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It all depends on how much debts you have...but the general rule is... the debt is left on file,and in effect it is written off...if this is a regulated debt- [i.e BANK-GOVERNMENT TAXES]However...if you have a personal debt ...say from friends or relatives..then some may come and harass your family-in which case you shall have to take legal advise from a Lawyer or the Police in your area ..or even get a Court restraining order against your creditors.Your Family or relatives are not held liable for any of your unpaid debts-unless they have stood as guarantors or signed any surety documents for the loan on your behalf-in which case they stand to pay out-OR UNLESS THE CREDITORS CAN SUCCESSFULLY PROVE THAT YOU HAD "HIDDEN" ASSETS WHICH YOU HAD NOT DECLARED-By this I mean you could have a property or investment hidden as a guise under ..say your wifes name or whoever! The Law may be different in some countries,so please seek expert local advise from a lawyer.
Wiki User
∙ 15y ago
If you die with debt but have no assets, typically your creditors will not be able to collect on the debt. Your estate is responsible for paying off your debts, so if there are no assets in your estate, the debt may not be fully repaid. Your heirs are generally not responsible for your debt unless they were co-signers on the loan.
Wiki User
∙ 13y agoA person's estate is responsible for paying their debts. The debts must be paid before any property is distributed to the heirs.
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How happens if defendant has no assets?
If the defendant has no assets, they may not be able to pay a monetary judgment against them. In such cases, the plaintiff may not be able to collect on the judgment unless the defendant's financial situation changes in the future.
What are the estate laws in California concerning credit card debt?
In California, credit card debt does not automatically pass to a deceased person's heirs. The deceased person's estate is responsible for paying off any debts, including credit card debt. If the estate does not have enough assets to cover the debt, creditors typically cannot go after the deceased person's family members. It is advisable to consult with a legal professional for specific advice on handling credit card debt in an estate in California.
What is a restraining notice to judgment debtor?
A restraining notice to a judgment debtor is a legal document typically issued by a court that prohibits the debtor from transferring or disposing of certain assets, pending resolution of the debt owed to the creditor. It essentially freezes the debtor's assets to prevent them from being moved or hidden to avoid payment of the judgment.
When someone goes to prison what happens to his credit card debt?
The individual would still be responsible for their credit card debt, but their ability to make payments may be impacted while in prison. The debt will not disappear, and the credit card company may pursue collection efforts or legal action to recover the debt.
What is Ohio's law about debtors exam?
In Ohio, a debtor's exam is a legal procedure where a creditor can obtain information about a debtor's assets to collect a debt. Debtors are required to appear in court or before a magistrate to provide information about their finances, including bank accounts, income, and assets. Failure to comply with a debtor's exam can result in penalties or contempt of court.
What happens with your debt if you die and have no relatives?
Your creditors are entitled to be paid from any assets you have at the time of your death. Generally, if you have no assets they are out of luck.
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
In Colorado what happens to your debt and car loan if you die?
Someone, normally a family member, will be appointed as executor of your estate. That person is in charge of your assets and debts as allowed by law.
If you die what happens to your debt?
family
Who is responsible for a persons debt when they die?
The estate will be responsible. If there are not enough assets to cover the debts, then they will not be paid.
Does your credit card debt die with you?
No, it does not really die with the individual, but it could. The estate is responsible for settling any debts of the deceased. If the assets of the estate aren't enough to cover them, the debt will be discharged.
Does credit card debt die with you?
No, it does not really die with the individual, but it could. The estate is responsible for settling any debts of the deceased. If the assets of the estate aren't enough to cover them, the debt will be discharged.
What happens to a debt if a person has nothing in the estate?
The executor will show the plan to the court. It will include all debts and all assets. If the debts are more than the assets, the debts will be cancelled.
Breckenridge Ski Company has total assets of 422235811 and a debt ratio of 29.5 percent Calculate the companys debt-to-equity ratio and the equity multiplier?
What is given is: total assets = $422,235,811 Debt ratio = 29.5% Find: debt-to-equity ratio Equity multiplier Debt-to-equity ratio = total debt / total equity Total debt ratio = total debt / total assets Total debt = total debt ratio x total assets = 0.295 x 422,235,811 = 124,559,564.2 Total assets = total equity + total debt Total equity = total assets - total debt = 422,235,811 - 124,559,564.2 = 297,676,246.8 Debt-to-equity ratio = total debt / total equity = 124,559,564.2 / 297,676,246.8 = 0.4184 Equity multiplier = total assets / total equity = 422,235,811 / 297,676,246.8 = 1.418
Are you liable for unsecured debt if you die in Florida?
A dead person in any state is not liable for debt. The deceased's estate is responsible for the debts to the extent there are assets in the estate to pay them.
What is Net income divided by total assets?
debt to assets ratio
What happens to consumer debt once dropped from a credit report?
They die
