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The legal obligation of a business to pay a debt is called an:
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∙ 9y ago
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∙ 11y agoLiablity
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Are father's unsecured debts transferrable to children in the UK?
Not unless the children have agreed to pay them. Companies may try to get you to pay them but as long as you have not signed anything you are not legally bound to pay them.
Funds or property that have value in meeting debts are called?
Funds or property that have value in meeting debts are called collateral. A+ answer- assets
What are the business debts called?
liabilities
What are business debts called?
Liabilities
Can an estate collect debt?
Yes, in fact it is the obligation of the estate to collect all valid debts owed to the decedent. Debts owed to a decedent are considered assets of the estate. The estate's representative has authority to demand that all debts owed to a decedent be paid to the estate. If the debtor refuses to pay, the estate representative has legal power to sue to collect those debts if it has to do so.
Can a financee be suied for future husband's debts?
No, there is no current connection between the two. Legally she has no obligation for his debts.
Does money from investments paid to beneficiaries count as estate money?
my son died i am legal representative and a beneficiary am i legally bound to pay off his debts
Are father's unsecured debts transferrable to children in the UK?
Not unless the children have agreed to pay them. Companies may try to get you to pay them but as long as you have not signed anything you are not legally bound to pay them.
True or false The act of being declared legally unable to pay one's debts is called bankruptcy?
true
Are you responsible for medical bill if your spouse die?
yes, if your legally married, then your connected legally to all debts of your spouse.
What debts are legally reportable on a credit file?
Everything but, medical and utilities.......
Can a dissolved corporation sue someone for payment?
If you had a debt with a corporation, then it was an asset (like a building, chair, computer, company car, etc). At the time of dissolution, the corporation sold its assets, including debts owed to it. You legally owe the agency or assigns that purchased your obligation.
Your mom passed away and as I am representative of her small estateam i legally bound to pay off credit cards?
Yes. The decedent's estate must pay the debts of the decedent before any assets are distributed to the heirs. You need to check your state laws.
Can an individual be held legally responsible for debts that occured when they were a minor?
In general, minors are not legally responsible for debts they incurred while under the age of majority. However, once they reach the age of majority, they may be held responsible for those debts if they affirm or continue to make payments on them.
Are heirs responsible for deceased fathers debt In Idaho?
Debts of the DeceasedI am not an attorney/lawyer, so this answer will of necessity be a lay answer until it can be improved by a more qualified source.Usually, in most states the debts of a deceased do not just "go away or disappear." The "estate" is legally responsible for his debts. Of course, IF a deceased had no money or property [real or personal], then there IS NO estate, and there really are no heirs, and they do not have to pay the debts of the deceased.On the other hand, IF there is money or property [real and/or personal], then there is an estate, and the estate is legally responsible to pay just [legitimate] debts of the deceased. If there is no cash money in the estate, then the property of the estate must be used to pay the legal debts.Those debts are legally the responsibility of the estate. That means that if the deceased had any money or property, the debts must be paid before any distribution of those assets to the heirs. If there is enough money in the estate, then it is used to pay off the legal debts of the deceased.IF there is no money, or not enough, AND the heirs do not want to sell the property [real and/or personal] of the estate to pay the legal debts, and since the debt must legally paid, that means the heirs must pay the estate debts.
Are promissory notes legally binding in an estate?
Yes, they are legal documents. They can be used to establish debts and assets.
Funds or property that have value in meeting debts are called?
Funds or property that have value in meeting debts are called collateral. A+ answer- assets
