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What else can I help you with?
Can you be made bankrupt if your home is repossessed?
Yes, you can be made bankrupt if your home is repossessed, but the two events are not directly linked. Bankruptcy occurs when an individual cannot repay their debts, while repossession happens when a lender takes back a property due to mortgage default. If the repossession does not cover the outstanding mortgage debt, you may still owe money, which could lead to bankruptcy if you are unable to pay other debts. Additionally, the financial strain caused by losing your home can contribute to an overall inability to manage your debts, potentially resulting in bankruptcy.
What happens when sheriff pays more than what is owed at sale?
money will go to the person buying the home
Is the interest on a home equity line of credit tax deductible?
The beauty of a Home Equity Loan or Line of Credit is that interest paid is usually tax deductible* AND you can use the money for any purpose YOU choose - home improvements, consolidate debts, college education, vehicle purchase, or vacations.
What type of personal debts is usually considered wise and justified?
Home Mortgage
What type pf personal debts is usually considered wise and justified?
home mortgage
In Texas must a home in probate be sold?
No, it does not have to be sold. But the debts have to be settled and if there is not enough money to resolve the debts, the home will have to be sold.
What happens to debts if a person goes into a care home for the elderly with alzheimers and the local authority claim the pension to pay for the care home leaving no money to pay the debts?
If a person's pension is claimed by the local authority to pay for care home costs, any remaining debts may go unpaid. In this situation, it is important to communicate with the creditors about the individual's circumstances and seek advice on how to manage the debts effectively. Any joint debts could potentially fall on the other party, depending on the specific arrangements.
What happens to home warranties when a home builder files Chapter 11 Bankruptcy?
Gone unless someone buys his business and assumes debts and obligations.
Can you be made bankrupt if your home is repossessed?
Yes, you can be made bankrupt if your home is repossessed, but the two events are not directly linked. Bankruptcy occurs when an individual cannot repay their debts, while repossession happens when a lender takes back a property due to mortgage default. If the repossession does not cover the outstanding mortgage debt, you may still owe money, which could lead to bankruptcy if you are unable to pay other debts. Additionally, the financial strain caused by losing your home can contribute to an overall inability to manage your debts, potentially resulting in bankruptcy.
Who pays nursing home when you die?
Normally any debts a person has when they die (such as outstanding fees to a nursing home) are paid out of the estate of the deceased person. If there is not enough money in the estate to meet all the debts then the people owed money get only a share of what there is. Relatives do not have to make up the difference unless THEY told the nursing home THEY would pay the nursing home costs (and signed a contract to this effect).
Is your wife liable for your debts?
Your wife is considered responsible for your debts. The logical reason for this is that she benefits from your money. If you go into debt to buy a home, car, personal items, food, etc., for the both of you, she is receiving their use.
If you owe your parents money but mom died and dad is in a nursing home can you just have the money subtracted from your inheritance or must you pay it to the estate now?
The specifics will depend on the executor of the estate. If when the parent's die there are not adequate assets to settle the debts, the loan will probably have to be repaid. If there is enough to cover the debts, the loan can be subtracted from the bequest.
When Dad died in a Florida nursing home does the state have the right to his estate?
Not unless he owes money to the state. The estate has to resolve all debts and then the laws of intestacy or the will will be executed.
Can an executor sell a family home that has to be shared and shared alike by 6 siblings?
Yes, the executor may sell the home. The money would be used to pay debts and taxes. The remainder would be divided according to the will.
What happens if you decide not to pay earnest money when buying a home and sighned contract?
The people you are buying the house from can sue you for the earnest money.
What happens when you are left in bankruptcy?
You are not left in bankruptcy, you enter into it willingly. In chapter 13 you enter into a repayment plan and all your debts are paid in about 5 years. chapter 7 negates all debts that are unsecured like credit cards and leaves you with only your secured debt like home and cars. In both cases you keep your vehicle and home
If a decedents home is left out of their trust is the executor still liable to pay the mortgage?
The home is a part of the estate. It does not matter that it is or is not in a trust. The executor is responsible for taking care of all of the assets of the estate.
