they can take you to court, remove your unessential furniture - like your tv and hi-fi, they could demand you be declared bankrupt, if it is a government debt or a utility debt they could even arrest you. But even if you have little money, you can offer than
Debt collector & third party communications:Debt collectors may only contact third parties to ascertain your location/whereaboutsDebt collectors may not reveal to third parties that you owe debtDebt collector may not harass you, or third parties in connection with collecting a debt:Debt collectors may not use threats of violence or harmDebt collectors may not use profane or obscene languageDebt collectors may not repeatedly use the telephone to annoyDebt collectors may not publish a list of debtors (except lists sent to credit bureaus)Unfair and deceptive debt collection practices are not permissible:Debt collectors may not make false implications of government affiliationDebt collectors may not assert false threats of legal action or legal statusDebt collectors may not falsely imply you committed a crimeDebt collectors may not deposit a postdated check prematurelyIt is also a good idea to keep a log of when you receive your bills; that way, when a bill does not arrive on time, you can call the company and inquire into its absence and likely avoid any late fees. If you feel a debt collector has violated the law, you should also take steps to document such behavior
What is given is: total assets = $422,235,811 Debt ratio = 29.5% Find: debt-to-equity ratio Equity multiplier Debt-to-equity ratio = total debt / total equity Total debt ratio = total debt / total assets Total debt = total debt ratio x total assets = 0.295 x 422,235,811 = 124,559,564.2 Total assets = total equity + total debt Total equity = total assets - total debt = 422,235,811 - 124,559,564.2 = 297,676,246.8 Debt-to-equity ratio = total debt / total equity = 124,559,564.2 / 297,676,246.8 = 0.4184 Equity multiplier = total assets / total equity = 422,235,811 / 297,676,246.8 = 1.418
There are specific laws in place to protect consumers from harassment from debt collectors. It is illegal for debt collectors to contact you at work if your employer does not allow this. Record all contact by debt collectors just in case you have to take them to court in the future. Also, I advise you to check online for laws in your state that protect you against harassment.
If the debt exceeds the assets, the assets must be sold to cover the debt. Heirs are not responsible for any remaining debt. Certified letters along with a certified death certificate should be sent to each debtor that can not be paid in full after the sell of assets. In this case there would be no inheritance.
You should first define "debt collector." Do you mean a collection agency or its employees? If you mean an employee of a debt collector, the answer varies depending upon the region. In the New York City metropolitan area about 98% of debt collectors who work for law firms make from about $550 a week to $1,000 a week. The average is about $700 per week. Debt collectors who work for collection agencies make less on the average. This is a hard, ugly job. I recommend you try to find something else!
Pennies on the dollar. So when they come after you for the full amount, know that negotiating with them for a lower amount to settle the debt can be lucrative for you. Debt settlement is highly successful and it's the process of negotiating with your debt collectors for a lower, agreed upon, amount to get you out of debt quicker.
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