is bequeathed, planned and managed. Speak…
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The credit card company will first try to collect from the estate. Creditors are not allowed to put the extra debt baggage on survivors if the estate is insolvent. Creditors will most likely close the account and write it off when they receive the death certificate and has filed a claim in probate t…
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SS, federal pensions are totally exempt from seizure by creditors. An IRA might be partially attached for debt, dependent upon the way the plan was funded. And the terms it is controlled by, such as the named beneficiary, etc. Consult the CA exemption statutes.
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The estate of the deceased is responsible for the debt.
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Authorized users are not responsible or liable for debt they have not contractually obligated themselves to pay. This is a sticky point right now. Creditors and credit bureaus are routinely reporting accounts for consumers who are authorized users. This is a violation of the letter of the law, but i…
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Answer The person(s) whose name is on the account is the only one responsible for repayment of debt. With the exception of married couples that live in a community property state. Some creditors will attempt to collect part of or the entire debt from a spouse, family member or authorized user. …
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If the deceased had unsecured debts in their name only, and the married couple did not reside in a community property state, only he/she is liable for the debt(s). If it is a secured debt in his/her name only the property may be subject to repossession, lien placement, sale, and so on. What action a…
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No. NC is not a community property state. Therefore the debt belongs completely to the deceased. Probate procedure for collecting and distributing assets and paying debts, are governed by state law.
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If the couple lived in a communtiy property state, they are both responsible. Even if only one was the account holder.In rest of the states the person who is the account holder is the only one responsible for the debt. Depending on state law, there could be probate procedures determining assets and …
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The question is do you have valid grounds to win a lawsuit? The charge of harassment is very subjective. The FDCPA does not apply to original creditors. The majority however adhere to the regulations because it is good business practice. If you sue and lose, you end up with more expense added to the…
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All plaintiffs have to prove their case to the satisfaction of the judge or jury. When someone is sued for a debt,information concerning the collection of the debt will already have been offered to the defendent. It would be in the form of a letter informing the debtor they have 30 days to request v…
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That's a question that really needs to be answered by a BK attorney that handles business BK's. The laws governing those type of BK's are different from personal filing. Each state has laws governing business ownership and the financial transactions of that business. They can be very complicated. Wh…
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Only if the couple reside in a community property state and that is where the financial transaction took place.
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No, not unless you are otherwise liable for the debt. Surviving a decedent has nothing to do with liability. However, if you had an obligation to support the decedent, you may be liable for that person's "necessaries." If you are the decedent's surviving spouse in a community property state, your ha…
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The short answer is no. Narcissism is not caused in adulthood. There is nothing one adult can do to another adult that will cause something as serious as narcissism. The adult psyche is far too well established and functional to be destroyed in the way one with narcissism has their psych destroyed. …
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Tax Responsibility for Deceased Parents It could depend on what kind of taxes. If it's US Federal or state income tax, only the person(s) signing the return are liable. If it is property taxes, the house will be sold at auction after it is seized by the tax collector. The IRS/State can take the fil…
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Executors and Heirs' Rights If you do not agree with the executor, you may wish to hire an attorney to act on your or your families behalf. Heirs do have rights, but, as with most issues, heirs need guidance from someone. Attorneys are educated in all aspects of the law. Most specialize in something…
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Administrators and Heir's Debts Depending on the size of the estate, the decedent's debts have to be paid...was there a will? The Administrator has nothing to do with the heir's debts, though a creditor might be able to assert some sort of claim to the portion of the estate going to the heir. In …
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If nothing else, the spouses Estate would have to pay it, if there was $$$for more info see www.steveshorr.com/estate.planning.htm
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Credit Card Debt of Deceased Persons If the account holder was married and resided in a community property state, the surviving spouse might be responsible. Debts, including credit cards, mortgages, and taxes of a deceased person are handled by their estate, pursuant to state probate laws …
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Perhaps, a child's financial obligation to a parent's care, depends on state laws. W/O knowing the state of residence it is not possible to give a more precise answer.
