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In Ohio can a credit card company place a levy on the debtors checking account for unsecured debt?
Wiki User
∙ 14y ago
No, not wthout the court's approval. They can take away your home, auto and asests with their approval though. I know of a person in Clevland that had a $300.00 debt with Capital One that ended up paying $900.00 for refusing to pay a debt. They took that from his payroll check.
Wiki User
∙ 14y ago
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How do you prepare the adjusting journal entry to record bad debt expense?
The bad debt is recorded against the asset, which is the debtors control account, or account recievable, for example company A is owed $1000 by company B, during the year, company B approaches company A and states that it is going out of business and can only pay them $600, therefore the bad debt is $400 Credit the debtors account of company b with $400 and debit bad debt expense $400
What account is the branch account under debtors system?
branch debtor account is an account prepaid when the branch sell goods or credit. it necessary for recording all transctions concerning branchdebters and for acertaining the balance of debtors at branch
Can credit card companies collect on unsecured debt if the debtor is deceased?
They have the right to make a claim against the estate. Like other debtors, the executor has to settle their claims. If there are not enough assets, some of the debtors will not receive all of their money.
What is the role of accounts receivable in a business?
The role of accounts receivable in a business is to determine the amount of money owned to the business or company by debtors. This account is in the asset portion on a balance sheet.
What percentage of unsecured debt is paid to the debtors involved in a chapter 13 bankruptcy?
The percentage paid to unsecured creditors in a Ch 13 is determined by your disposable income. Secured creditors get paid at 100%, house and car payments remain the same. What's left over gets paid out to those unsecured creditors who file proofs of claim. If a creditor does not file a claim, then that creditor does not get paid.
Can debtors of unsecured loans extract moneys from a checking account?
The debtor is the one owing the money.
Format for Debtors control account and creditors control account?
debtors
When was Debtors Anonymous founded?
Debtors Anonymous was founded in the United States in 1968. Debtors Anonymous is a twelve step program for people who want to stop incurring unsecured debts.
What is sales ledger control account?
Sales control account is a summary of transactions relating to the debtors balance.the debtors ledger account is debited when there is an increase of the debtors balance and credited when there is a reduction of the debtors balance
What is journal entry for allowances to debtors?
[Debit] Allowance for debtors account [Credit] Accounts receivable account
How do you treat refund to debtors in the debtors control account?
decrease with a credit
What type of account is debtors account?
Accounts Payable.
What will Debtors Anonymous do for a person?
Debtors Anonymous will help people free themselves from unsecured debt in the way Gamblers Anonymous help those addicted to gambling. They have a 12 step program.
Can unsecured creditors sue in Pennsylvania?
Yes, unsecured creditors can sue debtors in Pennsylvania to recover debts owed to them. The creditor can file a lawsuit in the appropriate court to seek a judgment against the debtor. If successful, the court may order wage garnishment, bank account levies, or other mechanisms to collect the debt.
What account type is an intercompany account on the chart of accounts?
Other Debtors account
How do you prepare the adjusting journal entry to record bad debt expense?
The bad debt is recorded against the asset, which is the debtors control account, or account recievable, for example company A is owed $1000 by company B, during the year, company B approaches company A and states that it is going out of business and can only pay them $600, therefore the bad debt is $400 Credit the debtors account of company b with $400 and debit bad debt expense $400
What is meant by debtors?
Debtors are those customers who purchases goods from company on credit so debtors are current assets of business.
