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Board members can incur a debt for the association when appropriate - for example an unexpected urgent repair - but must then finance the debt through borrowing from reserves, or a "special assessment" which must be repaid with within a specific period. Generally speaking, the repayment period is within three years or less.
Individual members, however, may not incur debt on behalf of the association. Plans to incur debts must be openly discussed, voted on by the board, passed perhaps unanimously, and when required by the governing documents, be approved by the membership.
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Can an individual be held responsible for a girlfriend's debt?
Only if the person were a joint debtor. If the person did not jointly incur the debt nor enter into a financial agreement as a cosigner he or she is not responsible for that debt.
Can you leave a chapter 13 bankruptcy open and refinance your current mortgage if the mortgage?
This question is incomplete. In most districts, you cannot incur new debt if you are a debtor in an active chapter 13 case. To refinance or incur any new debt, you have to obtain the consent of the Standing Chapter 13 Trustee in your case.
When does the government seem to incur debt?
The government seem to incur debts in various cases. Some of the common situations is when there is war and any other national issue that requires huge funding like elections among others.
Will they take your state tax return for student loans?
Yes: Any money that you have coming from federal or state will be taken. A letter will arrive stating that a debt has been forwarded to the Franchise Tax Board that you owe on behalf of the IRS. Its really a sad situation!
What should you do if you have a lot of credit card debt then moved from the US to Europe and a credit card company starts to call you?
Pay off the debt. Pay the debts that you owe. Don't you feel responsibility for the debts that you incur?
When you borrow money do you incur debt savings budgets or assets?
When you borrow money you incur debt.
Can you use incur in a sentence?
It is easy to incur debt if you abuse your credit cards.
When did the US first incur the national debt?
The first incur of the national debt was predominantly when the US first began as a country, the expense of the American revolution was somewhat around 75.4 million dollars. Over time, due to expansion and purchase by the nation this caused more debt to accumulate and fluctuate.
Can an individual be held responsible for a girlfriend's debt?
Only if the person were a joint debtor. If the person did not jointly incur the debt nor enter into a financial agreement as a cosigner he or she is not responsible for that debt.
What debt did George W. Bush incur during his term as president?
George Walker Bush increased the national debt by $4.9 million dollars. Doubling it during his presidency.
Can you leave a chapter 13 bankruptcy open and refinance your current mortgage if the mortgage?
This question is incomplete. In most districts, you cannot incur new debt if you are a debtor in an active chapter 13 case. To refinance or incur any new debt, you have to obtain the consent of the Standing Chapter 13 Trustee in your case.
If you incur a debt after you file a bankruptcy can you claim it on the next petition?
Under the new bankruptcy rules, this would be hard to impossible to do.
Is a church council member responsible for church debt?
A church council member or board member is not personally responsible for the debt of the church or board.
When does the government seem to incur debt?
The government seem to incur debts in various cases. Some of the common situations is when there is war and any other national issue that requires huge funding like elections among others.
Do you have to get permission from the bankruptcy trustee to finance another car?
If you are in a Chapter 13, then you must get approval from the trustee if you wish to incur more debt.
Can you give me a sentence debt ceiling?
A debt ceiling can be described as the maximum limit that company, organization, or government agency can afford to incur debt. Example sentence: My personal debt ceiling is around a thousand dollars.
Lender that is willing to lend to you now you need court approval Why do you need court approval if you are paying back all your debt?
If you are in a Chapter 13, then you cannot incur more debt without the trustees approval.
