It means that under the terms of some contract the party is responsible for paying debts.
i have 1099c 2- amount of debt canseled 5- if checked, the debtor was personally liable for repament of the debt (x) 7- fair market value of property that mean that i suppose to pay any amount?
No you are not, If you deglared bankruptcy, that cancels your debt
You are not personally liable for the debt. The estate is liable for the debt. If the law suit results in payment, it would have to be used to settle the debts.
He is. What he comes to the marriage with is his, including debt.
no
No. Someone who pays the debt or an authorized user are not liable for the debt. Only someone named as a joint account holder can be held liable.
The only debt you're liable for - is anything in joint names. Any debt solely in his name died with him.
A dead person in any state is not liable for debt. The deceased's estate is responsible for the debts to the extent there are assets in the estate to pay them.
To be liable for something means to be legally responsible or accountable for it. This could involve being responsible for a debt, an injury caused by negligence, or any other legal obligation. Being liable can lead to legal consequences if the responsibility is not met.
The estate is liable for the obligations of the deceased. They would have to settle the debts.
Not unless she is liable for the debt by another rule of law; e.g., she is a signatory on the debt or the debt is one for "necessaries." However, the decedent's nonexempt assets still are liable for the debts.
I Have just been discharged from bankruptcy, does this legally mean that my possisions can not be touched and I am not liable anymore for the debt. I wont to know if my house is now safe ?