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If you maxed out the credit cards deliberately, knowing you could not pay and believing you were safe from debt collection, you could be jailed.
Generally, though, it depends on your source(s) of income. SSI, SS, SSDI, retirements from qualified plans are generally safe from attachment. BUT YOU HAVE TO GO TO COURT when a hearing is scheduled. Judges are not happy when a debtor ignores the filing of a claim and then go on to ignore court hearings to determine if you can pay. That's contempt of court, and you can go to jail for that.
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In Tennessee are your assets frozen as soon as a lawsuit is filed?
Your assets are not frozen as soon as a lawsuit is filed. However, the summons you are served will advise no to use the disputed assets until the case is over.
What is considered assets in a lawsuit?
Assets are generally regarded as anything of value. Thus, in a lawsuit people tend to sue for the other person's assets, including money, real estate, etc...
How does Credit affects assets?
Credit has no impact on one's assets.
What does it take to qualify for Medicaid?
To be eligible for Medicaid, one must have limited income/assets, meet citizenship requirements, and be either: under 18; over 65; caring for a minor child; or "permanently and totally disabled" as defined by Social Security.
Can you be eligible for Medicaid if you are not pregnant or have kids?
Yes, if you are under 18 or over 65; or permanently and totally disabled as defined by Social Security regulations; meet citizenship requirements; and have limited income/assets.
In Wisconsin are your assets frozen as soon as a lawsuit is filed?
No. They aren't.
What are the classes of net assets?
The three classes of net assets are permanently restricted, temporarily restricted, and unrestricted.
Where do you record credit purchases of fixed assets?
in fix assets
What happens if i do not pay off my credit cards and personal loans and avoid them for a long time?
AnswerThe past due balances will be reported to the credit agency which will ruin your credit. Bad marks on your credit can stay there for up to 7 years. Additionally, credit card and loan companies can file a lawsuit against you to collect on the balances and can then garnish your wages or take your assets.
Is a credit a decrease in assets retained earnings revenue liabilities?
Credit causes the decrease in assets only because assets has debit balance as a normal balance while all other items has credit balance and credit causes the increase in them.
Can I get Medicaid if i am eighteen and have no insurance?
To be eligible for Medicaid, one must have limited income/assets, meet citizenship requirements, and be either: under 18; over 65; caring for a minor child; or "permanently and totally disabled" as defined by Social Security.
Can you get Medicaid without being pregnant?
Yes, if you are under 18 and/or caretaker relative of child under 18; or over 65; or permanently and totally disabled as defined by Social Security regulations; meet citizenship requirements; and have limited income/assets.
