After the lender gets a JUDGEMENT for xxx number of dollars, they can attach other property you own, Depending on your state laws.
In most cases, YES
2.16 trillion
johni:No.the loan is based on the lendees assets.
yes how will they get money for air in the police depatment...there not going to pay it
If you owe the money, and the lender goes thru all the channels to collect, then yes a bank account can be levied.
You owed more money than the car was worth and they wish to collect the balance.
what is the farmer and money-lender were alike
When you owe money to another lender, you are a _____.
Represents the cancellation of debt, which is income you received. The same as if the lender gave you money.
Loans are not usually considered income for tax purposes. Added: UNLESS you, the lender, are earning interest on the loan. Then - the interest income is taxable.
When a customer's loan or bill goes into default the company that lent the debtor the money will try to collect the debt. Most debt collectors are from the actual lender or are contractors that have purchased the debt and will try to collect the money from the debtor with interest.
Local government collect most money by taxing products and services. The individual income is also taxed as a way of collecting revenue.