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Answer In the majority of situations the state Probate Court decides how the deceased assets and debts are distributed. If the deceased left no assets or had no assets that were not exempted according to state law, the estate is probated as a "no asset" case. Therefore, creditors will not be …
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Answer Why is the debt being paid? Was the deceased the only account holder? These things are very important, because ONLY the account holder is responsible for credit card debt. There are a few exceptions, but generally even they can be voided via the appeals process. Therefore, the interest cha…
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Answer No, Virginia is not a community property state. Therefore spouses are solely responsible for their own debts as long as those debts are not incurred jointly.
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Answer If there is no signed Will (do a search on it) then there is no probate unless this person owns property or has accounts. A search will be done anyway. If there is no note with a date, signature by the deceased as to his wishes re personal effects, truck and motorcycle then this …
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Answer No, unles the executor also happened to be a co-debtor or guranteed payment of the debts. State law MIGHT require that any property from the state be paid to creditors first before making distributions to beneficiaries of the will.
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Yes, you can go to a lawyer and have him "contest the Will" for you. The reason for this is, if you don't trust your relative who is Executrix (women) Executor (man), just this action alone will make that relative "stand up and fly right" because they could get into trouble. What is due you, you sho…
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Answer No you are not responsible, but if your parent(s) left a Will and you are named Executor (male) Executrix (female) or someone else is and you are heirs in the Will (highly possible) then the Estate of your parent(s) meaning house, property, summer homes, monies, stocks/bonds, savings i…
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Life Insurance Answer That is one of the purposes of life insurance. The answer however is no, it would come out of the parents estate. If there is no estate than the gov could be SOL. BUT!!! It may behoove a child (depending on age) to settle the tab with all creditors and the IRS on be…
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No, the executor of the estate will be responsible. If there is no estate then the bills will not be paid.
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Executor (male), Executrix (female) has the right to refuse this duty. It is best to seek legal counsel and one of you can take over the duty. It is best when making up your own Wills that you name more than one person as either Executor or Exectrix (or both.) In some cases, and depending on what St…
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If you were to leave your husband than half of all he owns his yours including his Retirement Fund. However, if you remain married it should be a "given" that the money is both yours. My husbands father passed first, the Estate automatically went to my mother-in-law, but when she passed she divided …
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Answer Only the person whose name is on the account is responsible to pay credit card debt, with the exception of married couples living in community property states. In regards to the mobile home, the names on the mortgage are not what constitutes ownership, it is how the property is titled…
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Answer Debt(s) are not the responsibility of a surviving child or family member other than a spouse which in this case is not applicable. Whatever amount is in the estate that is not exempt under the state law will be used to pay any outstanding debts according to their priority. Secured cred…
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Unfortunately yes. It's the same in Canada. Even though he may have the credit cards and she didn't, any debts he incurs are her responsibility. There is a loop hole though (I found it when I got a divorce from my first husband.) When you owe money to any company, be it a credit card company or not,…
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Answer Yes. The estate is responsible for all debts, including medical bills.
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Generally such issues are decided before the final decree is granted and usually it is not possible to have the decree amended. If there are no terms for such issues included in the divorce decree the matter usually needs to be determined in a lawsuit against the non requesting party if an equitable…
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Answer Credit applications do not require a physical so, yes, you can get credit. You could even buy a house. Your spouse is liable for your debt when you are gone. If you have no spouse or partner (business, personal), then no person is liable. If you have debt, your debtors will seize your es…
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Go to the probate court and ask to be appointed the executor. In most places there is a simple couple of forms to fill out, including a listing of all possible beneficiaries.Aggie80 Probate Attorney
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Answer The executor is responsible for collecting all debts owed to the estate. If the deceased did not write such intentions down it must be assumed that the debt is still owed. If the Executor is the one making false claims, other benificiaries may want to consult with a lawyer, especially if…
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Answer The exact procedures will vary from state to state, but the decedent's bills and other financial affairs are usually handled by the person appoint as executor or trustee under the will or trust. Consult a local probate/estate planning attorney for more specific advice.
