0
The spouse is considered to benefit from the debt. Yes, the spouses share responsibility.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
Is a wife responsible for any debt of her husbands prior to marriage?
No
Can your house be taken for unsecured debt in Illinois?
In general, an unsecured debt cannot lead to the forfeiture of a solid asset like a house. Unsecured debt is not tied to collateral.
In Texas is the wife of a deceased husband responsible for the husbands debt?
She is not directly responsible. The estate is going to be responsible. And since she will likely be getting the bulk of the estate, paying off the debt will reduce her amount.
Can a wife be held responsible for her husbands debt in Missouri?
In most cases, yes, they will be responsible. They are considered to have benefited from the goods and services.
Are you liable for unsecured debt if you die in Florida?
A dead person in any state is not liable for debt. The deceased's estate is responsible for the debts to the extent there are assets in the estate to pay them.
Does a wife have to pay assume responsibility for her husbands debt?
She is not directly responsible. The estate is going to be responsible. And since she will likely be getting the bulk of the estate, paying off the debt will reduce her amount.
Is subordinated debt more senior than senior unsecured?
No. While both tranches of debt are unsecured (no collateral pledged in support of the debt obligation), by definition, senior unsecured ranks higher in the capital structure than subordinated debt, meaning that senior unsecured creditor claims will receive payment prior to subordinated debt creditors upon bankruptcy of the debtor.
Is your husband responsible for your credit card debt in ill if it is at a collection agency?
If his name is not on the card,(He did not sign for the card) Then NO! And credit cards are unsecured loans.
What is the difference between secured debt and unsecured debt?
A secured debt - is protected by being tied to something valuable (jewellery, car, house etc). If you default on the repayments, you could lose the item the debt is secured on ! An unsecured debt is not tied to any physical property. If you default on an unsecured debt, they will usually take you to court and have the debt recovered from your wages.
Can a creditor sue for unsecured debt?
* An unsecured debt, generally, is a debt that is not backed by collateral. For instance a car loan is secured by the security interest the lender has in the car. A credit card which is not backed by collateral is not secured by collateral therefore it is an unsecured debt. Generally, yes a creditor can sue for unsecured debt, the creditor just doesn't have any interest in the good that formed the basis of the loan.
Would i still be liable if I don't pay on an unsecured debt after chapter 7 bankruptcy?
You should not have paid any unsecured debt after the chapter 7 was filed. All unsecured debts were discharged. If you made the mistake of continuing regular payments on an unsecured debt after filing, you may have reinstated the debt. If in doubt, consult a local bankruptcy lawyer.
What is credit cards are considered?
unsecured debt
