Debtor

Question: Can a judgment debtor ask courts to hold pending settlement of cases against a judgment debt? A judgment debtor is not satisfied with the judgment creditor's over estimation. Judgment Debtor also has many cases pending settlement in courts from various other sources. In this case, can the judgment debtor ask courts to 'put on hold' these monies in favour of the judgment creditor until his counterlclaim gets underway?

Answer: You can ask for a continuance, but you will need to site a valid legal justification and provide a reasonable new date.

Question: What happens to a real mortgage when a debtor files for bankruptcy? I'm a creditor whose debt is secured by a real mortgage. I've received recently a notice that the debtor has filed for bankruptcy under chapter 7 of the US Bankruptcy code. What will happen to both my loan and my mortgage? Will I be enjoined from foreclosing the mortgage? The insolvent debtor by the way is an individual, not a corporation. Please prvide legal basis. Thank you. :)

Answer: You have the best kind of security. You have about the strongest position you can get in bankruptcy as a creditor. The way I understand it there will be no need to foreclose. Just file your interest as a creditor as per the instructions on the paperwork. Hopefully, they'll order the sale of the asset and you will be first in line for the funds from it, provided you are the primary mortgage holder and not subordinate to anyone. Regardless, be sure to speak with a bankructy attorney. You may get a free consultation or may have to pay a drop, but it will be well worth it for the guidance.

Question: What can I do if a deadbeat debtor who lost in small claims court refuses to show up for a debtor's exam? The debtor's exam (in Calif) refers to the debtor taking an oath and then being asked to reveal his assets. Any suggestions you might have will be appreciated.

Answer: Failure to show up to a formal examination of a judgment debtor can subject the debtor to major monetary sanctions imposed by the hearing officer. Let the small claims court proceed accordingly. Good luck!

Question: US is becoming a debtor nation: What R the possible consequences of that fact?Can anything good come from it? US is becoming a debtor nation: What R the possible consequences of that fact?Can anything good come from it? Pls, I want economic and socio-economic consequences if you can argue them. Mere assertions don't help to understand fully what is happening to the US. Skip the Q if you have nothing substantial to contribute to understanding what it means! "foreign investors would be less likely to buy our bonds" and finance our lifestyles . Doecn't lack of independent productivty and good-paying creative and manufacturing jobs spell big trouble.

Answer: The USA has been a debtor nation for a while now. Historically, no debtor nation has ever been able to hold on to power but there has also never been a world-wide economy based on the economy of one single nation as there is now. IMO, the USA will find itself in a weaker position but other countries, unable to afford the consequences of an American economic breakdown and the overall stability that the USA military provides the world, will not allow that to happen. The result would be a new dark age (the very reason the Islamo-fascists is so anti USA).

Question: how to start your own debtor education course for banqruptcy online? hi im doing this project for school and out of the drawing i got personal financail managment, i have to do a big presentaion i have an idea of what i want my presentaion to be.i want it to be the credit counsling and debtor education course certificates online. how do i get started, is there a website ? or someone i cant talk too?

Answer: Credit counseling is a huge program and you have to pass certain requirements. As for a bankruptcy class course on line their are about 2 that i can think of and they have to be approved,, you can't just start one you have to meet certain guidelines ...... Good luck with your project Kourtnie D Prosperity Financial

Question: Can a collection agency have a levy placed on real estate property and personal property owned by the debtor? Can a collection agency have a levy or jugdement place on real estate property and personal property owned by the debtor? The propery foreclosed on the 1st lien but the 2nd is still outstanding (currently in collections). The property is located in SC but the debtor works and live in NC? Also if the debtor is 50% owner of his personal home and the other 50% belongs to the wife, can jugdement still be placed on the personal home?

Answer: you both are responsible and whether the property is real estate or not if you own it or your spouse in some states a lien can be placed against it

Question: What area a creditors rights when a Debtor leaves the country? What rights of collection does a Student Loan Creditor have to go after a US Citizen Debtor who moves to Europe? The loans are almost always non-dischargeable in the US but that doesn't guarantee collection even in the US.

Answer: Interesting question. Seems to me if the debtor left the country, the complications and cost of trying to collect overseas (if it can even be done legally) would likely outweight the balance they were trying to collect.