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If the trust took out the auto loan the answer is yes.Usually an individual or a company takes out a loan If an individual took out the loan , and died without satisfying the loanthen the loan company would have a claim against the vehicle , and if theindividual passed away their estate would be lia…
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Answer If the debt was in the spouses name only, they will have a hard time making a case for you to pay the debt. Hopefully the surviving spouse has no connection to it (not even an authorized user of the account). Just send a copy of the death certificate, they have to write it off. They will…
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Answer Any asset which has his signature on it. The house, the car, any large item that he purchased (with or without you) is part of his estate. Answer State probate laws determine what is exempt and what is not when it pertains to any estate. If the married couple lived in a community p…
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If you live in the U.S. there is nothing you can do about his ruining your credit while you are still legally married. Even if he gets credit cards in his own name, as long as you are married you are responsible for half of the bills, to my knowledge. I advise to speed up the divorce as fast as you …
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Answer yes Answer: Not if the estate was filed in the probate court and she was the duly appointed executor. An executor can't operate in secret if the other interested parties are on their toes. That would be grounds for removal and besides that, everything an executor does is publi…
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Answer It depends on that person's will. Any inheritance may go to their family. Answer The state's probate succession laws determine what should be done with the deceased's share of the inheritance.
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Answer Hi Mackey Nice to see you around and thanks for adding on the extra info. Have a great weekend! Marcy No, only the surviving mate would be responsible. Parents debts are not their children's debts and vice-versa. If your parent owned a car and owed some debts the car wo…
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The company that has accepted and is handling the uninsured motorist claim.
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If the account(s) are joint then the other account holder's become responsible for the debt. If the account is held by only one person and that person is unmarried the debt solely belongs to the account holder.   Married couples residing in community property states are accountable for deb…
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NO. NO. It is not legally required for children to pay off any bill from there deceased parents as long as the bills were in their parents name, 100%.
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The answer to your question if you have over 500 accounts that are past due is to purchase an enterprise level software that allows you to report to the credit bureaus using a metro 2 format that the bureaus accept files in. The 500 account minimum is imposed by the credit bureaus and you would need…
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Answer By law, it is supposed to be included in the estate and disbursed along with funds from the sale of property.
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Answer No. Debts incurred before the marriage belong to the individual, those made jointly during a marriage belong to both. Married couples who reside in a community property state are generally held accountable for debts made during the marriage regardless of which spouse actually in…
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Generally speaking, the estate is responsible for the debts of the decedent. If a person owned any property at the time of their death that property comprises the estate and their estate must be probated. Depending on the size of the estate, many jurisdictions have less formal procedures for small e…
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Answer No, New York is not a community property state.
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Answer If the house was not properly dealt with during probate as part of your father's estate, you may be found guilty of fraud or deceit. Make sure you know the details of the transfer of the house title. The medical bills may need to be paid as part of the obligations of the estate.
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Answer 6 months after the issuance of the letters of testamentary/administration.
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Answer Does the trust have assets in it?
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when opening an estate there are a few steps to follow: -if not already done , organize and prepare an alfadavit of execussion -you will need an application grant -proof of death -fee's -if securcity is required, bond documents. 1.the first thing is to advertise the death in the royal gazett…
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There are several IRS publications that may help you. Get them on the web at IRS.gov First, there is a concept called "innocent spouse relief" that you can read about in Pub 971. Others deal with deceased spouses in general and they are Pub 554 and Pub 501. The answer is generally, Yes. Presuming i…
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Answer Currently I am dealing with estate issues and credit card debts. I am not a lawyer but after talking to many professionals, it seems to me that if their is no estate and no joint credit card holders then the card company will have to write it off.....
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Answer A " P G " must be in written form... and notorized in order for it to be valid for a debtor to collect against...
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Answer Definition: (ex par-tay, but popularly, ex party) adj. Latin meaning "for one party," referring to motions, hearings or orders granted on the request of and for the benefit of one party only. This is an exception to the basic rule of court procedure that both parties must be present at a…
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One type of ex parte hearing is presided over by a judge at which all the parties are not present. The most common reason being a request for an emergency injunction of some sort. The most common of those requests are domestic matters such as requests for a temporary restraining orders or temporary…
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Answer No. Your mothers estate would be however There is no estate. She did not own a home or property.
