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Debt Collection
Debt collection is a legal and necessary practice when products or services have already been provided but the consumer has not paid for them. Some companies use collection agencies to pursue payments on debts owed by persons or businesses.
5,393 Questions
What does income tax credit mean?
An income tax credit is a dollar-for-dollar reduction in your tax, based on money you spent or invested in an item the government has decided is a social good, and which therefore is to be encouraged by the credit. It is different than an income tax deduction, which is a dollar reduction in your taxable income, but only a partial dollar reduction in tax.
For example, let's say you spent $30,000 on solar panels for your home, for which your government will award a tax credit of 50% of the purchase price. In this case, your tax credit will amount to $15,000. If you owed $18,000 in tax in that tax period, $15,000 would be credited off, leaving you with only $3,000 in tax.
A tax deduction of 50% of the purchase price would likely result in you're having to pay much more tax, because the deduction applies to your income, not directly to your tax. For example, suppose you made $100,000 in the year you bought the $30,000 in solar panels. The deduction would be $15,000, making your taxable income $85,000.
How much do you save with the deduction? It's the difference in tax owing against the $100,000 versus the tax owing against the $85,000.
If the marginal tax bracket is 30% starting at $50,000 income, you would pay 30% * ($100,000 - $50,000), or $15,000 in tax if you don't buy the solar panels. If you do buy the panels and take the deduction, your tax will be 30% * ($85,000-50,000), or $10,500 in tax. Thus your savings is $4,500.
So you see, in this case a tax credit of $15,000 is MUCH BETTER than a tax deduction of $15,000. The credit is worth $15,000, while the deduction is worth only $4,500!
How do you resolve a bank account levy with the IRS?
You pay the underlying assessment.
If they already went to levy an account, you may even be past the time you can protest.
If you ignore them long enough...THEY DO NOT go away!
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In my case, I didnt.
They took all the money out of 2 of my accounts. I contacted them and am working to file my back taxes. My CPA says after I do so, I will get a refund of the excess.
A levy is a 1 time thing. They did it to my account and I have since put money back in the account and they dont automatically get it unless they happen to do another levy. And they probably wont because I am not running from them anymore !
LOL
Can a bank withdraw from your account for insurance without your permisson?
Are you sure you didn't permit your insurance company to bill your account directly when you bought the insurance? This is becoming a very common thing. If you didn't, you'd have to ask how the insurance got your account information to get the funds.
The state party focusing on electing party candidates to state officials
Certainly, there is no reason they can't. They may not be able to foreclose on the property, but if it is sold, the debtor's share will go toward the lien.
im a bill collector and i no alot of ins and outs with credit ..the best thing you can do to improve your credit is to maintain credit always make min payments to creditors and always carry a small balance something you can easily pay off but enough to carry over every month this shows good payment history and will always improve credit scores. i would recomend to get 1 max 2 credit cards with small limits and use them for gas or groceries things that u have to buy anyway. pay majority of that off everymonth. the only problem with doing this is that it will cost you a little bit in interest each month so shop around for the lowest rate. and remember having bad credit is just as bad as having not enought credit hope this helps
Is a child responsible for any debt owed by parents upon their death?
They are not personally responsible. The estate has the responsibility to resolve the debts. If the assets are not adequate to resolve them, they have to be written off.
Usually, to open an account at a bank, you must provide multiple forms of ID. If you have a valid Driver's License, a Military ID card, or a Alien Residency Card these are accepted at a bank when opening an account. Your bank will also, most likely, require you to have two or more forms of ID to confirm your address. Sometimes you can provide a piece of recent mail (like a bill for utilities or phone service) that has been mailed to you at your current residence.
When coming to the bank after your accoutn is set up, usually one form of picture ID is all that is needed when completing transactions such as cashing checks and withdrawing money.
There is a web link located below for you. It will give you your three credit reports for free once a year, you will only have to pay for the scores if you wish to have it.
Request a free copy of your credit report from all three reporting agencies. You are allotted one free report per year from each agency. The service above only gives an abridged copy of each report. By going to each reporting agency, you will get complete reports.
Technically the bill will appear on your credit report for 7 years but they cannot make you pay a single dime if the hospital or debt collectors can't get you in a court room within a single year; know your rights people- don't get screwed over.
