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The debt(s) remain valid and collectible. The debtor might wish to try negotiating terms that would be better suit the change of their financial status, but there are not laws that protect anyone from debts owed due to a disability. In most cases the disabled person has little if any property that can be attached by creditors when it pertains to a lawsuit. All Social Security and other disability benefits are exempt to garnishment; likewise disability funds held in a separate bank account are not subject to creditor levy. It is extremely important that benefit funds not be commingled with other money in a bank account. Please be advised, disability benefits are usually not exempt when it pertains to child support, spousal maintenance or the collection of federal or state taxes.
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Does homeowners insurance pay your mortgage if you become disabled?
Homeowners insurance does not cover your mortgage if you become disabled. You would need to obtain mortgage protection insurance for that.
What happens to a mortgage after a bankruptcy?
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
What happens when a family spends more money than it has?
they have debt
What steps should you take to become debt free?
You can start by setting a budget and then using the snowball debt payment plan to pay off your debt.
How can someone become credit card debt free?
To become credit card debt-free, one must pay off his/her credit cards completely. To become debt-free faster, making higher payments than simply the minimum to his/her credit card companies is beneficial.
Is it true that the disabled don't have to have file for bankruptcy to get out from under debt?
No, there are no special rules for the disabled.
What is the phone number for the Debt Counsel for Seniors and the Disabled?
Debt counsel for Seniors and the Disabled was developed in 1998 and is comprised of lawyers to have senior citizens deal with debt collectors. Their phone number is 1-800-992-3275 ext. 1304.
How did Michael Phelps become disabled?
Michael Phelps is not disabled...
single disabled father grants and loans ?
i am a single disabled father looking for gov. loans or grants to get out of debt ,and start a small business.
Can a disabled ex spouse be responsible for debt which occurred during their marriage?
Being disabled has nothing to do with debt liability. If both spouses signed the contract, then both are liable. Also, there may be different debt liability in a community property state. You need to be more specific. State laws vary.
What happens when debt can't be validated?
Legally there is no debt, if it can't be validated.
what happens to the ss I paid into while working where does it go when my husband dies I now receive his but mine is gone.?
You will begin receiving benefits when you retire or earlier if you become disabled.
If you quit working in the because you were disabled could you still claim the disabilities benefits now if you can prove you were disabled at that time?
If I become disabled I will get a check for not working
Does homeowners insurance pay your mortgage if you become disabled?
Homeowners insurance does not cover your mortgage if you become disabled. You would need to obtain mortgage protection insurance for that.
If you die what happens to your debt?
family
What happens if someone gifts a property to a disabled person?
The fact that the person is disabled makes no difference in terms of tax or law.
Are you liable for your car payments if you become disabled?
yes