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Answer What reason? Not a lot of information here to give proper answer. Why would you? No help around house? Trouble maker? Age of Son? Is this eviction to help him grow, or so he won't intefere in your life?
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If the couple resided in a community property state at the time of the account holder's death the surviving spouse is responsible for repayment of the debt owed. If the couple did not reside in a CP state the debt will be included in probate procedure and handled according to the state's laws of di…
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No. One of the duties of the executrix is to identify all of the assets of the estate, including any other stocks, bonds, bank accounts and property. Only when a complete inventory has been finished and the debts identified can the estate be closed. You should probably consult with a probate attorne…
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Answer You owe the money to the estate. If it is a large sum and there is a record of the debt, you can expect to be contacted.
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This previous answer is incorrect. A sole proprietorship is an individually owned entity, it is legally the name or service of that said person. Therefore the company dies when the owner dies, you cannot not operate "Mary Smith Accounting CPA", if you are not Mary Smith. In order for the company to …
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The form is one that conveys the property to A, but reserves a life estate to B: I hereby convey my farm to my sons but I hereby reserve to myself a life estate.
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Answer I'm sure they would be more than willing not to pay you but really why would you want to refuse it. If you have to receive it you could just bank it or donate it to a worthy cause.
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Business is assigned to the Chancery division by the Supreme court and the County court has jurisdiction where the estate does not exceed thirty thousand pounds Answer "Contentious probate" is a legal term used in the UK when there is a dispute involving an inheritance. There are law firms…
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Answer The general answer is that the individual or group of individuals that step forward to make a claim on the estate will be accountable for the debt. The lack of a will makes assignments of the assets (and the debt) more difficult, but not impossible. The court has been down this road befo…
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Local law enforcement department, police or sheriff. As soon as possible the death should be reported to the town clerk.
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Unless he had insurance to cover bills in the case of his death, the creditors will be looking to the heirs of his estate to pay them. The issue will more than likely be presented by his creditors in the Probate court.
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your estate.
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It goes into Probate court and the State decides how it is disbursed.
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Money owing on a car loan is still due, and payable by the estate of the deceased borrower. It's conceivable that certain loans may accelerate payments in the event the borrower dies. In any case, the executor of the estate should make payments as they become due, as with other obligations of the de…
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If they're dead they don't owe anything to anyone. If it was you, apparently you missed your opportunity to collect while they were still alive. Other than that, you need to keep in mind that impersonating someone to collect money not rightfully yours is theft and can be prosecuted in a court of law…
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It depends if the dept was in both your names or just in his. If the widow co-signed for any of the credit she will be responsible. If the credit was only in his name, then no she is not responsible. Best advise is to talk to a lawyer
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The base assumption is always going to be that that the other spouse inherits the other's assets. But the estate has to liquidate all assets before they can transfer them to the spouse. One way or another, the spouse ends up paying the debt. The spouse has some right in all real property owned by th…
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royal taxes fuedal dues work taxes and two more that im not sure of
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You can break an irrevocable trust only if there was some legal error involved in the establishment of that trust. If there was an error, you can then go to court and ask to have the trust invalidated on the grounds of that error. If there was no error, then no, you cannot break it.
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Borachio
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no. unless you are really, really, really,(continues for 5 pages), really lucky
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If the payoff of the debt was made in response to a court order to do so, then both you and the court should receive acknowledgement that it was accomplished. Absent a court ordered payoff there is no time set by law for this to occur - IF it occurs at all.If you wish to receive such a letter, wait …
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i believe it is a promise to pay someone for something/anythings between 2 or more people. To make it binding in some courts the verbal agreement with the intent to repay/replace whatever is being borrowed is good enough, but i would want it in writing if it was something very important to me i was …
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Yes unless they way over 200 pounds
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yes, if he was the lessee and you were a sub lessee or just a roommate
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