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If you are the one whose debt is being forgiven, it would be wise on your part to get a notarized document signed by the person forgiving the debt. This will be a proof in your part if anyone in the forgiver's family decides to collect on the debt.
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∙ 15y ago
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Are adult beneficiaries responsible for deceased parents debts?
No, you are not responsible for their debt. The only person legally responsible for a debt is the person that signed the contract for the debt. It doesn't matter if your dead parents left you money. Collection agencies cannot legally collect someone else's debt from you - but they will try. See the FDCRA to know your rights in debt collection.
You have a car loan can another person take over the payments?
If the loan company approves. If the loan company does not approve and transfer the loan you would still be legally responsible for the debt.
What is legally enforceable debt?
A legally enforceable debt is a debt that meets the requirements to be able to be enforced in a court of law. It is debt that must be repaid.
What is a legally enforceable debt?
A legally enforceable debt is a debt that meets the requirements to be able to be enforced in a court of law. It is debt that must be repaid.
What does American Debt Relief do for customers?
American Debt Relief offers a number of services for customers. They help to partially or totally forgive the debt owed by a person, as well as help them set up payment plans.
When you owe a good or service to another person you are in what?
DeBt
Does your debt travel with you from country to country?
No, not in the sense that a person can be legally pursued or have credit denied due to the credit history in another country. However, if the person has had credit problems with a bank that has locations in another country, they can be denied banking privileges at that institution, which may create other problems
Can you transfer a debt to another person if that person agrees?
If the creditor agrees, yes.
Is the second person on a credit card legally responsible to pay the debt?
Yes, the second person on a credit card is usually equally responsible for the debt incurred on the account. Both primary and secondary cardholders are legally obligated to repay any charges made on the card, regardless of who made the purchases.
What happens when debt can't be validated?
Legally there is no debt, if it can't be validated.
Can a promissory noted be enforced after the debt was acquired?
If you mean that a note to pay back the debt was signed by the debtor upon the debt being acquired, then yes. Any note that the person signs saying he or she will pay back a debt is a legally binding agreement.
What is indemnity?
an unconditional promise to completely assume another person's debt
