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What happens when parents die and their debt is more than the assets by over 60000 in credit card debt and is this debt cancelled?
Wiki User
∙ 18y ago
the debt dies with them... you owe nothing
Wiki User
∙ 18y ago
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What happens when equipment is purchased on credit?
assets and liabilities increase
What does cancelled by credit grantor mean?
Cancelled by credit grantor means that your credit card account was closed by the creditor. This means that it was cancelled by the person extending you credit, rather than being cancelled by you.
What happens if you never paying credit card debt?
You are likely to have your wages garnished. Your credit cards will be cancelled and liens may be placed on property.
How does Credit affects assets?
Credit has no impact on one's assets.
Does fusion fall automatically take money out of your parents account?
If you had your parents use their credit card to subscribe you to the game, then yes, money will be taken out every month until it is cancelled.
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.
Can someone put an old debt back on your credit report after your bankruptcy has been filed?
The whole point of bankruptcy is that at the point of insolvency all assets transfer to the assignee, and all debts likewise. So debts are cancelled by the bankruptcy, the available assets being all there is to claim against.
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.
1099 c is received and the debt is cancelled Does it still remain on your credit report?
If 1099 c is received and the debt is cancelled means that it still remains on your credit report.
A credit may signify...?
Decrease in assets
A credit may signify what?
Decrease in assets
