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Real or personal property that can be seized by a judgment creditor for repayment of the debt. In most US states garnishment is usually the first choice of executing a judgment, followed by bank levy or the seizure and sale of non exempt property (stocks, bonds, etc.) or a lien against real property.
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∙ 15y ago
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What chapter proceeding the debtor surrenders his nonexempt property for division among his creditors?
The chapter that typically follows a debtor's surrender of nonexempt property for division among creditors is Chapter 7 bankruptcy. In Chapter 7, a trustee is appointed to liquidate the debtor's nonexempt assets to pay off creditors.
The judgment is fo 500000 dlls what can they do to you?
It depends on what state you live in. Possible actions are wage garnishment, bank account levy, property lien, or liquidation of nonexempt assets belonging to the debtor.
What are the repercussions in PA of trying to hide assets before filing bankruptcy by placing them in someone else's name?
PA. has a "Strong Arm" Clause in conjuction with the fraudlent conveyance statutes. This gives the trustee almost unlimited powers in recovering assets (up to one year before bk filing)that have been transferred fraudulently. The penalties are the dismissal with prejudice of the bankruptcy, and/or the immediate liquidation of nonexempt assets, property including forced sales, etc. Attempting to "hide" nonexempt asssets from creditors is never advisable and can create serious legal repercussions.
Is your mother responsible for your late father's credit card debt if it was in his name only?
Only if they resided in one of the community property states. If that isn't the case, the debts along with the estate (nonexempt assets) will be subject to probate.
Does your wife have to pay off your credit cards when you die?
Not unless she is liable for the debt by another rule of law; e.g., she is a signatory on the debt or the debt is one for "necessaries." However, the decedent's nonexempt assets still are liable for the debts.
Who is responsible for the hospital bills if the patient dies?
All assets and debts are considered part of the estate of a deceased person. Debts will be handled according to probate laws according to their priority and to the extent of available nonexempt assets that can be used or liquidated for repayment. Family members are not accountable for the repayment of medical/hospital costs unless they signed a agreement accepting the responsibility.
What are some nonexempt's of electromagnetic spectrum?
Nonexempt means one who is not exempt - for example, from paying taxes. This doesn't seem to make sense in this context, and I suggest you rephrase your question.
Can a Texas salaried nonexempt employee have wages deducted for hours not worked?
I have looked through the FLSA information and deducting wages for hours not worked as a salaried nonexempt employee in Texas, I can not find the answer.
Who is responsible for paying the unpaid balance on your grandmother's credit cards after her death?
The decedent's will (if any) assets and debts are filed in probate court pursuant to state laws. Nonexempt assets are used to pay outstanding debts. Surviving family members are not responsible for the decedents debts unless they were a joint account holder. An exception would be if there is a surviving spouse and the couple resided in a community property state.
What is a nonexempt of Greatest common factor?
The GCF of 5 and 10 is not 14.
The debtor surrenders his nonexempt property for division among his creditors?
liqidation
Your father passed away so what do you do with his credit card accounts?
They are included in the state probate procedure. When the deceased's estate (debts and nonexempt assets) is filed with the probate court, creditors will be notified and given a specified amount of time to file a claim. A qualified attorney is usually required as probate procedure can be complicated and costly.
