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Why do you consider credit both as a power and as an obligation on the part of the debtor?
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Can an estate collect debt?
Yes, in fact it is the obligation of the estate to collect all valid debts owed to the decedent. Debts owed to a decedent are considered assets of the estate. The estate's representative has authority to demand that all debts owed to a decedent be paid to the estate. If the debtor refuses to pay, the estate representative has legal power to sue to collect those debts if it has to do so.
Reasons Why You Should Check Your Equifax Credit Report?
Checking your Equifax report is vital because it provides the status of a debtor's credit situation. The information on the report will influence the rate of interest on all financial obligations. Persons that find and fix errors from the Equifax credit report put themselves in a better financial status.What is Equifax?Equifax is one of the three major credit reporting agencies in the United States; the other two being TransUnion and Experian. Credit reporting agencies collect information from businesses, financial institutions and government entities. The role of the credit agencies is to record information and clear up any mistakes contained on the report.Obtaining the ReportDebtors have multiple ways to request an Equifax credit report. Individuals can request a copy of their report by contacting the company by mail, telephone or at the Equifax website. Multiple products are available for purchase including credit reports, scores and other items.The Fair Credit Reporting Act passed by United States Government entitles everyone to a free credit report once a year. Individuals are entitled to a free credit report from each credit reporting agency (Equifax, TransUnion, and Experian) for three reports every twelve months. Debtors request a copy of the free reports at the www.annualcreditreport.com website.Report DetailsA credit report from Equifax contains information about the debtor including address and financial details. A section of the report will include all previous and current names of the debtor. All past and present address and employers reported to the bureau are listed on the report. Past financial activity is listed by account with pay status, late payments and amounts.Why Is It Important?The specifics located inside an Experian report directly correlates to the debtor's credit rating. A credit score is a numerical representation of a person's creditworthiness. Lenders and financial institutions use the credit score for extending credit. People with better scores, a higher number, receive a low rate of interest.SummaryEveryone who strives for an admirable financial standing needs to periodically check their Experian report and examine for errors. Annual credit reports are available for free and by purchase. A report with positive accounts results in better purchasing power.
Should 94 year old in Home with no assets file bankruptcy on credit card debt?
Assuming you mean a nursing home, probably not. The main concern is that the lenders will sue as the statute of limitations on collection actions approaches, and the debtor will eventually have to go to court to explain why s/he cannot pay. Warrants may issue for his/her arrest if s/he fails to appear.If the debtor is competent s/he should at least notify the creditors of the situation, which may prevent these problems. If the debtor is not competent, someone, preferably with a power of attorney or guardianship, should notify the creditors, certified mail, return receipt, of the debtor's situation, with a contact person/number to verify the information.That may prompt the lenders to forgive the debt and issue a 1099 form showing the forgiven amount as income for that year. There is a form available on the IRS website to counter that with proof of indigency that can be filed with the 1099.
How does a personal credit card work?
A credit card is a small piece of plastic with a lot of purchasing power. Banks and major retail chains issue credit cards to individuals. Credit cards are a way to pay for goods and services and can be a convenient way of borrowing money .
How Credit distinguished from credit volume?
Credit is the power to obtain goods and services in exchange for a promise to pay for them later while credit volume is the amount or in some other cases the maximum amount that an individual is able to obtain. For example, a person who has a credit card with a credit limit of 50,000 will not be able to use the card for credit purchase higher than 50,000. Thus, ten persons with a credit card limit each of 50,000 will have an aggregate credit of 500,000.
What is the difference between a power and a duty?
Power is the ability to do something, and a duty is what is expected of you by legal or moral obligation
Can a person with a general power of attorney conduct someone's business affairs?
Yes. You may contact creditors and inform them of the situation. This will not keep them from intitiating collection action or reporting to credit agencies. Having a power of attorney does not make the person financially obligated. In some (not all) states a power of attorney grants legal authority to file bankruptcy or other actions on behalf of the debtor.
What happens if a power of attorney refuses to show the will?
The power of attorney represents a living person and a living person has no obligation to share or show a will. The power of attorney ends with the death of the grantor and they have no say in the estate.
Can a person who has a Durable Power of Attorney in Missouri file and appear in Bankruptcy Court for aged parent who has no assets?
