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Yes, you are responsible for the repayment of your debts, regardless. Most people do not understand that their most valuable asset is their employment. If you blow off your obligations your creditors could take legal actions which could result in the forcible garnishment of your paychecks.
The best solution is to communicate your financial position and limitations. In this economic you may find them willing to accept a smaller repayment plan and amount then they would have in the past.
What else can I help you with?
How can personal debt be transferred to an LLC?
Personal debt can be transferred to an LLC by having the LLC assume the debt through a formal agreement or by using the LLC's assets to pay off the personal debt.
Am I responsible for my husband's debt in NY?
You do not have to do it out of your own pocket in New York. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, you may have to sell the house or other 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.
Are you liable for any of your spouse's debt?
Since his debt is tied to his assets (which you both share), his debt is your debt unless a court rules that it is not. Creditors can file a claim on his assets or life insurance (if he dies) to pay the debt so it does make you indirectly responsible for his debts. In the case of a divorce, the debts will be split up accordingly and when it is finalized, his debts are no longer your responsibility.
Does the us government have enough money in reserve to pay its debt?
The United States of America currently has approx. 77 trillion dollars worth of assets and 113 trillion in debt that is including all the money in reserve. so no the Us does not have enough money in reserve to pay out its debt.
If the credit card belong only to the deceased with no assets widow still have to pay?
The estate still has to pay the debt. Usually that means that the widow will have to pay the debt from the assets left by the husband.
When you file for Bankrupsy and have a debt around 50000 do you pay a certain percentage back?
No. Your assets that can be used to pay the debt determine how much is paid back.
What type of bankruptcy can you file to not have to pay off your debt?
In ANY bankruptcy, whether or how much of your debt gets paid is dependent on what type it is, and more importantly, what your assets are. Your assets are used to pay your debts...have enough and 100% gets paid.
What is chapter 7?
Chapter 7 bankruptcy protects you from creditors and sells your non secured assets to pay the creditors that you owe. If you do not own an assets, you will not have to pay the creditors and the debt will be forgiven.
Do providers have to repay company that goes into bankruptcy?
I am not an attorney. But my thought is, yes of course. You still have a debt and you made an arrangement to pay it back. The company still has assets in the form of outstanding debt, and these assets will be used to pay the company's own debt. If I were one of the company debtors, you can be sure I'd be expecting people to pay the company what is rightfully owed. Again, I am not an attorney.
How can personal debt be transferred to an LLC?
Personal debt can be transferred to an LLC by having the LLC assume the debt through a formal agreement or by using the LLC's assets to pay off the personal debt.
Bakrupicy get rid of forclosure?
Just for a littel while...you have to pay the mortgage or debt, or your assets are sold to do so.
The most rigorous test of a firm's ability to pay its short-term obligations is its?
debt-to-assets ratio.
Am I responsible for my husband's debt in NY?
You do not have to do it out of your own pocket in New York. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, you may have to sell the house or other 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.
You are 6004 in debt can you file chapter 7?
Sure. But his would seem to be a very minor amount to do so for. And if you have more than that amount in non-exempt assets, then those assets will be used to pay that debt. (Bankruptcy effects all you debts and you assets, you do not pick and chose which ones are included).
Are you liable for any of your spouse's debt?
Since his debt is tied to his assets (which you both share), his debt is your debt unless a court rules that it is not. Creditors can file a claim on his assets or life insurance (if he dies) to pay the debt so it does make you indirectly responsible for his debts. In the case of a divorce, the debts will be split up accordingly and when it is finalized, his debts are no longer your responsibility.
