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What else can I help you with?
Can an individual exit the UK with personal debt?
If you mean (for example) to go on holiday - then there's no reason why not. If, however, you mean to escape paying back the debt - many countries have agreements with each other to recover a persons debt no matter which country they emigrate to.
What is debt-trap?
Debt Trap is a situation where you add on a new debt in order to pay an existing debt. Generally, when the firm or an individual is over leveraged all the credit sources are exhausted, the firm or individual arrives at a situation of debt trap.
Is An individual who is not personally liable for a debt does not have ordinary income from the cancellation of the debt unless?
An individual who is not personally liable for a debt does not have ordinary income from the cancellation of the debt unless the cancellation occurs in a situation where the debt was secured by property that has declined in value or if the individual is in bankruptcy. Additionally, if the individual is solvent after the cancellation, they may need to report the cancellation as income. Exceptions also apply for certain types of student loan forgiveness and insolvency scenarios.
Can I get debt relief as an individual, or is that only used on a corporate scale?
The best thing you can hope for as an individual in terms of debt relief is debt consolidation. Most debt relief programs are reserved for large corporations or even governments. I believe the only answer is really a debt consolidation aside from filing for bankruptcy.
What does the term discharged mean?
It basically means to cancel or relieve an individual of an obligation of debt. A bankruptcy court may issue an order of the court that the debts of an individual or business are absolved or do not need to be paid off.
How long after bad debt can it be collected?
A bad debt can be collected on indefinitely. The debt is owed until it is paid or written off by the creditor or individual.
What does debt outstanding mean?
That u payed your debt in full
What does hit the black mean?
its when you are in debt and you come out of debt when you get money.
What does debt holding mean?
Debt holding refers to the ownership of debt instruments, such as bonds or loans, by an individual or organization. When someone holds debt, they have a claim to receive interest payments and the principal amount upon maturity. This can be an investment strategy, as debt holders earn returns through interest, but it also involves risks if the borrower defaults. Essentially, debt holding signifies a financial relationship where the holder provides capital in exchange for future repayments.
If you have a joint debt with another individual and only 1 individual files for bankruptcy will it appear on the other individual's credit report?
No, but the full amount of any joint debt will remain valid when included in an individual BK and the creditor can pursue collection from the non-filing debtor.
What is debt hypothesis?
Debt hypothesis is the hypothesis in which a person may go into or get out of debt. In other words, it's a theory an individual may come up with to measure ways to avoid or get out of being in debt.
What does discharge of a debt mean when it is not associated with bankruptcy does it mean the debtor is fullt released from the obligation to repay the debt?
Yes, if a debt is discharged the debtor no longer has to pay.
