credit the debtor and debit the creditor
Debit accounts payableCredit cash / bank
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Negative entries will remain on a credit report until the required time period of seven years has elapsed. Neither the original creditor nor a collector can have the entry removed, but it can be noted as "paid as agreed", "paid in full" "satisfied" and so forth.
DR Retained Profits (in BS) CR Cash/Bank (in BS)
That debt is generally called an "account(s) payable" but may be extended to a general "current liability" based on the contract between the creditor and the debtor.
The creditor is the lender. The bankrupt is the debtor. The lender never has to re-affirm he wants to get paid back.
This sounds like another way of saying mortgage--the conveyance of property by a debtor to a creditor which, if the debt is not paid, can be kept by the creditor.
Debit accounts payableCredit cash / bank
There are basically two parties involved with credit cards - the creditor and the debtor. The creditor is the organisation who pays the shop or business the debtor (ie you) are buying from. They then collect the money from you in installments adding interest each month until the bill is paid.
The creditor can file a civil lawsuit. If the creditor wins, he/she may be able to attach against property or garnish wages until the debt is paid.
The creditor can seek a court judgment and if successful can record a lien against the debtor's property. The lien must be paid before the property can be refinanced or sold. The creditor can also file a claim against the debtor's estate.
Yes. The creditor must sue the debtor in court and if they are successful they can request a judgment lien. The lien can be recorded in the land records.Yes. The creditor must sue the debtor in court and if they are successful they can request a judgment lien. The lien can be recorded in the land records.Yes. The creditor must sue the debtor in court and if they are successful they can request a judgment lien. The lien can be recorded in the land records.Yes. The creditor must sue the debtor in court and if they are successful they can request a judgment lien. The lien can be recorded in the land records.
After the entry of the dismissal, the Chapter 13 trusee will send you a final accounting of how much was paid to each creditor.
The creditor must obtain a judgment lien from the court. They must sue the debtor and if they win they can request a judgment lien from the court. The lien can be recorded in the land records and the debtor's property cannot be mortgaged or sold until the lien is paid.The creditor must obtain a judgment lien from the court. They must sue the debtor and if they win they can request a judgment lien from the court. The lien can be recorded in the land records and the debtor's property cannot be mortgaged or sold until the lien is paid.The creditor must obtain a judgment lien from the court. They must sue the debtor and if they win they can request a judgment lien from the court. The lien can be recorded in the land records and the debtor's property cannot be mortgaged or sold until the lien is paid.The creditor must obtain a judgment lien from the court. They must sue the debtor and if they win they can request a judgment lien from the court. The lien can be recorded in the land records and the debtor's property cannot be mortgaged or sold until the lien is paid.
Normally, when a judgment is paid in full, the judgment creditor gives the debtor the release of judgement (sometimes called a warrant of satisfaction). It is then up to the debtor to file or record it because he/she wants to make sure the lien is removed.
Yes. If the account is not paid as agreed in the original contract the creditor can sue the debtor, but they ususally try to avoid legal action.
All debts should be paid, regardless of being secured or unsecured. However, if you are involved in a bankruptcy then the trustee will provide both the debtor and their creditor with the list of what, if anything, is being paid, adjustment, and/or monthly payment to expect.