Debt

Assume you are a director of a struggling firm that owns and operates a small business that has suffered considerable losses over the last three years and is unable to pay its creditors. You and the other directors, as well as management, are considering applying for bankruptcy protection, but believe that if the firm can […]

Debt buyers are businesses that buy a significant number of debts from creditors for a fraction of their face value. The debt buyer buys the debts at a low price so that it can profit even if it only collects a tiny amount. When a debt buyer purchases your debt, the original creditor loses all

One of the most important characteristics of a corporation is the limited liability protection it provides. A corporation is a legal entity that exists independently of its stockholders and is founded under state law. Limited liability shields shareholders, directors, officers, and employees from personal liability for corporate debts and activities performed in the name of

Debt collectors are permitted by law to contact your friends or family in an attempt to locate you. However, they are not permitted to contact these individuals in an attempt to collect the debt, and they are only permitted to contact them once unless they believe fresh information may be available. This, however, necessitates the

You are still liable for any debts incurred in your name after a divorce. That means that if you and your spouse used a joint credit card, you are both equally responsible for the debt. Beyond that, how credit card debt from your marriage is handled in divorce depends on a variety of things, including

Is it Possible to Inherit Debt in Canada? The basic answer is no—if your parents, partner, or children die, their debts do not become yours, and your debts will not be transferred to someone else if you die. This means that a person’s obligations must be paid before any inheritance proceeds are distributed to their

In most circumstances, the estate of the deceased person is responsible for paying any outstanding debts, including medical costs. Although there are certain exceptions, family members are generally not responsible for covering a loved one’s medical debt after death if there isn’t enough money in the estate. Do kids inherit parents medical debt? Statistically, nearly

In a day when over half of marriages end in divorce and each spouse might pursue occupations that result in significant debt, the question of whether a spouse is liable to third parties for a husband or wife’s obligations can become essential. Typically, a husband or wife fails in business or in an investment and

Is the national debt important? Is this a sign of financial security? Not all of the time. According to the IMF database, there is only one “debt-free” country. The relatively low national debt of many countries could be owing to a failure to present true data to the IMF. Another situation in which a low

Is the national debt important? Is this a sign of financial security? Not all of the time. According to the IMF database, there is only one “debt-free” country. The relatively low national debt of many countries could be owing to a failure to present true data to the IMF. Another situation in which a low