mortgage-calc-review.com

by Michigan Municipal League (MML)

Question by victortheman808: Can creditors seize a Joint BUSINESS account for an individuals personal debt?
I have a joint business account with my cousin. We run a small business. I have a lot of personal debt that I have been neglecting (times are really rough), and I am afraid that they will come after my bank accounts.

Can the creditors seize join business accounts? I don’t know if the rules are different for business accounts.

If the answer is yes, then what steps can I take to ensure that the joint account stays up? Is it possible to remove myself from the joint business account even though the business is in my name as well?

Best answer:

Answer by Rigo
Yes, they can seize it. You need to make sure you are incorporated to protect the business.

Doing that though, is relatively simple:

http://www.legalzoom.com/legal-incorporation/incorporation-overview.html

Know better? Leave your own answer in the comments!

by eric731

Question by markwilliamsuk: Personal Debt Credit cards in USA?
If you have credit cards debt in the USA of about $ 20,000 and you are NOT a USA citizen and you move back to your country (England). What can happen in your opinion, I know the credit cards are unsecured debt. Can they chase you to another country (interpol) or is it just a bad debt? Do you think this will make a problem if I want to come back into the USA as a tourist in the future?

Best answer:

Answer by Jill H
I personally think it just makes you a really low life person to even think about skipping out on your debts. Pay your bills!

What do you think? Answer below!

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by Michigan Municipal League (MML)

Question by Alysse: Can your company’s accounts be frozen for personal debt?
Can your company’s accounts be frozen for personal debt?
I’ve been fighting a judgement lost by default as the attorney was in negotiations with me and was going to settle, then he proceeded to court without my knowledge. He sued me personally, but my company whom I am part of is an llc. They are trying to hold be liable for a contract signed with a vendor 6 months before I was on the project. Now they just froze my company funds. Yet they didn’t sue the company and I am not an officer. I am the designer. My husband is CEO and it is just a small operation, with six employees. My children are the other “board members”. I am fighting the original judgement and am trying to get it thrown out because of his business ethics. Right now we can’t operate because all our funds are frozen. His exwife was my client and I think she couldn’t get the money out of the company that did screw up, and figures she could get it out of me.
Okay, the llc was not sued. I have insurance on that. They sued me personally. According to our state statutes, I am not a member. My husband and adult children are. If they had sued the llc, theinsurance would have paid for the attorney and covered my fees. But they sued me even personally, so I am not covered and don’t have the resources. They have frozen everything and it wasn’t even our company who ripped her off. Her name is on a contract with them six months before we were even hired.

Best answer:

Answer by Rex K
If your company had been a bona fide Corporation, your personal assets would be seperated. A Limited Liability Corporation does not provide you with the same protection.

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Question by Niel J: Lets say I make 50K a year (my personal GDP).My current personal debt is 55K.?
Should I raise my personal debt limit? Why or why not?
2 finger salute. Giving my son an allowance is more like a charitable contribution. And allocating funds to the wife for expenses is spending, not income. I’m still at 55K

Erik, companies that do that are now out of business. People who refi are now called under water. Hardly success.
Charles Veidt Only because I can’t print all the money I need.
I’m including a link of debt as percentage of GDP. We surpassed 100% in 2011.

http://www.usgovernmentspending.com/federal_debt_chart.html

Best answer:

Answer by tonalc2
No. A “personal debt limit” has nothing whatsoever to do with the government debt ceiling.

Give your answer to this question below!

by Michigan Municipal League (MML)

Question by craig p: What would happen if every single debt in the world was canceled, from personal to a nations?
Would there be any benefits or would it cause chaos?

Best answer:

Answer by jlf
Chaos, in fact. Bond markets would collapse, financial systems would freeze.

Know better? Leave your own answer in the comments!

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by Michigan Municipal League (MML)

Question by Deb: I have small debt/poor credit, looking for a personal loan to pay off. Any suggestions?
I have under 6,000 of credit I would like to repair, and put a down payment on a home. I tried to buy a car and the company used my social with 38 finance companys which shot down my credit score. They did not ask permission to do this. I am looking for a hand up! Not a hand out. Does anyone have any suggestions? After 22 years of marriage, I was left holding the bag. Help Please!

Best answer:

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