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When you get into debt, you borrow money to cover expenses or maintain your lifestyle, which can lead to financial strain. This can result in monthly payments that reduce your disposable income, potentially affecting your ability to meet other financial obligations. Accumulating debt may also impact your credit score, making it harder to secure loans or favorable interest rates in the future. If left unaddressed, it can lead to more severe consequences, such as bankruptcy or legal action.
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What happens when a family spends more money than it has?
they have debt
At the time of acquisition of a debt investment what happens?
no journal entry required
What happens to consumer debt once dropped from a credit report?
They die
What happens to a mortgage after a bankruptcy?
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
What happens to credit card debt if a bank fails?
If a bank fails, credit card debt is typically still owed by the cardholder to the bank or to a new entity that acquires the debt. The debt does not disappear just because the bank fails.
What happens when debt can't be validated?
Legally there is no debt, if it can't be validated.
If you die what happens to your debt?
family
What happens when parents die and their debt is more than the assets by over 60000 in credit card debt and is this debt cancelled?
the debt dies with them... you owe nothing
What happens to a lien placed on a property and that person who is owed the money dies?
The debt is owed to their estate.The debt is owed to their estate.The debt is owed to their estate.The debt is owed to their estate.
What happens when a family spends more money than it has?
they have debt
What is account reaffirmation on a debt?
this is were you agree to pay the debt that you originally signed with the creditior this usually happens when someone is filling bankruptcy.
What happens when a person dies and is owed money by a friend. Is the debt written off?
The debt moves to his closest family member.
What happens when a credit card debt goes to litigation?
A credit card debt will be granted a judgment possibly and then the company can pursue you to collect the debt. A garnishment could even be awarded, although this is rare on unsecured debt.
What happens when a person dies and is owed money by a relative?
If the debt is evidenced in writing it is the obligation of the executor to collect the debt owed to the estate.
What happens if a collection company does not validate the debt?
If they are unable to show proof that you are connected to the debt and have no documentation, then they by law have to remove it from your credit report.
What happens if you used a debt card that was not yours?
You go to jail if unauthorised
At the time of acquisition of a debt investment what happens?
no journal entry required
