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If you owe nothing on your home and the only debts you have is unsecured and you can't afford to pay the debt back can they take your home or make you sell it to pay the debt?
Wiki User
∙ 16y ago
In theory, yes. Unless the person lives in a state where the homestead exemption is unlimited, it is highly unlikely the state homestead exemption will protect the property. However,it can depend on whether the home is jointly owned and if they are sole or joint debt(s). Other factors are if the person is 65 or older, is disabled or has a disabled person living in the household.
Wiki User
∙ 16y ago
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What is the number one reason why consumers default on their debts?
They do not have the money to pay back their debts!They do not have the money to pay back their debts!They do not have the money to pay back their debts!They do not have the money to pay back their debts!
What is an unsecured promissory note?
A promissory note is a document where you agree or promise to repay a certain amount of money to someone. If it is unsecured, it means that nothing was put up as collateral to back up your promise [such as a house, a car, stocks, etc. ].
Who pays back unsecured loans after death Does the bank go after the estate or is the death of the borrower the end of it?
Banks don't give up that easily! They will go after the estate. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What type of bankruptcy do you file for unsecured debt and a car loan?
There are different types of Bankruptcy. Chapter 7 is for the debtor which has debts like medical bills,car loans etc. But if you want to pay back your debts then you can file Chapter 11 and 13 which has a payment plan. You can pay your debts through payment planning. Try to search more information about bankruptcy and ask a legal advice.
Who is responsible to pay back debts?
The government is responsible to pay all back debts.
What is the difference between secured and unsecured loan at the bank?
A secured loan is where there is a physical item that can be claimed if the loan is not paid - a house, a car, jewelry, etc. An unsecured loan is where there is nothing for a bank to take to get its money back if you default, such as education loans, credit cards and similar loans.
What types of unsecured loans are the safest?
Unsecured loans are best used for small purchases. It is unwise to take a large unsecured loan due to the fact that more will be confiscated to pay it back.
Who is responsible to pay back all debts?
The government is responsible to pay all back debts.
Can you get an unsecured loan with bad credit?
It is very difficult to get an unsecured loan with bad credit. This is because of the nature of the loan. When a person gets an unsecured loan, it means there is no collateral to back the loan up with.
What are unsecured subordinated notes?
They are a type of debt. Unsecured means there is no security or "collateral" for the debt. (Higher risk loan) Subordinated means it takes a lower position to secured debts (e.g. a bank loan) in the event of insolvecy (bankruptcy). In other words, the bank/government/other secure creditors get their money back first, before the subordinate debts are paid out. A note is simply a contractual debt with an agreement to payment terms etc. This is how an individual investor might lend money to a business. Hope that helps!
How do secure and unsecured loans differ?
With a secured loan, you back up your loan with some sort of financial guarantee like some assets. With an unsecured loan you only have your credit to back up the loan.
Your ex husband died owing you over 35000 in back child support His wife and minor children receive social security can you sue them for his arrears?
His debts died with him. His widow and former family have nothing to do with the matter.
