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What is a designation that indicates a person has not paid a debt that was owed?
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∙ 13y ago
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Wiki User
∙ 13y ago
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Can debt collectors collect on a debt after it has be charged off?
Yes, A charge off simply indicates that the debt has been written off the creditor's account as uncollectible. The debt can then be sold to a collection agency for pennies on the dollar. The 'buyer" of the debt will then pursue collection action by whatever means is allowed by the laws of the state where the debtor resides. Such action would be phone calls, letters and in many instances a civil suit for the debt owed.
What is the statute of limitations for debt collection in Michigan?
There is no statute of limitations for debt collection in Michigan. You can continue to collect as long as the debt is owed. The debt can be sold as well.
Is a negative capital account balance considered to be a debt owed by members?
No,but owed by the company.(Or may be limited to the liability of members)
A credit to a liability account?
indicates an increase in the amount owed to creditors.
What does a credit balance in the purchase ledger control account represent?
Indicates monies owed to suppliers.
What happens to a lien placed on a property and that person who is owed the money dies?
The debt is owed to their estate.The debt is owed to their estate.The debt is owed to their estate.The debt is owed to their estate.
If a creditor charges off a debt can they still go after you for repayment?
Yes, the designation "charge off" does not make the debt owed invalid or uncollectible in any context.
What happens when a person dies and is owed money by a relative?
If the debt is evidenced in writing it is the obligation of the executor to collect the debt owed to the estate.
How do you report a bad debt owed to you to be placed on that person?
Small Claims tribunal
What are people called have a debt owed to them?
A creditor is someone who has a debt owed to them. The one who owes the debt is the debtor.
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.
Does owner of quit deed pay mortgage if mortgagee dies?
Yes. If the mortgagee dies the debt is owed to their estate.Yes. If the mortgagee dies the debt is owed to their estate.Yes. If the mortgagee dies the debt is owed to their estate.Yes. If the mortgagee dies the debt is owed to their estate.
If you owe money and the spouse of that person said dont worry about it do still owe the money?
If the debt is in writing and you only have a verbal clearance of it, then I would suggest that the debt is still owed. The spouse might not have the authority to write off the debt. You need to get the spouse or the person owed to sign a document to the effect that the debt is no longer outstanding.
What is the legal process to collect a medical debt in Florida?
The person or business that is owed the debt must file suit in the appropriate state court in the county where the person who alledgedly owes the debt resides.
What type of debt does the US have and who is it owed to?
The majority of US debt is actually owed to US citizens.
Can a family member buy the house that is in a reverse mortgage?
Only if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgage
Who is world debt all owed to?
The debt depends on what country. Ultimately any national debt is owed to the central banking. Private banks.
