0
A person's estate is responsible for their individually incurred debts. If there are no assets then the estate is declared insolvent and the creditors are out of luck. Some people think of assets as only being money in the bank. Perhaps you should speak with an attorney to verify that there are no assets and that the creditors are out of luck.
What else can I help you with?
How do you become debt free without assets?
To become debt free without assets, you can start by getting a job and paying your bills. Set up a budget and follow it. Be sure to include savings and investments. Do not add any more debt!
If a 20 something year old dies and has debt under their name is the parent responsible for the debt?
No. The person's estate would be responsible for the debt. The creditor could attach any assets owned by the decedent but if there are no assets the creditor would be out of luck.
In Canada is a wife liable for her deceased husband's debt if it was incurred without her knowledge or consent?
Unfortunately yes. Communal debt and communal assets.
How can one determine the debt to assets ratio of a company?
To determine the debt to assets ratio of a company, you divide the total debt of the company by its total assets. This ratio helps assess the company's financial health and how much of its assets are financed by debt.
What happens to the deceased's debts such as bank loans and tax arrearages?
Some or all of the deceased assets will be liquidated to pay for the debts before any remaining assets can be divided by the survivors or distributed as decreed in his/her will. If there are not enough assets to cover the debts, the court will divide the assets somewhat equitably. If the deceased was married, the debt will be passed on to the spouse.
What is a sheriffs lien?
A sheriffs lien occurs when a person gets in debt and their property or assets are seized. They are then sold by the sheriffs department to repay the debt.
What do you do when someone dies leaving outstanding credit card debt but has no will or trust and no assets?
The creditors will write it off if there are no assets. They cannot come after anyone exept the person with the debt or their estate. If neither exists, they write it off.
In California if single dad dyes who is resonsible for credit card debt?
If there a will of intent then that person assumes all debt and capital gains ... if there no will of intent is NO ones reasonable ... the person's assets can be sold off to settle that debt in an auction ...
Breckenridge Ski Company has total assets of 422235811 and a debt ratio of 29.5 percent Calculate the companys debt-to-equity ratio and the equity multiplier?
What is given is: total assets = $422,235,811 Debt ratio = 29.5% Find: debt-to-equity ratio Equity multiplier Debt-to-equity ratio = total debt / total equity Total debt ratio = total debt / total assets Total debt = total debt ratio x total assets = 0.295 x 422,235,811 = 124,559,564.2 Total assets = total equity + total debt Total equity = total assets - total debt = 422,235,811 - 124,559,564.2 = 297,676,246.8 Debt-to-equity ratio = total debt / total equity = 124,559,564.2 / 297,676,246.8 = 0.4184 Equity multiplier = total assets / total equity = 422,235,811 / 297,676,246.8 = 1.418
How can one determine their debt to asset ratio?
To determine your debt to asset ratio, divide your total debt by your total assets. This ratio helps you understand how much of your assets are financed by debt.
Can you collect a debt when the person is deceased and has no assets in the state of Ohio?
You can apply to the estate for your money. If there are no assets in the estate, you aren't going to be successful. Consult an attorney in your jurisdiction for help.
What is considered a good debt to assets ratio for a company?
A good debt to assets ratio for a company is typically around 0.5 to 0.6, which means that the company has more assets than debt. This ratio shows how much of a company's assets are financed by debt, with lower ratios indicating less financial risk.
