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What else can I help you with?
Why do assets lose value?
Some assets lose its value like plant and machinery as they lose its power and they are known as fixed assets
Can you lose your home in judgment by default?
Yes, you can lose your home through a judgment by default if a court rules against you, often due to your failure to respond to a lawsuit. If the judgment involves a debt related to your property, such as a mortgage or tax lien, the creditor may initiate foreclosure proceedings. It's crucial to respond to legal notices and seek legal advice if you're facing such a situation to protect your rights and assets.
In what type of liability can you lose all your assets?
Unlimited
What if you are sued and how no assets or job what is the out come?
There is a phrase that lawyers use for defendants like yourself: "Judgment proof." Its actually a bit misleading - it doesn't mean that they won't get a judgment against you, just that doing so is pointless because you have no money. In fact, the suit will go forward, because your lack of assets is not a defense. Your lack of assets will not change whether they win or lose - that will depend on who has the stronger case. If they win, or in legal terms "reduce their claim to judgment," they can only collect on whatever minimal assets you do have. They can't send you to jail for lack of assets or force you to do hard labor to pay your debt anymore, as they could in earlier times. If the judgment is greater than your assets, you are likely entitled to go into bankruptcy, and might discharge all or part of the judgment that way. If they do win, you should consult a lawyer about your bankruptcy options. Note however that some things cannot be discharged, for instance child support is not discharged in bankruptcy. Judgments that don't award money also won't be discharged. For example, orders of protection requiring that you stay away from an individual won't be discharged in bankruptcy.
What is a Personal Umbrella Policy and why would you want one?
A Personal Umbrella Policy is a low-cost insurance policy that provides excess liability coverage above and beyond the limits of the liability coverage on your personal auto and homeowners policies. This additional coverage pays after you have exhausted your primary coverage if you are sued for damages suffered by someone as a result of an accident - especially an unexpected catastrophic accident - involving your car, property, or recreational activities. You're particularly exposed to the risk of an incident resulting in litigation if you have a swimming pool, have a student driver in the family, engage is high risk activities (jet skiing, snowboarding, snow skiing, horseback riding, boating etc.). Even the game of golf results in major lawsuits every year when someone is hit by an errant ball. As you accumulate assets (think home equity), you become a bigger target for lawsuits. If you lose a lawsuit and don't have enough liability insurance, your assets could be taken to satisfy the judgment. In addition, your assets probably include savings and investments. Even your future earnings can be garnished to satisfy a judgment against you. You can add Personal Umbrella coverage to take over where your auto and homeowners coverage ends. Annual premiums start as low as $200 a year for additional coverage of $1 million. Plans are available for coverage up to $10 million.
How do you have to be to lose Medicaid?
You can lose Medicaid eligibility by: death; moving out of State (you must re-apply in your new State); failure to cooperate with Medicaid agency; not currently disabled or no longer a minor; income and/or assets (yours or those of person legally responsible for you) exceed limits; original approval was based on incorrect information.
When do drinkers begin to lose judgment and self control?
intoxication effect
WHAT ASSETS DO YOU LOSE IN A CHAPTER 7 BANKRUPTCY?
In a Chapter 7 bankruptcy, you may lose non-exempt assets, which can include valuable items such as a second vehicle, luxury items, or investment properties. However, many states have exemptions that allow you to keep essential assets, like your primary residence, a vehicle up to a certain value, and household goods. The specific assets you might lose depend on your state's exemption laws and your financial situation. It's crucial to consult with a bankruptcy attorney to understand what you may retain or lose in your case.
When using cocaine do you lose your sense of judgment?
Yes and no. When I was younger I tried cocaine and didn't feel like I lost any sense in judgment, just felt a sense of euphoria. However, it is addictive, so in a sense, you can lose your sense in judgment because you can throw your life away on it. Losing your sense in judgment that way should be enough to keep you away from cocaine.
If you are sued in an auto accident can you lose?
Yes, it is possible.
Can you lose your auto license for not buckling in a child?
probably
What disadvantages does a partnership have when compared to a private limited company?
If the partnership go into debt, you can lose personal assets aswell as the businesses assets. A private company's assets can only be ceased if the company go into debt.
