Old debt typically refers to financial obligations that have been outstanding for a significant period, often classified as being 180 days or more past due. Such debts may include unpaid credit card balances, loans, or other forms of credit that have not been settled. Once debts reach this age, they may be sent to collections, reported to credit bureaus, or subject to legal action, impacting the debtor's credit score and financial standing. Additionally, old debt can become difficult to collect, leading creditors to either write it off or negotiate settlements.
Not debt, but they are income.
revolving debt
No, car loans are considered secured debt because the car itself serves as collateral for the loan.
unsecured debt
Yes, a loan is considered debt because it involves borrowing money that needs to be repaid with interest over a specified period of time.
Not debt, but they are income.
No it is the opposite of debt.
revolving debt
To be in debt is usually considered bad.
Yes, a credit card is considered unsecured debt because it is not backed by collateral.
if i need a car and i am in bankruptucy how can i get a letter of incurred debt
The portion of payments due in the current period (1 yr) are considered the current portion of long term debt; the remainder would be considered long term debt, though this is difficult to justify, given that auto loans are consumer debt - that is debt that is not tax deductable. The portion of payments due in the current period (1 yr) are considered the current portion of long term debt; the remainder would be considered long term debt, though this is difficult to justify, given that auto loans are consumer debt - that is debt that is not tax deductable.
No, car loans are considered secured debt because the car itself serves as collateral for the loan.
The debt cannot be considered secured. However if you fail to pay, you may have a bankruptcy petition to face which could result in your goods and property being sold to pay the debt.
you cant put a debt in your bankruptcy that is less than 6 months old.
unsecured debt
I think is non recourse debt