If a person is judgment proof filing bankruptcy would not be needed. The reason this is done in the majority of the cases is (1) To protect the consumer in case sometime in the future they acquire nonexempt assets, such as an inheiritance. (2)To stop creditor/collector phone calls, mail, etc. (3) To avoid lawsuits, even if there are no assets some creditors will still file a suit, in the hopes of collecting at some future time. It is not necessary to use an attorney to file your Chapter 7. You can use a paralegal, or there are programs you can utilize through your state or city that will allow free or reduced costs in regards to filing. I think there are also payment plans available with the court as well for filing fees.
A sales refund will reduce income (debit to Sales Returns) and assets (credit to cash). A debit to Depreciation Expense and a credit to Accumulated Depreciation will reduce assets and net income.
An income trust is an investment that holds assets that produce an income.
If the estate has any assets, they can certainly apply to get their money back. They can place a claim with the executor. The executor is responsible for clearing any debt before distributing assets.
No. Social Security retirement (vs. SSI) is not based on income or assets.
johni:No.the loan is based on the lendees assets.
Debit, assuming you're BUYING a patent. Credit, if you have RECEIVED one from another company, or if you have received royalties or other income from one.
according to the lawyer I spoke to today, social security is exempt from garnishments. according to the Arizona attorney I spoke to today, social security income is exempt from judgments but retirement income is not.
Three times your yearly (after tax) income would be a reasonably safe debt level if you own assets. If you have no assets, you should owe no more than one years after tax income.
Both Increase. Accounts Receiveable (asset) goes up as a debit and Sales (income) goes up as a credit.
Yes, Utah treats Social Security income as fully taxable. Similar to wages. Low income seniors do get a small tax credit though.
I would try to get the loan on my own and build MY credit up. Its a personal choice.
The Social Security Act of 1935 provided for Aid to the Blind, among other programs. It was for persons with little or no income/assets who were "legally blind" (i.e., as defined in Social Security regulations). It was largely replaced by Supplemental Security Income in 1974,