Debt Collection

is land a liquid asset

Yes, but the individual is not legally obligated to answer such queries. It is assumed that the agency attempting to collect a debt has obtained the needed information from the original creditor.

Not unless you were a part owner or in some way connected with the deceased person's business or personal debts.

It depends on whether they were listed on the deed. Most courts would rule that the spouse benefited from the debt and can be held responsible. The estate has to sell the property or settle the loan before she can inherit anything.

If the debt is on a shared account, then yes, the wife's pay can be garnished even if the husband was the one who ran the debt up.

Chances are that you will be responsible for them. Usually the insurance covers both parties and requires they both be held accountable.

Deducted from what? If a house is sold at foreclosure, expenses related to preparing the house for a normal sale are not relevant. Generally, expenses to prepare a house for a voluntary sale are not recovered in the sale, except for a few markets where demand for houses exceeds the supply, and even then the seller is better off just cleaning up cluttered rooms and making coffee or baking something chocolate while showing the house.

If, by some chance, your house sells at auction for more than you owe and the fees for the foreclosure, it is unlikely any of the expenses would qualify as increasing the basis (how much you paid for the house), thus lowering your taxable gain.

ilok nimo baho

Assuming the debtor does not voluntarily release the information for collection to the collector due civil process is required before such action can occur. The general steps are:

The collector/creditor will file a civil suit against the debtor, win the suit (which is almost certain to happen); be awarded a judgment then execute the judgment as a levy against the judgment debtor's bank account.

A Collections Firm that works out of the East Coast! They use illegal tactics to collect debt by forms of abuse, intimidation, threats and even calling you day and night and your family and friends! BEWARE!

There is no time limit that a collector must adhere to before initiating a suit. But, collectors generally seek legal recourse as a last resort. They prefer to resolve the issue by negotiating with the debtor for a lesser amount than originally owed.

Please be advised, however, any creditor/collector can pursue a lawsuit whenever they so choose within the boundaries of the debtor's state SOL laws.

Sure, unless he runs out of condiments. Couple of weeks between refills unless they switch over to cinnamon, which is way more efficient.

Strictly speaking, you can move out of state at any time after notice of a foreclosure or after the foreclosure sale (or entry for breach of condition in those states not requiring an auction or sale). It would be nice if you gave the keys to the law firm or other foreclosing entity, but it's not required.

An employer must use objective judgments when evaluating the benefit programs. Only programs which can improve employee retention or recruit high quality employees should be implemented.

Yes because when you get married you are one so your spouse whould be responsible for their debt because that means their in debt to

Parents shouldn't be responsible for adult children.

Get a copy of your credit report from all three bureaus. You can get a free copy each year. This report will tell you all of the collection accounts that are currently reported, and to which of the credit bureaus they are being reported to.

If the debt collector is not the owner of the loan or credit card, and they are not a lawyer hired by the company holding the debt, it is illegal under the Fair Debt Collection Practices Act for them to threaten to sue you. They do not have the legal ability or right to threaten to sue or to actually sue (unless, as I said, they are a law firm hired by the credit issuer or have purchased your debt.)

If a non-lawyer debt collector threatens to sue you for the debt, you should immediately contact the Fair Trade Commission and report the collector. This means that, without letting them know what you intend to do, you will have to calmly get the debt collector's information: Company, Representative's name, phone number and address (if possible), and time and date that the threat happened. The FTC will want all of this information.

Remember these basic rules: 1) Send a registered letter to the collector telling them they may only contact you via mail and may not contact your relatives or work by phone either. They must comply once you have received notice that your letter has been received. If they don't comply, report them to the FTC.

2) Never negotiate a payment plan if it has been seven years or more from the time the debt went into collection. They will try to trick you into this so that the clock is reset on the debt. Every time you make payment arrangements, you agree AGAIN that you have a debt and it will be another seven years before the debt is not legally collectable (it is 10 years in the case of taxes and other special circumstance debts).

3)Read the FDCPA booklet so you know what is allowed and what is not. It is important to know your rights!

4) Report EVERY infraction that a debt collector makes. It is free and can be done over the phone, on-line, or by mail.

One last thing: If you are threatened with a lawsuit by a lawyer that represents someone that hold your credit note, demand a copy of the original contract, the one with your signature. They may not be able to provide it which may lead to the debt being nullified (this means a possible court date). Even if they can get you a copy, the law says that all court proceedings must HALT for up to 30 days. This can, at least, give you some time to collect yourself and file a case of your own or what have you. If necessary, it gives you enough time to file bankruptcy and eliminate the debt altogether (this is a last resort remember).

of course remember the best action was always to pay debt you owe.

If the person who borrowed money got someone to co-sign on a loan (or other items), and the person who is responsible for the payment doesn't pay, then the bank goes after the co-signer. This creates a huge problem for the poor co-signer who helped their friend. If the co-signer doesn't pay their credit is also ruined.

Your will lose your ability to pull credit for years, your accounts will go into collections, you can be sued for the debts, and/or you can wait 7 years for the debts to come off your credit report. If you have a judgement because you were sued, then it is likely that the debt will stay with you for 10 years +. Moral of the story, do the responsible thing and pay the debts off, even if it takes a long time to do so.

No.

If the debtor has received notice that the debt has been cancelled (forgiven) they should receive a IRS form 1099-C as the amount of the forgiven debt is now considered taxable income.

Given those circumstances, the debt no longer exists and is no longer collectible.

NOD stands for "Notice of Default".