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The legal proceedings to administer the assets of a person or business that cannot pay its debts is known as?
Wiki User
∙ 15y ago
Bankruptcy
Wiki User
∙ 15y ago
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May related husbanwife VE's administer elements at the same session?
Yes, but they cannot administer to their relatives.
Can you file bankruptcy in another state?
no, only in the state you are domiciled or if its a business, in the state where the business is located. More accurately, it can be filed in any state in which you have lived for more than half of the previous 6 months or have significant assets, or where the business has an office or other assets. You cannot file in more than one bankruptcy court.
Are intangible assets included in liabilities?
Intangible assets are assets like other assets just they cannot be seen by eye or feel by hand but as they are assets they are included in assets and part of liability.
Can the bank seize assets in the bank during a bankruptcy?
If creditors believe the person is trying to remove funds from accounts to keep them from bankruptcy proceedings; creditors can petition the court to freeze all accounts/assets. A bank cannot arbitraily seize account funds unless the depositer has a loan with the bank which includes a set off provision. Even then the bankruptcy trustee can request the funds be returned and included as assets in the bankruptcy.
When do you know if you are insolvent?
You are insolvent when your total liabilities exceed your total assets, meaning you cannot pay off your debts. It is important to assess your financial situation by calculating your assets and liabilities to determine if you are insolvent.
What is the administer password for an ECOT computer?
You are not an ECOT admin so you cannot have access to the password.
Can the inheritors force the executor to sell assets?
No, they cannot force the executor to sell assets. The executor is responsible for closing out the estate and settling debts. Then the distribute the assets.
What is the difference between tangible assets and intangible assets?
We can feel tangible asset,where as we cannot feel intangible asset
What does it mean that you cannot get the assets back in a revocable trust?
You CAN get the assets back in a revocable trust. You CANNOT get the assets back in an irrevocable trust. An irrevocable trust cannot be terminated by the settler once it has been created. The settler transfers their assets into the trust and no longer has any rights of ownership in that property or the trust. The main reasons for setting up an irrevocable trust are estate planning and tax purposes. Generally, assets in an irrevocable trust are shielded from creditors.
Can you transfer assets into an irrevocable trust?
Yes, but you cannot transfer them out.
Can a scrub tech administer injectable edications?
For most the part, scrub technicians cannot inject medications. They are allowed in most hospitals to administer IVs with saline solution and like applications.
What can you do if executor or lawyer will not return your calls about payout date?
Legally nothing, assets of a deceased's estate cannot be distributed to heirs until probate procedures are finalized. The executor/attorney has no obligation to kee beneficiaries informed of the proceedings unless they are needed to corroborate information (such as a deposition) or when probate is concluded and remaining assets can be distributed as pursuant to the instructions of the will. If the person died intestate, the state probate laws are followed in partitioning off remaining assets after all debts, taxes, legal fees and so forth have been paid.
