Debt Collection

The county recorder (clerk recorder) for your county will have the transfer deeds that were recorded for any foreclosure or sale.

Depending on the workload for your county, it may take several weeks for this information to be available.

While the record of the foreclosure is valid and should remain regardless of the fate of the bank, technically it may be possible to remove it from your credit. Like any other item on your credit report you must dispute it. If you can supply reasonable evidence that the debt item is not yours, the credit agencies (Trans Union, Experian & Equifax) have 30 days to verify that the debt item is yours and reporting correctly. If the bank is no longer operating this may not be possible. However, if the bank was purchased by another entity or its records are otherwise managed by an exisiting company, verification may be possible.

The mortgage debt is the responsibility of the estate. The mortgage will have to be satisfied before the estate can be closed. Before anything in the estate can be distributed, the debts have to be cleared.

I'd request the President bail US out!

However I think the best thing to do would be to offer a payment plan, no matter how small the monthly payment. CC companies dont want to go to court anymore than you do!

It depends on the state law. Generally, the answer is no. keeping accounts separate after marriage is a good idea.

No. Debts incurred before marriage are the responsibility of the person who made the debt.

A spouse can be affected by such debts, however, if he or she shares a joint bank account or are joint owners of real property.

Not unless they co-signed for the loans or credit cards. The estate is responsible for the debts.

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No, you are not responsible for their debt. The only person legally responsible for a debt is the person that signed the contract for the debt. It doesn't matter if your dead parents left you money. Collection agencies cannot legally collect someone else's debt from you - but they will try. See the FDCRA to know your rights in debt collection.

The statute of limitations starts on the date of the last activity on the account. So, making any payments at all restarts the statute of limitations period. In Wisconsin, the statute of limitations is 6 years. After that, they cannot collect.

The SOL starts on the last date of activity on the credit card. So, don't make any payments or you will restart the SOL. In Arizona, the SOL is 6 yrs on credit cards.

When a business has debt to collect, it is listed as accounts receivable on their books. This is considered as asset. When it becomes clear that the business cannot collect the debt, it must be written off as bad debt. This is done to remove it from the AR listing.

Depends on how long it takes you to raise your credit score back to an 'excellent' rating and save enough money for a down payment.

Wages can be garnished if the creditor wins a judgment against you. In order to so that, you must first be sued by the creditor. And the creditor must win the judgment in court. If you are sued, be sure to attend the court hearing and plead your case to prevent this from happening.

A creditor can only levy your bank account by getting a judgment against you. To do that, they must sue you. And they must win in court. If you are sued by a creditor, be sure to show up for court to prevent this from happening.

You may be liable for a debt over 6 years old, depending on where you live. The debt statute of limitations (SOL) varies by state. Remember that the SOL starts on the date of the last activity on the account. This means if you make a partial payment on it, the SOL clock starts over! Get the SOL info for your state below-

A credit card company can sue someone for defaulting on debt. When they do this, they can be awarded a judgment. If the debtor has assets, such as a car or checking account, then they can be awarded those things. For property, usually the items are auctioned so that the collection agency (credit card company) can get the cash. If the person is deceased, you may be able to transfer ownership of the car before the credit card company tries to take it. Unless you are listed on the debt as a joint account owner, you are not liable for it. the FDCPA spells out your rights in terms of debt collection.

Yes, family members can call. You must be able to verify account details though. And you will be required to send a death certificate as proof of death.

Technically no, but it would really depend on what the company did in response to you trying to keep it. They could report the asset stolen or worse.

There is only two ways to legally obtain an asset against money owed, mutual agreement between you and the owner, and by order of the courts (ie., Writ of Garnishment and Seizure).

At the end of the day, just keeping an asset of the company amounts to theft, even if they owe you a zillion dollars.

Yes, it can be garnished by a collection agency (CA). What happens is that the original credit sells the debt to the CA. Then the CA owns the debt. The CA tries to collect from you. If you don't pay, they can sue you. If they sue you and win a judgment, they can garnish your wages. Of course, the CA may be suing you for debts that are not yours or where the statute of limitations has expired! Learn your rights by reading up on the FDCPA.

In some instances, yes they can. Did you sign anything at the dental office with your wife? If so, you may have signed something stating that you would pay if she could not. If that is the case, you can be held liable for the debt. If the dental company sues, they could win a judgment to garnish your wages. If you are not listed on the debt, you are not legally liable and cannot be sued or have you wages garnished.

In some instances, yes they can. Is the spouse listed on the debt? An example would be a joint loan or credit card. If so, that makes the spouse legally liable for the debt. If not, then no, the wages cannot be garnished because the spouse is not legally liable for the debt.

In KY, the debt statute of limitations (SOL) has provisions for signed contracts and non-signed ones. If you signed that you would pay, the SOL is 4 yrs. If you did not sign, it is 5 years. If they sue you and win a judgment, the SOL for collecting is 15 yrs.

Is your name on the bills? If you did not sign anything to be liable for the bills, then you are not responsible. Only the party that enter into the contract is liable for the debt. This means if your spouse is the only one named on the bills that you do not have to pay. A collection agency may tell you that you are liable even if you are not. Learn your rights under the FDCPA.

Only if you are sued for the debt. First the RV is repossessed. Then you will get collection notices in the mail. If you are going to be sued, you will get notice of that too. If you are sued, the judge can award the creditor a judgment that allows them to garnish your wages.