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No you will not be personally responsible for the debt. One of the primary reasons to open an estate is to resolve such debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What else can I help you with?
Can bad eyesight be passed by parents?
yes it's genitic
What is the real burden of an increase in the public debt?
If the government runs into a deficit whatever the burden is will be passed on to the next generation. Public debt increases when the economy is in bad shape.
Can a debt be passed from one debt collection agency to another?
Yes - absolutely a debt can be passed from one debt collection agency to another.
Can you claim back PPI back from your bank although your loan was passed to a debt collecting agency and is now paid off?
No, of course not. PPI has to be claimed before the debt is written off as bad.
Do parents get into debt?
Yes, parents often go into debt. It is expensive to raise children.
Is having debt good or bad?
To be in debt is usually considered bad.
How is bad debt different from good debt?
Good debt is an investment helps to build credit. Bad debt is the amount that the entity has lost.
Do you credit allowance for bad debt and debit bad debt expense?
you smell
Can someone with bad credit get student loans?
Student loans are decided upon the income of the student and their parents and also the college course for which they are applying. Debt is not normally considered so even someone with bad debt would possibly be able to get a student loan.
How to record bad debt recovered in sales ledger control account?
Recovered Bad DebtsWhen any bad debt is recovered, twojournal entriesare passed. The first one reverses the write-off entry and the second one is a routine journal entry to record collection. Thus:Accounts Receivable70Allowance for Doubtful Debts70Cash70Accounts Receivable70
Non business bad debt personal loan?
It's a personal bad debt
Why doubtful debt is treated as an asset and Bad debt as an expense?
Doubtful debt is treated as asset because it is reduction in accounts receivable before it happen and at actual bad debt time it is offset against bad debt account. Bad debt is expense because this is the loss which business incurred due to bankruptcy or not receiving money from debtors.
