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How do you double entry when your debtor has paid your creditor for you?
credit the debtor and debit the creditor
What is the difference between pre-charge off and post-charge off accounts?
A pre-charge off is when the creditor is giving the debtor notice that the account is in default and will be sent to collections if a payment agreement is not made by a specified date. Post-charge off is when the account has been sent to collections, sold to a third party creditor or referred to a legal firm for further action.
When does a debtors account have a credit balance?
goods in transit a debtor(customer) could also be a supplier(creditor)
Can a creditor charge off an account then reopen it?
Yes, a creditor can charge off an account and later reopen it. A charge-off typically occurs when a creditor deems an account uncollectible after a period of non-payment, but the debt still exists. If the debtor later makes a payment or enters into a repayment agreement, the creditor may choose to reopen the account. However, this can vary by creditor and the specific circumstances surrounding the account.
Can a business checking account be garnished for a personal debt?
If it can be proven that the debtor has placed private funds in the account to avoid seizure by a judgment creditor.
What is the difference between creditor and debtor?
A creditor is someone YOU OWE money to. A debtor is someone who OWES YOU money.
What is a stipulation in bankruptcy?
It's basically an agreement between the debtor and creditor on how the debtor is to pay the creditor that arises when debtor has filed bankruptcy.
Distinguish between a debtor and a creditor?
a debtor is someone who owes you money and a creditor is someone who gives you credit for a service or supply of items
What is a Restraining Notice with Information Subpoena on a bank account?
It is used by a judgment creditor to freeze the assets of the debtor and to find out what assets the debtor has.
Can a creditor freeze bank accounts in New Jersey?
A judgment creditor can levy a bank account(s) held by the judgment debtor. An account can be frozen by the court when it appears that funds might be removed and/or transferred to avoid the judgment levy or to allow the judgment debtor to claim exempted funds in the account(S) or when the account is jointly held by a person who is not a judgment debtor. A joint account holder who is not a judgment debtor is required to present documents proving to the court the amount of funds that belong to them and which are not subject to a judgment levy. In some instances when an account is held jointly by a married couple and only one spouse is the named debtor the entire account will be exempted from a judgment creditor levy.
How do you double entry when your debtor has paid your creditor for you?
credit the debtor and debit the creditor
What is a primary relationship?
The relationship between a banker &customer is primarily that of debtor &creditor. On the basis of the existing state of account,respective position of the banker & customers will be determined.
What is the difference between pre-charge off and post-charge off accounts?
A pre-charge off is when the creditor is giving the debtor notice that the account is in default and will be sent to collections if a payment agreement is not made by a specified date. Post-charge off is when the account has been sent to collections, sold to a third party creditor or referred to a legal firm for further action.
What is a filed judgment?
It indicates the creditor plaintiff has won a lawsuit against the debtor defendent and a judgment has been entered in favor of the creditor. The creditor can enforce the judgment in accordance with the laws of the debtor's state of residency. The preferred method of executing a creditor judgment is wage garnishment, followed by bank account levy, a lien against real property owned by the debtor or the seizure and sale of nonexempt property owned by the debtor.
What is a Debtor and Creditor?
A debtor is someone who owes you money. A creditor is the person that lent the money.
Is a lien by a creditor placed on the debtor or the debtor's attorney?
The creditor will execute the judgment against the debtor's non exempt assets or property not the debtor's legal counsel. On the debtor.
Can a creditor garnish wages and seize money from a bank account in Michigan?
A creditor can garnish wages or attach assets if they have obtained a judgment against the debtor.
