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If it is designated a charge off the debt is still valid and collectible by any means allowed under state law including a lawsuit against the debtor(s).
If the debt is designated as cancelled or forgiven the debt is not collectible. A cancelled debt is considered taxable income, the debtor will receive a 1099-C and the amount stated must be claimed on the person's IRS tax return.
If the creditor writes off interest on the original amount is this taxable?
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Can a bank legally freeze your assets when the bank is in an economical decline?
No. The bank is liable to pay back all our deposit money irrespective of its economic status
What bank purchased Bank of America?
No one. It is still Bank of America.
What happens to your mortgage when your bank closes?
Your (previous) bank's assets are transferred to another institution. Your mortgage is considered an asset. It is money owed and part of accounts collectible. Someone somewhere will now hold the note, and you'll owe them like you owed your bank.
What is it called when you take money out of the bank?
legally it is called a "withdrawal" Illegally it is called "robbery"
Write-off---What is the meaning of bank lone write off?
A bank loan write-off is when the customer doesn't pay the loan and the bank writes it off as a bad debt. In a write-off, the bank includes a bad debt as an uncollectible loss on its tax return.
Can you give a car away if you still owe the bank and the bank has the title?
Not legally...
Can you cash in a Indian head nickel at the bank?
The coin is still legal tender, but If you mean get more than face value, no. Banks do not "cash in" collectible coins or paper money.
If a bank writes off your alleged credit card balance do you still owe it?
Yes, there write off or charge of, is only for their companies accounting and tax purposes.
Can a bank repo for not paying late charges?
If you are still making payments to the bank, then legally it is the property of that bank. If you fail to make the payments, the bank reserves the right to take back their property. Property can usually be returned to the purchaser if the the purchaser can make the payment in full, within a certain amount of time set by the bank.
Alliance and Leicester Bank is located in what city?
Alliance and Leicester Bank was a UK bank that was legally acquired by Santander in 2010. The branches now carry the name Santander but the international branch still uses the name Alliance and Leicester Bank. This international branch is located in Douglas, Isle of Man.
What age are you legally allowed a bank account?
You may solely own a bank account whenever you turn 18 or are legally able to contract with the bank. Otherwise, your parent or guardian will have to be on the account with you and accept responsibility for the account.
How much has to be owed for a bank to repossess a car?
it is up to the bank to decide. Legally, as little as 1 cent.
Can the bank legally sell a home in forclosure for more than What is its legally worth?
The bank can sell the property for any price they can get for it. No one is going to be willing to pay more than it is worth.
What happens when a car is to be repossessed and the bank doesn't repossess it?
Nothing. Just because a bank is legally entited to reposess a car doesn't mean they have to do so immediately. They can choose to wait and see, and reposess it later if you're still delinquent on the loan.
What king of poetry did naomi shihab nye write?
She writes about family, the West Bank, and Jerusalm.
What is the term for taking away money from a bank account?
Debit, withdraw, deficit, charge, collectible, settle, etc., D
Can a bank legally freeze your assets when the bank is in an economical decline?
No. The bank is liable to pay back all our deposit money irrespective of its economic status
