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Should i pay creditors that have filed against my father's estate from his bank accounts because their is no property?
Wiki User
∙ 14y ago
Bank accounts are considered to be personal property and personal property is an asset of the estate. Creditors that file a claim against the estate are entitled to be paid from the assets of the decedent before any assets can be distributed to the heirs. They must be paid from any funds in a bank account owned by the decedent.
Wiki User
∙ 14y ago
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If there is no wage garnishment in TX why file bankruptcy?
Because creditors may garnish your taxes, your bank account, other financial accounts, and may attach other real property with a court order.
Does a decrease in accounts payable increase cash flow?
Decrease in accounts payable causes the decrease in cash flow because decrease in accounts payable means that creditors are paid of and hence cash is decreased when somebody paid.
Are accounts payableand notes payable listed under current-noncurrent classification?
Accounts payables are listed in current assets because normally creditors are paid within short term time period.
If real property is held by husband and wife as tenants by the entireties does a judgment against one attach to the property?
In a tenancy by the entireties, property is owned by both spouses collectively. Therefore, if a judgment is entered against one spouse, it typically cannot attach to the property held as tenants by the entireties. This is because creditors generally cannot access property held in this manner to satisfy the debt of one spouse.
Can a creditor garnish your bank account in North Carolina?
It depends. Bank accounts can be seized, however, this is subject to limitation. Creditors must send out a Notice of Rights to the debtor which includes a Motion to Claim Exempt Property before they can execute on a judgment and seize a bank account. The debtor can claim the bank account as exempt if it contains less than a certain amount of property. Even if it is not claimed as exempt, wages in North Carolina earned within the past 60 days are not subject to execution, nor are certain federal benefits. Also, property of a spouse cannot be taken to satisfy a judgment against a defendant if the judgment is not also against the spouse. Still, creditors frequently seize first and ask questions later. Most people don't do anything about even an illegal seizure because they believe they cannot afford an attorney. The truth is that if the seizure is illegal, the law requires the creditors to return the money AND pay the debtor's attorney fees. If your bank account has been seized, contact an attorney to know your rights.
If you file bankruptcy because of personal debts related to your business then sell your business after the bankruptcy can the courts take your proceeds?
== == YES. All of your property is considered in a bankruptcy. Your creditors have every right to get at ALL of your property including your business assets. I would be very surprised if the court didn't order the sale of the business to satisfy the creditors demands.
Can a credit card company sue you in the state of Texas?
It is a misconception that creditors do not have legal recourse in the State of Texas. As in every other U.S. state they can file a civil suit against any debtor who defaults on a valid contractual agreement. Credit cards are considered "unsecure" only because there is no specific property attached to them, unlike vehicles and houses which act as collateral for the loans. However, in Texas creditors cannot use a writ of judgment to garnish the debtor's wages unless the debtor has no other property that can be seized, such as a bank account.
Can a credit card company take your car because you do not have the money to pay them due to your health?
Creditors cannot 'take" anything from a debtor without due process of law.debt.You can do a web search for the bankruptcy laws of your state. That will give you a list of exemptable assets. Cars usually cannot be seized by creditors. Except of course, the financial institution that holds the car loan .If your car is paid for, it may still be covered by a set exemption amount. Creditors prefer to garnish wages and bank accounts. Seizing real property is a costly and lengthy process. It seldom results in enough profit to be worth taking action.
What can collection agencies do if you really cannot pay them because you do not have the money?
Sue you, and if they win they can take whatever property isn't exempted. Also they can garnish wages and sometimes bank accounts. what is exempt property?
What is riffy888 password on Club Penguin?
It is not allowed to have other penguins passwords because that would be sharing accounts. That is against the ToS.
Why do creditors use financial statement analysis?
Creditors use finanical statement analysis because it makes it easier for them.
In the state of North Carolina can your wages be garnished or bank accounts frozen for a judgment from a creditor.?
No, not usually. The exceptions are child support, taxes, fines imposed by a state agency, and federal student loans. Another exception is that if a creditor gets a garnishment order against your employer in another state, then that order is recognized in North Carolina. However, under the Fair Debt Collection Practices Act, their attorneys can only sue you in either the state where you signed the contract or the state where you live. As for the bank accounts, they can be seized, however, this is subject to limitation. Creditors must send out a Notice of Rights to the debtor which includes a Motion to Claim Exempt Property before they can execute on a judgment and seize a bank account. The debtor can claim the bank account as exempt if it contains less than a certain amount of property. Even if it is not claimed as exempt, wages in North Carolina earned within the past 60 days are not subject to execution, nor are certain federal benefits. Also, property of a spouse cannot be taken to satisfy a judgment against a defendant if the judgment is not also against the spouse. Still, creditors frequently seize first and ask questions later. Most people don't do anything about even an illegal seizure because they believe they cannot afford an attorney. The truth is that if the seizure is illegal, the law requires the creditors to return the money AND pay the debtor's attorney fees. If your bank account has been seized, contact an attorney to know your rights.
