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What is the possibility of being sued by Capital One for defaulted credit card accounts of 6000 and 4500 when the card's are in the wife's name only?
Creditors use lawsuits as a last resort, but Capital One is a creditor that uses aggressive collection procedures and does sue the debtor when there are no other options available. If the married couple live in a community property state, both spouses can usually be held responsible for the debt regardless of which one is the actual account holder. If the married couple do not live in a community property state, only the account holder is responsible for the debt and is the one who would be sued. In states that are not deemed Tenancy By The Entirety, marital assets such as bank accounts can be subject to creditor attachment by a lawsuit judgment.
What else can I help you with?
The accounts listed on the trial balance with a credit balance include?
owners capital. revenue and expense accounts
What is a charge-off on your credit report?
Charge off is a shortened version of "charged off to profit and loss". This is an internal accounting term for activity creditors take on defaulted accounts. For a consumer's purposes charge off = collection account. This is a defaulted debt that shows as a derogatory account on your credit file.
Which of the following accounts are expected to have normal credit balances?
Income, Liabilities Capital/Funds
What services does Capital One offer?
Capital One offers several different services. Some of these services includes credit card accounts, personal banking accounts, home loans, auto loans, and investment accounts.
What are the accounting journal entries for guaranteed payments to partners?
Debit:Partners Capital Credit: Accounts Payable
Is a net loss closed as a debit to owner's capital?
No. It is closed as a credit owner's capital. Chapter 4 on page 217--Closing the accounts.
What services does Capital Business Credit offer it clients?
Capital Business Credit offers a variety of services. Some of these services are factoring, or accounts receivable financing, provides companies with advances and credit guarantees through the sale of their receivables.
How long does it take for credit card accounts to be closed if they have not been paid?
If a credit card account has an outstanding balance that is defaulted on, the account will not be closed. The account will be charged to profit and loss, or sent/sold/assigned to collections, either internal or external.
Calculate the opening balance for capital and enter all the opening balances into general ledgerSubsidiary Ledgers are not in useso control accounts are not used for accounts payable or receivable?
Normally the capital amount shows in credit site in opening balance. it's means that the last year capital amount of balance sheet. and when we enter the capital amount in ledger, we have to show credit site.
What is the benefit of getting defaulted loan off of credit report versus paying off defaulted loan?
ask an asian.
Can you claim ppi on your credit card if you have defaulted on payment?
fat
Who is the CEO of Capitol One Credit?
Capital One is a US-based banking company specializing in credit cards, loans, banking and savings accounts. The CEO of Capital One is Richard D. Fairbank.
