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If a Virginia father dies with a large amount of credit card debt and the mother cannot pay the bills will the creditors take his farm?
Wiki User
∙ 18y ago
Virginia is not a community property state, therefore if the cc debt belonged solely to the deceased the surviving spouse is not responsible for repayment. How the property is titled would determine if it could be subject to creditor attachment, if it is titled as Tenants-in-Common or Joint Tenancy a juegment lien after due process can be executed and possibly (but not likely) a forced sale. If the property is held as JTWRS and the debt belonged only to the deceased, neither a lien nor a forced sale is possible. (e-mail macky83@juno.com)
Wiki User
∙ 18y ago
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How do credit repair services reduce your debt?
Credit repair services do not reduce your debt. Debt settlement companies do this by negotiating with the creditors to pay a smaller portion than what you owe. This process often contributes to the increase of negative items on your report. Credit repair services would challenge the questionable items on the report to see if they are meeting the requirements outlined in the Fair Credit Reporting Act for them to continuously be reported. If they aren't or cannot be verified within a reasonable amount of time, then by law, they must be removed.
How can we calculate creditors payment period?
Average Creditors / Credit purchases = '?' x 360 = '?' ex. Average Creditors / Credit purchases = 50 000 / 120 000 x 360 = 0.4166 x 360 = 41.7 (average creditors = Creditors at the biginning of the year + creditors at the end of the year divided by 2) Average Creditors / Credit purchases = '?' x 360 = '?' ex. Average Creditors / Credit purchases = 50 000 / 120 000 x 360 = 0.4166 x 360 = 41.7 (average creditors = Creditors at the biginning of the year + creditors at the end of the year divided by 2)
How could one avoid bad credit ratings?
You can avoid bad credit ratings by ensureing that payments to creditors are made on time and at the required amount. If you miss payments that may be logged on your credit record, leading to a poor rating.
Where to purchase a good credit score from someone?
You cannot purchase your personal credit record from someone else. It is your credit history that has been reported by your creditors to the central credit data gathering agencies. It's like asking, "Where can I purchase a good dental record?"
What credit score of the three do creditors use?
When you have all three credit scores pulled, most creditors look at the middle score. If you have onloy two credit scores pulled, they will use the lowest one.
A credit to a liability account?
indicates an increase in the amount owed to creditors.
Does a credit to a liability account increase or decrease amount owed?
It increases the amount owed, because creditors would be credited
Could you still get a credit card abroad if you have bad credit rating in UK?
Yes, U.S. creditors cannot see what your credit report looks like in the U.K.
If your spouse dies and has credit cards in their name only can the surviving spouse negotiate with the creditors to get the amount reduced?
yes they can
How do credit repair services reduce your debt?
Credit repair services do not reduce your debt. Debt settlement companies do this by negotiating with the creditors to pay a smaller portion than what you owe. This process often contributes to the increase of negative items on your report. Credit repair services would challenge the questionable items on the report to see if they are meeting the requirements outlined in the Fair Credit Reporting Act for them to continuously be reported. If they aren't or cannot be verified within a reasonable amount of time, then by law, they must be removed.
How can we calculate creditors payment period?
Average Creditors / Credit purchases = '?' x 360 = '?' ex. Average Creditors / Credit purchases = 50 000 / 120 000 x 360 = 0.4166 x 360 = 41.7 (average creditors = Creditors at the biginning of the year + creditors at the end of the year divided by 2) Average Creditors / Credit purchases = '?' x 360 = '?' ex. Average Creditors / Credit purchases = 50 000 / 120 000 x 360 = 0.4166 x 360 = 41.7 (average creditors = Creditors at the biginning of the year + creditors at the end of the year divided by 2)
How do you get your creditors list?
You can get a list of your creditors by checking your credit report. Most of all creditors will report to the agencies and will have a record.
Is it true that creditors cannot report delinquency as long as you pay at least 10 dollars?
No, this is not true. Creditors and collection agencies have a legal right to report any amount owed regardless of payments being made. It is beneficial, however, to negotiate with a creditor or collection agency in this respect. If you agree to pay a certain amount of money each month, they may hold off on credit reporting. Talking with collection agencies and creditors is always advised. It can eliminate stress and sometimes debt!
Will a settlement of my credit card debt affect my FICO score?
Yes, any time you fail to make payments or settle a debt, it will affect your credit. You will also have to pay taxes on the amount written off! Yes it will effect your score. It is usually easy to get creditors to except a settlement amount but that can be looked upon badly with new creditors in the future.
If husband is sued for credit card debt in Virginia can a sole proprietorship business checking account owned by wife be frozen or attached if husband has nothing to do with the business?
No, Virginia is not a community property state and therefore the non-debtor spouse cannot be held responsible. The business itself or any accounts pertaining to it, would not be subject to action by the husband's creditors.
What are Creditors for goods?
They are the people who credit others
What side of ledger is payment to creditors?
credit