(if you are making payments, it takes one year from your last payment for this to take effect...)
Joint tenants own 100% of the total each. If one puts a lean on their part then its only on 50%. If that person dies the other owns the whole 100 % without question. You cannot desolve a joint tenacy unless you sell your half or joint tenent dies. If the leans of the other joint partner is against a joint property and he dies then his half automatically goes to his joint partner and the person putting debt on his 50% is redundant because it is someone else's 100% after death. This person might have to sue the other person for his lean on the joint ownership but he might not win.
Can a bank come to your home to collect?
Yes. If you have payments due to them which you haven't made then they have the right to come to your residence and request for payment.
What does foreclosure redeemed mean?
forclosure redeemed means that in the process of the mtg company forclosing on a property, the property owner was able to pay off the full amount due, therefore stoping the forclosure process
Will the bank garnish wages after repossessing a car with a deficiency on it?
They can but there is no telling how fast they will get to it. They have to go thru lawyers and the courts first. Most cases this can be avoided by setting up some sort of payment plan.
No you will not be personally responsible for the debt. One of the primary reasons to open an estate is to resolve such debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
it can be yes
Sometimes it makes sense to go into debt. Generally if it's something important to you and it'll last longer than the loan (such as a house, education, or a car) debt is reasonable.
hope it helps
How can I negotiate Credit card debt with an attorney?
The following information is based merely on one persons late night thoughts regarding the law in general and should in no manner be construed as legal advice to any specific individual regarding any specific manner, The following information is based merely on one persons late night thoughts regarding the law in general and should in no manner be construed as legal advice to any specific individual regarding any specific manner, The following information is based merely on one persons late night thoughts regarding the law in general and should in no manner be construed as legal advice to any specific individual regarding any specific manner, and I would recommend that you seek counsel of your own choosing. Having said that offer by calling and speaking to the attorney or by mailing an offer of settlement. In Texas, settlements on collection cases are frequently handled by the Defendant offering a lump sum to settle the case or by the parties agreeing to a monthly payment plan, possibly for a reduced sum. The installment payment program is frequently contained in the agreed judgment which the plaintiff agrees not to execute on as long as the Defendant is timely with the payments. Get the terms any kind of settlement inwriting and signed by both parties.
Can a creditor sue for unsecured debt?
* An unsecured debt, generally, is a debt that is not backed by collateral. For instance a car loan is secured by the security interest the lender has in the car. A credit card which is not backed by collateral is not secured by collateral therefore it is an unsecured debt. Generally, yes a creditor can sue for unsecured debt, the creditor just doesn't have any interest in the good that formed the basis of the loan.
Are you responsible for a bill if you never receive a statement?
Apparently so.I recently received a letter informing me that I was being sued for a hospital bill from 2005 that I had never received a bill for.Luckily I was able to set up a payment plan and keep it from going to court and becoming a judgment against me.
If a parent dies and leaves house to children must they pay off any debt left?
The debts of the estate must be paid before any distribution of assets is made. If the parent left a will and owned a home, the estate must be probated in order for title to pass to the heirs legally. The creditors must be notified of the death.
If you owe the library is that owing the government?
Libraries are generally ran (and owned) by the local governments. So yes, as a library is a public service, it's like owing the Government. Think of it as a traffic ticket, you owe the government in that situation too.
If your husband dies are you liable for his debts?
Liability for debts varies greatly by circumstances. And the assumption is that the wife inherits at least half, if not all, of the husband's assets. But the estate has to liquidate all debts before they can transfer them to the spouse. One way or another, the spouse ends up paying the debt. The spouse has some right in all real property owned by the husband. If the assets are not enough to cover the debt, the real property may have a lien placed against it to cover those debts.
How long after a foreclosure can you buy a home?
If your home is foreclosed you won't be able to qualify for Fannie Mae and Freddie Mac for a least 5 to 7 years. Just so you know that this two company are the reason why majority of the home went in foreclosures. Save up enough cash and paid for the rest. Thanks to them!
How do you restore your credit?
There are several things you can do to restore your credit. The essentials are paying everything on time, lowering your balances to increase your debt to limit ratio, and removing negative items off your credit report. The Fair Credit Reporting Act allows consumers the right to dispute anything on their credit report they believe to be inaccurate or erroneous.
