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What do you do when someone dies leaving outstanding credit card debt but has no will or trust and no assets?
Wiki User
∙ 18y ago
The creditors will write it off if there are no assets. They cannot come after anyone exept the person with the debt or their estate. If neither exists, they write it off.
Wiki User
∙ 18y ago
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Can bad credit and companies get your inheritance?
If you have outstanding debts, any assets, including inheritance, can be levied to satisfy the debt.
What do credit card companies call someone who pays their bills?
Outstanding Bills
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How does Credit affects assets?
Credit has no impact on one's assets.
Where do you record credit purchases of fixed assets?
in fix 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.
Intangible asset increases by credit?
Intangible assets are assets like other assets and have debit balance so these are also increased by debit only and reduce by credit.
What is journal entry of outstanding expenses paid?
[Debit] Outstanding expenses [Credit] Cash / bank
What would be the effect of outstanding expense on accounting equation?
As we know, in accounting and book-keeping, expenses are debited in order to cause a decrease in the owner's (or stockholders') equity. So in this case, we record outstanding expense as: ASSETS = LIABILITES + CAPITAL Nil = +(outst. expense) - (outstanding expense) Outstanding Expenses are added to Liabilities because it is business' CURRENT LIABILITY and deducted from CAPITAL because it causes a decrease in owner's equity. NOTE: At the time of payment we deduct it from Liabilities as well as from Cash ( or in JOURNAL ENTRY: we debit Outstanding Expense and credit Cash) ASSETS = LIABILITES + CAPITAL -outst. exp. = -outst. exp. + Nil
In Ontario what happens to your credit card balance when you die?
In almost all jurisdictions, any money owed by a deceased person is payable from the assets of that person. Typically, money held in a bank account for that person can be used to pay outstanding bills but funds from other assets such as physical property, houses etc can be used. If there are no assets (the deceased had no money and no property of value) then the amount owing on a credit card will be written off. In this case, his relatives are not responsible for the debts.
Can someone explain what credit consolidation services are?
A credit consolidation service takes the different accounts such as credit cards where you have outstanding balances, pays them off, and provides you with a lower interest rate on a single loan. It is helpful if you have gotten over your head in debt.
A credit may signify what?
Decrease in assets
