Debt

Debt collectors are obligated to identify themselves in any correspondence with a debtor under the Fair Debt Collection Practices Act. This law prevents collection agents from duping consumers into returning calls or other contacts without knowing what they’re talking about. The FDCPA also includes privacy safeguards that prevent debt collectors from sharing any information about […]

An S corporation’s owners have limited liability protection. This means that most business debts are not personally responsible for the owners. If a company can’t pay its payments, its creditors can only go after the company’s assets, not the individual owners’ homes, vehicles, or bank accounts. The owners are only financially liable for the amount

In a nutshell, yes and no. The default is deleted from your credit file six years after you miss a payment, and it no longer affects you negatively. The same is true with debts; according to The Limitation Act 1980, if the debtor has not acknowledged the debt through payment or contact after six years,

The common-law states make up forty-one of the fifty states. Common law is the law that was originally handed down to the United States from England and has been reinterpreted by generations of cases in the American legal system. When it comes to marital property, community property is a departure from the common law norm.

The majority of the time, the answer to this question is no. In most cases, family members, including spouses, are not liable for their deceased relatives’ debts. Credit card debts, student loans, vehicle loans, mortgages, and company loans are all included. Rather, any outstanding debts would be paid from the estate of the deceased person.

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