What would you like to do?
Is a house which is jointly owned by a girlfriend and a boyfriend at risk if the girlfriend doesn't pay her credit card debt?
It could be. The wording of the title and state laws would decide if a forced sale could be implemented. More than likely the house is considered owned by Tenants In Common. The homestead exemption would also be a factor. The creditors could definitely place a lien against the girlfriend's share of the property.
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The debt will be paid from your estate. If there isn't enough, then the debt is discharged. The debt itself will not pass on to next of kin but a sizable debt might mean none …of the deceased's estate does either.
The personal represenative of the estate should pay them from estate assets if they are valid claims. The beneficiaries would not pay them.
If I pay off a credit card debt for someone using my own credit card does anyone have to pay tax on it?
Probably not. I think you would have two options on how to classify this. You could either treat it as a loan, ie. you loaned money to someone to pay off their cred…it card. Receiving a loan is not taxable, but there should be a bona fide expectation that you are going to be paid back. Of course, if you are going to charge your friend interest on that loan the interest would be taxable income. The other option would be to treat it as a gift. As long as you are under the gift threshold (in 2008 you can give someone a gift up to $12,000 and there is no tax) there is no tax from anyone. If you are calling it a gift and it was more than $12,000 you may need to file a gift tax return and pay a gift tax. Note that the person GIVING a gift is responsible for paying the gift tax, not the person receiving the gift.
There are many ways of paying one's credit card debt online. Most banks and financial institutions allow one to pay one's bills online through their official websites.
Most people know credit cards are unsecured debt(s). And some are under the mistaken idea that the companies have no recourse if a card holder defaults. That is, of course not… true. They have the legal option to sue to recover their monies. Not being able to pay is unfortunately not considered a defense in a creditor lawsuit. If the creditor wins a judgment they can garnish wages, and levy bank accounts. Place liens on real property (sometimes force the sale of that property). Petition the court to liquidate any non-exempt assets of the debtor. Every state has a set of exemptions to help protect a debtor's property. It is a good idea for everyone to be informed of what those exemptions are (just in case). Amount of debt A lot depends on the amount of the debt. If it is only several thousand dollars they will sell your account to a collection agency who will start hounding you at home and work. They will also place a negative report with the credit reporting agencies and all future credit will probably be denied for the next seven years. If it is a substantial amount then you will probably get a letter from an attorney and they will take you to court. When they get a judgment it will be collected in accordance with the laws of your state. Property Any real property that YOU OWN, such as land, houses, business property, and inventory, can have a LIEN put on it, so that if and when you sell that property, the amount of the lien has to be paid off, before you get any money from the sale. Liens are registered at the county or state level. What to do Writing a hardship letter to your credit card companies can result in lowered interest rates and lowered payments.
The best way of approaching credit card debt is by consolidating all your credit card debt (assuming you have more than one credit card) into one account. This will obviously …need to be approved by your creditors before you can follow this approach. This makes it much easier to manage payments as you will only need to make one payment to one specific account once a month or as agreed upon. Consolidating debt could also ensure a lower monthly premium although this depends on the financial situation you are in.
Old CC Debts Unless there are some unusual circumstances, the answer would be a resounding YES. You might be confusing this issue with the amount… of time some credit problems stay on your credit record. Here is more input and advice: * Why wouldn't you? It's your debt and it's your responsibility to pay it back. * Why would you? If it has been 7 years it will fall off your credit report, if you pay it now it will be on the credit report for another 7 years as a paid collection account. * Paying an old collection account will not extend the reporting period for another 7 years. This is a fallacy and is completely incorrect. The Fair Credit Reporting Act establishes time limits for how long derogatory information can be displayed on you credit. You can read the text for yourself by following links at www.ftc.gov * A charge off or other debt being expunged from a credit report does not make the debt invalid or uncollectible. States set SOL's pertaining to open accounts, verbal and written contracts and so forth. The expiration of the state SOL for credit card debt simply means that the creditor cannot file a lawsuit. Statutes of Limitations are subject to interpretation by the presiding judge and other circumstances, for example if the debtor paid even a token amount on a debt the SOL could be invalid. If sued it is the debtor/defendant's responsibility to envoke the SOL expiration as a defense, it is not automatically granted.
Most likely your bank. If you have been a valueable customer for many years and never left them no matter how much they charged you on overdraft fees, they will most likely gi…ve you a credit card, but be careful. If they do, do not charge things that you want. It is only for emergency purposes.
Can my girlfriend claim half the house if we were to break up if i own it and she is just paying me rent?
I think not. It really makes no sense that she could, especially if she's just a girlfriend, but some places have such crazy laws... if you're worried that she might try… you should probably break ASAP, but you probably figured that already. If you have lived together for 6 months or longer, then yes. You are legally bound by something called "common-law marriage". She would be entitled to half of all your possessions. If she committed adultry, you may be able to argue this law in court, and she would be entitiled to nothing.
In Texas can you buy a house and then declare bankruptcy to clear credit card debt so you can afford to pay the mortgage on the house?
Yes, but it is also called "Fraud." ans Well EVERYTHING you own and EVERTHING you owe is included in your free buthole and the BK. You do not pick and chose, you lie and c…heat nor can you go BK on certain things.... So the house would be in the BK too...and able to be used to pay debts. And of course, anything done within 2 years of filing is considered illegal-can be challeneged by the court and considered done in anticpation of BK or to commit fraud. Sure....you've got it...try to outsmart everyone and figure you'll get away with it...it's so much better than just paying youd ebts and obligations. And heck, the Banks and mortgage Cos (or credit card cos), they don't know anything...it's all new to them...you can trick 'em into losing out easily.
Alabama - If spouse is being sued for his own credit card debt and you own a house together would it be a good idea to do a quitclaim deed for you?
Answer yesget the quick claim deed
Yes. My husband had credit card debt from before we got married and purchased out house. It turned into a judgment lien and not it's attached to the house we bought toge…ther even though the house is in both our names and I had nothing to do with the credit card.
You either have to work out something with the credit companies or declare bankruptcy. The bankruptcy process will liquidate all of your goods and assets, with exceptions …for minimal housing and vehicles, and allow you to start over. You will have to consult a bankruptcy attorney.
Usually not, but if it is a rediculously nice house, ie. 4 bedrooms for a husband and wife, he could do so. Check with your local bankrupcy laws, the state Revised Code …of Washington for example. Search on google, all50 states have them online.
Legally you're not responsible for the debts of your girlfriend unless you entered into a contract to share them (e.g. a rental contract for an apartment you shared or a co-si…gnator on a credit line). Her outstanding debts could be applied against her estate, so if you're a benefactor of her estate you'd be indirectly affected.
no because she owns half it wouldnt be fair just both of yous move out and get your own places