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What else can I help you with?
Who is responsible for outstanding credit card debt if bank cancels your credit card?
You are because you incurred the debt.
Who is responsible to pay a credit card if the person dies?
The person's estate pays for all outstanding debts.
Will your credit rating be affected by your partner filing bankruptcy?
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
Is the wife responsible for husbands credit card bill?
No. The husband of the family is responsible for everything that happens to or by the family members.
What happens in credit when a customer pays their account?
When a customer pays their account, the outstanding balance on their credit account decreases, reflecting the payment in the account's transaction history. This reduction can improve the customer's credit utilization ratio, which is an important factor in credit scoring. Additionally, timely payments can positively impact the customer's credit score, demonstrating responsible credit management. Conversely, late or missed payments can lead to negative consequences, including fees and a lower credit score.
What does accountability and responsibility mean?
Put simply - it means it's your problem ! If you obtain a credit card, you are accountable for any purchases, and responsible for the outstanding balance.
Who is responsible for a deceased mother's credit card debt which is in her name only and property has transfer on death on dead avoiding probate?
The estate is responsible to pay outstanding debt before being distributed to the heirs.
What is the adjusting entry for wages posted twice?
Outstanding wages are those wages that have been earned in one acctg period but will not be paid until the next. This happens when a payroll period crosses months. Under the accrual basis of... entry is wages expenses are credit and outstanding wages are credit.
What happens when you own a home with your partner who is in foreclosure on another home?
Nothing happens to you.. It wont affect you anymore that it affects me... LOL But your partner will have a foreclosure on their Credit Profile. You are responsible only for the payment history on any loan with your name on it. The Foreclosure that your partner suffered shows only on the foreclosed party's credit bureau. You probably won't want to use that person as a co-borrower for a while. No mater what the type of Lender you apply to, you will have a rate and or fee add-on; due to the partners previous foreclosure. Trenton "Trent" Sims California Broker 310.422.0435, 310.807.9230 Tsims@Green PlanetFunding.com
Who pays off the balance of a deceased credit card person?
If person dies with debt, the debt does not die with them and their creditors have the right to be repaid from the deceased's estate. The executors of the estate need to be aware of any debts in order that they can deal with them. If there is no estate, or if the debts are relatively small, creditors may well write off the debt. If any debts are in joint names, the surviving partner will remain liable for the debt.
What is journal entry of outstanding expenses paid?
[Debit] Outstanding expenses [Credit] Cash / bank
What happens to a joint credit card when one account holder dies?
Both owners of a joint credit card are equally responsible for paying off the balance on the card. When one dies the survivor is responsible for the full balance.