Question: What document should I use to net off the account for a debtor who is also a creditor? Both the debtor and creditor are the same company. What is the name of the form to use? Thank you. What should be the name of the document that I use, e.g. credit note?

Answer: There is no prescribed form/document for netting off the A/C.You may pass a journal entry by debiting /crediting the same party accounts if you are mainting the separate A/C of the same party which will square off the balances.& inform the party through a letter intimating him regarding netting off.

Question: Is debt forgiven due to a statute of limitations income to the debtor? Specifically, per I.R.C. §61(a)(12), are debts that become unenforceable due to a running of the statute of limitations on their collection included in the gross income of the debtor in the tax year in which the statute runs?

Answer: They become income when they are canceled. If the statute of limitations expires, the debt is still due but is unenforceable. This is a subtle but important distinction.

Question: What is the term to refer the action when you pledge a lien that secures your credit to a debtor? The lien is your right against the collateral provided by your debtor. This case happens when a creditor tries borrow money from others, collateralizing a mortgage provided by its’ obligor.

Answer: I'm sorry but your question is not very clear. From what you have written, it sounds like you are describing what I would refer to as "recording a lien." Lien recordation takes place when the lender files (or records) a lien at the local courthouse on the collateral property. If you provide more information, I may be able to help further. Good luck!

Question: What will happen to the outstanding, if a debtor (single, not married) pass away ? Any banker or lawyer help. Should a single or not married debtor pass away before full settlement, what will happen to the outstandings ??

Answer: In the U.S. his/her estate is responsible for satisfying the debt. If the estate is liquidated and not enough exists to satisfy the debts, they are discharged.

Question: Is credit transferable to the family members when the debtor dies? What happen to the credit when the debtor is dead? Thanks for those who answer.

Answer: Relatives are not legally or ethically liable for their relation's debt, although debt collectors will try to make them think they are. The only exception is if someone cosigned a loan or credit card with them. If a person leaves an estate (such as a house or bank account), creditors can attach that, and they will take their cut before the heirs can inherit it. If there is not enough money in the estate, the creditors are out of luck.

Question: Where can a consumer find a letter to mail to a debtor to initate a negotiation for a lower debt settlement ? Such as a letter to settle with a debtor for a lower amount to get out of debt thanks Couldn't find one on dogpile.

Answer: I don't know about templates, but you can find tons of free advice and info on http://www.bills.com on every aspect of debt help.

Question: Can assets be returned to debtor from bankrupt trustee after discharge, if creditors don't file claim to coll? I need to find out if a bankruptcy trustee can return funds (assets) to the debtor that were collected to pay creditors who were listed in a bankruptcy claim. I already received a discharge, and a filing of final accounts notice. I'm just trying to figure out exactly what it means if creditors did not file a claim wirhin a time limit to retrieve assets that my bankruptcy trustee collected from me.

Answer: ask the lawyer who did your bankruptcy

Question: Does the UK or other countries in Europe have debtor prisons? Does the UK or other countries in Europe have debtor prisons? IE do you g to jail if you can't pay your bills A debtors' prison is a prison for those who are unable to pay a debt.

Answer: Not in the UK, nor in any other Western European country. I can't speak as to whether any of the former Communist countries do, but I doubt it. The law eliminated debtors prisons in England in 1869. "Most" US States did so at around the same time - the Federal debtors prisons being abolished in 1833 - although the last laws allowing for debtors prisons in the US were not repealed until 1910. "Debtors prison" reappeared in the US in the 1990's when several States began allowing for imprisonment for being in arrears on child support. Richard

Question: I won a judgement, the debtor came to court and lied during questioning on his means. How do i get Justice? The defendant/debtor was invited for questioning under oath. However, the testament he gave was all false. What do i do next so as to enforce my judgement and get paid debts owed me by this person.

Answer: Does he have a job? Garnish his wages. You'll need a certified copy of the judgment and you can get help filing from the court clerk. Do you know where he banks? You can garnish his bank account by stating "any and all accounts" and that way you don't need an account number. Can you get proof of what he has to submit to the court? You'd have to set a court date for that, too. File a Motion For a Rule to Show Cause. Does he have a house? You can put a lien on it but unless he is selling in the near future, you' d have to wait but he couldn't sell it without paying off your judgement. Good luck.

