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What is the legally bound obligation to pay debts called?
The legal obligation of a business to pay a debt is called an:
What is the difference between liability and medical coverage under homeowners?
Liability = Legal Obligation to Pay. Medical Expenses = Moral Obligation to pay.
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.
If your husband is required to pay child support do you have to pay also?
No. You are under no legal obligation to pay his child support.
What are the advantages of declaring bankruptcy to clear debts versus paying them off?
Chapter 13 bankruptcy is meant for individuals willing to pay off their debts within a period of 3-5 years. Chapter 7 bankruptcy is more like a fresh start and eliminates the legal obligation to pay most of ones debts. One should always consult with a financial advisor when making these decisions.
How do you put a lien on a house or property when the owner of that property has not paid street maintenance fees when everyone else has paid to maintain the street?
You need to consult with an attorney who can review any documents that created the obligation to pay and then explain your legal options.You need to consult with an attorney who can review any documents that created the obligation to pay and then explain your legal options.You need to consult with an attorney who can review any documents that created the obligation to pay and then explain your legal options.You need to consult with an attorney who can review any documents that created the obligation to pay and then explain your legal options.
What Legal obligation do i have when running over a cat?
As far as I know, there is no legal obligation. However, you have a moral obligation to find the owners, apologize to them, and offer to pay for the cat's burial/cremation. You'd have to be a pretty horrible person not to do that.
Where does modern currency get its value?
from the government who says it is legal tender to pay debts
When a person a legal declaration of the inability to pay debts it is called?
mean test
What happens when your partner dies and had outstanding credit card debt who is responsible for paying it off?
If there is no legal connection (marriage or business partnership) there is no obligation. The estate has to be settled and the assets sold to pay off the debts before anything can be distributed.
What is a legal proceeding for distributing to creditors the assets of those unable to pay their debts?
Bankruptcy
Do I as personal representative have to pay medical bills that I do not have money for?
The estate is responsible for the debts of the decedent. However, you should seek the advice of an attorney if there is money but not enough money to pay all the debts. There is a legal scheme by which debts must be paid.
