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What if you are sued and the only asset you have is your house and its value is much greater than the claim?
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.
What else can I help you with?
Difference between book value and fair value in accounting?
Book value of asset is the value of asset shown in books of accounts while fair value of asset is the current price at which that product is selling or sellable in market.
What the mean of impairment of the assetsplease example?
impairment loss f an asset is the reduction in the income generating ability of that asset. it is calculated as: carrying value less recoverable amount. -carryibg value is the cost less accumulated depreciation -recoverable amount is the higher amount between the net selling price of an asset and its value in use.
What does net value mean?
it means how much the current asset is worth in the market
Which one is greater 8.090 or 8.909?
8.909 is the greater value.
Formula for calculating straight line depreciation?
Formula for straight line depreciation is as follows: Depreciation = (Cost of asset - salvage value) / useful life of asset
Is a house considered an asset?
Yes, a house is considered an asset because it has value and can be used to generate wealth or income.
Is a house with a mortgage considered an asset?
Yes, a house with a mortgage is considered an asset because it has value and can be sold for a profit.
Is my house considered an asset even if I have a mortgage on it?
Yes, your house is considered an asset even if you have a mortgage on it. The value of the house minus the amount owed on the mortgage is the equity you have in the property, which is an asset.
Is your house considered an asset?
Yes, a house is typically considered an asset because it has value and can be sold or used to generate income.
Is my house considered an asset?
Yes, your house is considered an asset because it has value and can be used to generate wealth or provide financial security.
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.
Is an unpaid house considered an asset?
Yes, an unpaid house is considered an asset because it holds value and can be sold or used as collateral for a loan.
Is a house considered a liquid asset?
No, a house is not considered a liquid asset because it is not easily and quickly converted into cash without significantly affecting its value.
Is a house considered an asset or a liability?
A house is generally considered an asset because it has value and can potentially appreciate over time. However, it can also be a liability if it requires ongoing maintenance, mortgage payments, and other expenses that outweigh its value.
What is an example of using a loan to purchase an asset that increases in value over time?
An example of using a loan to purchase an asset that increases in value over time is taking out a mortgage to buy a house.
The book value of an asset is the same as market value of the asset?
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.
Would a mutual fund be an example of a real asset?
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.
