Can you be forced to liquidate a retirement account to settle arbitration over a credit card debt?
According to my financial planner, a 401k plan cannot be be touched in any debt judgment. However in case of divorce your spouse gets half. As for a standard IRA account I believe this holds true as well, but I would check with the plans administrator to be sure.
No..IRA or just about any qualified retirement account are free from judgments. Read More
Credit card companies could not garnish a retirement account at one time in Florida. Read More
After I refused to pay my credit card bill, the credit card company requested arbitration to order me to pay. Arbitration settles what mediation cannot. A difficult labor dispute was finally settled by binding arbitration. Read More
I am unable to pay my utilities and credit cards and was wondering when the creditors place a judgement on me if my retirement money can be taken, it would mean then not being able to pay mortgage Read More
Depends. Many banks or credit unions will allow you to open an IRA account for as little as $100. Read More
The saver's credit is officially called The Credit for Qualified Retirement Savings Contributions. It is a federal tax credit for low and moderate income people who make a contribution to a retirement account such as an IRA, 401k, 403b, etc. Fill out Form 8880 to see if you are eligible: http://www.irs.gov/pub/irs-pdf/f8880.pdf Read More
usually this is because the original lender sold the account to a new lender which takes on the loan/debt, but the paper trail is still left on a persons credit report. If a company goes out of business they also liquidate their assets/accounts to another creditor. It also can be because the person did not pay on the account and it was sold to another creditor or a collection company. The most rare case would… Read More
Hard to say "all"...but they are very common. Read More
No, creditors must follow the legal procedure established by the laws of the debtor's state. The exception is if the account has been taken over by a law firm such as Mann-Bracken that is licensed to practice arbitration. In such a case the account is referred to the arbitration board and the debtor will be notified of his rights to defend the claim. If an arbitration award is granted to the creditor, the creditor must… Read More
under Maryland Law they cannot garnish funds from a Jointly held account unless the judgement was again both owners. They also cannot garnish retirement or escrow account Read More
It increases the credit account Read More
what is a chekcing account at a credit union Read More
There are two main differences that stand out between a Debit Account and a Credit Account, those are; A Debit Account always maintains a Debit Balance, meaning the account increases with a Debit to that account and decreases with a Credit to that account. These are generally Asset Accounts. A Credit Account is just the opposite, A Credit Account maintains a Credit Balance, meaning that the account increases with a Credit and decreases with a… Read More
A credit card account comes with a credit card, which can be used to authorize purchases of any value. The checking account does not come with a credit card and is used for issuing checks. Read More
Yes, if the account type is considered a line of credit it will be calculated into your revolving account balance on your credit report. Read More
Any credit is an increase to an account. A debit is a decrease to the account. Read More
If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance. Read More
No. A creditor who hires a law firm that is licensed to do arbitration (such as Mann-Bracken Attorneys At Law) can circumvent the normal lawsuit process and have the account ruled on by the arbitration board. However, even using the arbitration process the creditor will need to file in the appropriate court in the state where the debtor resides to have a judgment entered. The ways in which the judgment can be executed against the… Read More
i am a student and wanted to open my account should i open a current account or credit account Read More
Where do you hit the cost of removing a fully depreciated asset IE asset 5000.00 so retirement entry equals credit asset account and debit accumulated depreciation account what about 200 removal cost?
Journal entry for removal cost: Debit Removal cost 200 Credit Cash 200 Read More
A savings account at a credit union is generally called a share account. Read More
Yes as long as it's a different account. Read More
How much do you owe if you took a credit card to arbitration and were awarded 1700 but a debt collecting lawyer is telling you that you now owe the original debt plus the arbitration award?
nope, its 1700,,, but they will likely charge interest, THEY CAN! Read More
You can get a bad credit checking account online at online Credit Agency companies such as Experian. You can also visit your local bank and they can look at getting a credit checking account for you. Read More
checking from bank fund & credit card prepaid by credit Read More
1. Travelocity would credit their sales account and debit their cash account. Read More
Salary Account - Debit To PF Account - Credit To Employee Account - Credit Read More
debit a/r credit cash Read More
Credit because it is an equity account Read More
why credit provider decline if donot have default, overdue,or court judgements account in credit file? Read More
Yes, as long as your listed as a "Co-signer" on the account. Credit is not build if you are just an "Authorized User" if this was a credit card account. Lastly, this all assumes that whatever this joint-account is that it reports to credit. Read More
Any individual savings account can be garnished against defrauding a credit card company. Retirement money from corporate plans can not. Defrauding a credit card company is serious business and they will do everything they can to recoup the stolen funds. If the credit card company can prove you attempted to use the cards to put that money into the IRA they can prosecute for fraud and theft. Read More
Purchase on account means purchases from vendors on credit while sales on account means selling to customers on credit. Read More
The normal balance in a capital account is a credit. Capital is a balance sheet account. Assets = Liabilities + Capital Read More
Can a credit card company take all of your money out of your account in Minnesota without notifying you?
No, creditors must follow the proper legal procedures according to the laws of the state where the debtor resides. There are two exceptions, one is when arbitration is allowed under UCC laws. Even if a creditor wins an arbitration case they must file for a judgment in the debtor's state in accordance with the existing statutes. The second exception is if the debtor holds a checking or savings account with the same bank that is… Read More
it is a credit. Depositing money into an account is putting money in. Read More
Your Credit Card number is on your Playstation Network Account. You log into the PSN account and go to account information and enter a credit card number that matches the name and address for your account information Read More
To acess your Amazon account you do not need a credit card. To purchase anything on Amazon you then need a credit card. Read More
If you are specified as an authorized user on a credit card account that is not a joint account can your credit score increase?
No, only the primary cardholder's credit score is affected. Read More
A liability account is a credit account, and credit accounts can be increased by writing a credit in the journal entry. Therefore, a liability is increased by crediting it. Read More
You don't have to enter your credit card when setting up an account on Paypal. Paypal requires your credit card information if you need your account verified. Read More
I filed bankruptcy for my credit cards my wife has her own credit cards in her name am I obligated to pay her credit cards also when we get a divorce?
If your name is not on the account, and the account is not considered a "joint account" by the credit card company, then you should not be held liable for any debt on your wife's credit cards. Read More
Capital is a Credit Balance account. To increase capital and therefore increase OE, you will Credit the account. Not DEBIT. You Debit Cash, Credit Capital. Read More
ia an additional credit card holder liable for the whole debt of the credit card account Read More
Chase credit card account can be opened by registering a Chase account using the official Chase website. Once you have a Chase account you will be able to order a Chase credit card. Read More
credit your stock for stocks going out of the account debit the debtors for stock going into his account Read More
There are three rules for recording transactions: Personal account Debit the receiver. Credit the giver. Real account Debit what comes in. Credit what goes out. Nominal account Debit all expenses and loses. Credit all income and gains. Read More
The purpose of a merchant account in credit card usage is that if one opens a business and accepts credit card payment online, one has to have a merchant account. Read More