11 U.S.C. 341(d) states that "Prior to the conclusion of the meeting of creditors or equity security holders, the trustee shall orally examine the debtor to ensure that the debtor in a case under chapter 7 of this title is aware of- (1) the potential consequences of seeking a discharge in bankruptcy, including the effects on credit history; (2) the debtor's ability to file a petition under a different chapter of this title; (3) the effect of receiving a discharge of debts under this title; and (4) the effect of reaffirming a debt, including the debtor's knowledge of the provisions of section 524 (d) of this title." Since the debtor is supposed to be orally examined, and not one holding a power of attorney for debtor, many trustees won't do a hearing without the actual debtor. However, some trustees will do it with a POA if the debtor is mentally incapacitated, and others will let the debtor participate in the hearing telephonically so that the debtor doesn't actually have to leave their home if they are physically unable to travel. The ultimate answer to this question depends on what the trustee decides to do. It wouldn't hurt to ask some local trustees what they normally do in those circumstances. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Can an estate collect debt?
Yes, in fact it is the obligation of the estate to collect all valid debts owed to the decedent. Debts owed to a decedent are considered assets of the estate. The estate's representative has authority to demand that all debts owed to a decedent be paid to the estate. If the debtor refuses to pay, the estate representative has legal power to sue to collect those debts if it has to do so.
What credit does for business?
Business credit allows expansion and growth through buying power.
Is a battery consider AC power?
No. A battery is considered to be DC power.
What is the process for when a collection agency sues you for a credit card debt you owe?
Collection agencies do not have the power to initiate a lawsuit. They may refer an account to an attorney licensed in the debtor's state, who can then file a lawsuit. The debtor/defendant will receive a summons with a date to appear in court, if the defendant does not appear the plaintiff will win by default and a judgment will be entered against the debtor/defendant. All states have a set of exemptions that allow a debtor to protect specific amounts and certain types of real and personal property. Most judgments are executed as wage garnishment or bank account levies, other possibilities are liens against real property and the forced sale of non-exempt property that belongs to the debtor(s). When facing a creditor suit (or any type of lawsuit) it is advisable to seek legal counsel, most attorneys offer free or minimal fee consultation.
Name one power that is a state responsibility?
the principles governing when and how a state is held responsible for a breach of an international obligation
Is the Power Of Attorney responsible for deceased parents tax arrearages from 2 years ago?
A Power of Attorney is extinguished when the principal dies. The estate of the debtor is responsible for paying their tax arrearages.
Which one is better MBA or power engineering when you consider the salary?
Power Engineering
Credit Card Debt Collection Laws?
Credit cards are unsecured debts; your creditor can't take away any of your property if you fail to pay the debt back in accordance with your card agreement. Your creditor can sell the debt to a collections agency or sue you to recover the debt. Creditors and debt collectors can't engage in underhanded or violent tactics to get you to pay your debts. If you owe money to credit card companies, you should become familiar with your rights. The Fair Debt Collection Practices Act limits the power of debt collectors. Collectors must not harass or intimidate debtors into paying debts, and must inform debtors of their rights upon first contact. Debt collectors must announce themselves; they must begin the call by telling the debtor what company they are from and that they are attempting to collect a debt. The debtor can then tell the debt collector not to call them anymore and the collector must oblige; however, the collector may still contact the debtor to inform him of upcoming litigation surrounding the debt. Debtors may also ask the debt collector not to call them at work. Debt collectors are also limited as to how often, and when, they may call debtors. Debt collection calls may only take place between 9 a.m. and 9 p.m; calls are not allowed at times when it's reasonable to assume a debtor may be in bed. There's no firm rule on frequency of calls, but debt collectors may not call so frequently that it becomes harassment. Debt collectors also may not discuss the debt with anyone other than the debtor. If a debt collector speaks to friends or family of the debtor, he is limited only to asking for a contact number or address for the debtor. Debt collectors may not use intimidation techniques to coerce debtors into paying debts. They may not threaten violence against the debtor and may not verbally abuse the debtor; cursing at the debtor, yelling at her or calling her names are forbidden. Debt collectors also may not make threats that they don't have the power to carry out. For example, a collector may state that his office is going to sue to recover the debt if the office plans to carry out such a threat. However, the collector may not state that the debtor will lose his home due to credit card debt. If a debt collector violates any of the provisions of the Fair Debt Collection Act, the debtor has a right to file a complaint against him with the Federal Trade Commission. In some cases, debtors may sue debt collectors for damages related to violations of this act. Debtors should also contact an attorney if they have any questions about their rights regarding credit card debt, if they are considering filing bankruptcy or if they receive a notice of a lawsuit against them by a creditor or collections agency.