Question: Where can a consumer find a letter to mail to a debtor to initiate a negotiation for a debt settlement? letter to settle with a debtor for a lower amount to get out of debt.

Answer: In Re: Your name & Account # Dear Collection Manager: It has come to my attention through the credit bureaus that you claim I owe a debt to your agency. I can save us both some effort & time by "Settling the debt out". Below is my offer. It is not a renewed promise to pay nor does it constitute any agreement unless you sign and return it. Note, I have not agreed yet that this debt is mine and have the option to seek further proof from your agency of this debt. It has also come to my attention that your agency regularly purchases debts in the course of doing business. Suffice to say, you hold all the rights to report the debt to the credit bureaus as you see fit and you can change that listing at any time as the source reporting the debt. I am sure you are aware of my right to dispute this debt and request full proof of the obligation. Paying this unverified debt to you means little to me if we cannot mutually agree that you will report the debt as mentioned below. While I realize that your purpose is to collect debts as a collection agent, I am also aware of what a paid collection would represent for me, which is not favorable. That being said, I have concurred through the bureaus that you have the absolute right to report this debt as you see fit or not report it at all. Please do not quote to me that you are unable to change the listing or I will be forced to cease and desist our communication and request full lengthy verification of the debt. My goal is to arrange a term acceptable to both us since this debt is questionable. I will pay your company the amount of $xx as payment in full for the full satisfaction of this account. Upon receipt of the above payment, your company has agreed to change the entry on my credit reports to Paid, no lates. You further agree to remove all previous notation of delinquency. If you concur with these terms please acknowledge with your signature and return it to me. You agree the terms herein are confidential and you have the authority to make such decisions. No payment will be made without written confirmation. Upon receipt of this signed acknowledgment, I will immediately mail you funds priority mail. This is not a renewed promise to pay but rather a restricted offer only. If no terms can be met, no new arrangements will be made and the offer will be void. Name of Creditor: Signature of company officer : Date: Sincerely, Name Address Social security number Do not sign your name!

Question: What happens to the judgment (against the debtor)if notice to judgment debtor returned by the post office? This is a small claims court where the judge ruled against the defendant (judgment debtor) but the notice of judgment (sent by court to the defendant) was returned to the court by the post office. Not a huge surprise because the defendant keeps moving (5 addresses in 2 years). The paper I got says that the enforcement of the judgment is delayed for 30 days. That was 60 days ago. Is the enforcement of the judgment further delayed bc the notice of judgment was not received by the defendant/debtor???

Answer: Welcome to the world of single mothers with deadbeat dads. If they can't locate the person, then they can't collect from them. If they keep on changing jobs or are working under the table, wages can't be garnished. People like this will take a job and if they are found and get wage garnished, then they quit that job and find another. They will job hop getting a different job every other month or so in order for the system to not be able to catch up. They become "self" employed by mowing lawns or shoveling snow for cash under the table so that wages can't be garnished. Just because a judgment is awarded doesn't mean that you will collect it.

Question: Can a credit card or any other debtor Record your conversation with them? Can a credit card or any other debtor Record your conversation with them???? Can a credit card or any other debtor record your conversation with out you knowing and inform you at the end of the conversation that your call was recorded and can be used against you? Please comment Thank you

Answer: The legality of recording a conversation without the consent of both parties is a state issue. It may be legal in your state or it may not be. If it's legal to do in the state that the person is calling from, then they have every right to do so. Edit: Some people seem to think that it's illegal in the entire US to record the phone conversation without informing both parties. They're wrong. "...38 states and the D.C. permit recording telephone conversations to which they are a party without informing the other parties that they are doing so. 12 states require, under most circumstances, the consent of all parties to a conversation. Those jurisdictions are California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Michigan, Montana, Nevada, New Hampshire, Pennsylvania and Washington."

Question: Suggestions on handling a debtor who SAID that she WILL BE filing for bankruptcy? Any suggestions will be appreciated. The debtor and creditor are in the STATE of Washington (Seattle, Tacoma, etc.). Thanks.

Answer: WILL BE does not count. Proceed as your normally would until she has actually and legally filed for bankruptcy.