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they have practically for ever to pay off a debt. if you new the us's debt (which I don't) you would know that for a fact. that or the ruler of the country that is owed money has a very small amount of patience and a short temper and declares war ( which has probably happened only once if at all) .
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What happens if you cannot pay off your credit card debt in the state of Texas?
You'll be in prison.
Can you use your Stafford student loan to pay off debt?
No, you cannot use a Stafford student loan to pay off personal debt. The only debt that should be paid off with an educational Stafford loan is your college debt.
Distinguish between debt forgiveness and debt retirement?
Debt retirement refers to the paying off of a debt in order to avoid future interest payments, this can only be done if the current funds available are able to clear the outstanding balance of the debt. Debt forgiveness on the other hand can be considered to be an amnesty by lending institution for countries who are heavily indebted, this is usually done to help alleviate the debt burden faced by such countries. Therefore the difference between debt retirement and debt forgiveness is that one is paid off by the country who is able to pay off the debt and the other is an amnesty given to remove the debt for countries who cannot afford to pay it off.
What happens when a person dies and is owed money by a friend. Is the debt written off?
The debt moves to his closest family member.
Why does a business written off debt as bad?
When a business has debt to collect, it is listed as accounts receivable on their books. This is considered as asset. When it becomes clear that the business cannot collect the debt, it must be written off as bad debt. This is done to remove it from the AR listing.
What happens to a tax debt when taxpayer dies?
The estate has to pay off all the debts including taxes due. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What happens if you cant pay off debt?
You'll probably have to file bankruptcy. >_> In the USA, legally, nothing can happen to you. You can't be arrested and thrown in jail, or anything of that nature. Debtor's prisons are not allowed in this country.
Can you go out of the country even with unpaid credit cards or personal loans?
Yes, you may leave the country even if you have outstanding debt. However, you will still be held accountable for paying off that debt.
What happens when mom dies and has no estate except life insurance and outstanding credit card debt does executor have to pay the outstanding debt?
Yes, the executor has to pay the debt. Debts are one of the primary reasons someone should open an estate. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What do you do when someone dies leaving outstanding credit card debt but has no will or trust and no assets?
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.
What happens when a bank writes off a debt?
The debt is simply deducted from the bank's assets. The bank sets its own interest rates for lenders, and any debts they write off is balanced by an increase in the interest rate.
What happens to car payment made after charge off?
They are applied to the charged off balance and reduce the amount of the debt. eithan and James was ere
