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You need to find out how much of the home can be protected by the laws of your state. If the owner has more equity in the house that is covered by the exemption law, the creditor who gets a judgment can ask the court to sell the home. For example if the house is worth $150,000, and the owner has $30,000 equity and the state exemption is $15,000 then the debtor gets the $15,000 and the house is sold, the lender is paid and the creditor gets what is left. Judges don't usually allow a person's home to be sold though, especially if it is jointly owned and some states do not allow it by law. Usually a lien is placed against the property and continues to add on interest until it is paid, a $1500 lien can end up being $10,000 + in some cases.

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โˆ™ 2006-03-07 00:13:18
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Q: What if you are sued and the only asset you have is your house and its value is much greater than the claim?
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When is a gain on disposal of an asset recorded?

A gain is recorded when the asset is sold for a price greater than the assets book value.


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Book value of an asset is the value which is shown in books of accounts while market value of asset is the value which is currently same asset is selling in market so both of these values are not same but it can be same but normally they are not same.


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Gain on sale of asset is occured when actual value of asset is less then the sale value of asset.


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Yes mutual funds are examples of real assets but the value of the asset is not fixed. The value changes with the changes to the stock market and the performance of the fund house.


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Obsolete asset is that asset which suddenly becomes obsolete due to any technological change or any reason and has no value while written down asset is asset which is usable asset with written down value


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Book value is the value of asset shown in financial statements while fair value is the value at which asset can be sold in market


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Is it true the fair value of an asset retirement obligation recorded as an increase to the related asset and as a liability?


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the asset value which changes with respect to the demand constraints is called varible asset


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asset is anything that appreciate in value over a period of time


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Net asset value is adjusted by many factors including liability and depreciation. Gross asset values are the total value without deduction. Net worth starts with gross values.


If you sell a listed asset how much goes toward bankruptcy?

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What is the estimated salvage value of a fixed asset?

1. Estimated salvage value is the amount which is expected to be received from disposal of fully depreciated asset after useful life of asset.


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What is afinancial asset?

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