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It means the original creditor has given up the account and sold it to a collection agency. It does not mean the debtor is relieved of the debt. Someone wants the money and they will get it, somehow.
Assuming the debtor does not voluntarily release the information for collection to the collector due civil process is required before such action can occur. The general steps are: The collector/creditor will file a civil suit against the debtor, win the suit (which is almost certain to happen); be awarded a judgment then execute the judgment as a levy against the judgment debtor's bank account.
A person who owes something to others is called as debtor or a person who owes money or money's worth to others. By- Nalini & Raje
Yes. A bank account can be levied by the judgment creditor even if the account is jointly held. If the account is joint and only one of the account holder's is the named judgment debtor, the non debtor account holder must submit proof to the court as to the amount of funds belonging to them in order to protect those funds from being seized. When it concerns such joint account the court will generally freeze the account and allow the non debtor a specified amount of time to claim his or her exempt funds that are in the account.
its a ledger which contains a personal account for every debtor who owes some money to a business
A creditor is someone YOU OWE money to. A debtor is someone who OWES YOU money.
A debtor is someone who owes you money. A creditor is the person that lent the money.
A debtor owes someone else money. A creditor is owed money from someone else. So, a debtor owes a creditor. Or, a creditor is owed by a debtor.
There are basically two parties involved with credit cards - the creditor and the debtor. The creditor is the organisation who pays the shop or business the debtor (ie you) are buying from. They then collect the money from you in installments adding interest each month until the bill is paid.
a debtor is someone who owes you money and a creditor is someone who gives you credit for a service or supply of items
The Court is not responsible for collecting judgments. The creditor is responsible for collecting on the judgment.
debtor
the debtor promises to pay the creditor the borrowed money with interest at fixed intervals over a specific period of time
A person who owes is a 'debtor' A person who is owed to is a 'creditor'
A back payment is an overdue payment from a debtor to a creditor on money owed.
A person who owes is a 'debtor' A person who is owed to is a 'creditor'
Yes, they can. Often a creditor will file for an estate so they can collect their money.