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No levy may be placed on a home or even a garnishment made unless the creditor has obtained a judgment on the debt through a court. The judgment automatically becomes a lien of property the debtor owns. The creditor then attempts to levy on the property threatening to sell it to pay the judgment debt. Some states force a judgment creditor to go after personal assets like bank accounts first before going after real estate. In that way although the lien is there, the levy cannot yet be made.
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Can residential property be levied to pay debt?
Yes residential property can be levied to pay back a debt. It is common for a bank to put a levy on a property.
Why do we pay property taxes?
It is a tax levied on ownership of property by the government. It provides income to the government.
What best reflects the ability-to-pay philosophy of taxation?
a tax on residential property
Is caused when a landowner is unable to pay the debt on property?
forcloser
What is caused when a landowner is unable to pay the debt on property?
Foreclosure
What is caused when a landowner is unable to pay the debt on a property?
Foreclosure
Is property tax direct or indirect tax?
A property tax (or millage tax) is levied on the value of property, an ad valorem tax that the owner is required to pay. It is a direct tax.
What happens if you are left a property in a will but it was sold prior to death to pay for residential care?
You cannot inherit property from an estate which no longer owns that property.
If i don't pay credit card debt can they take my car that is paid off?
If Your creditor get a judgment against you they can sell what property you have to pay the debt. So the answer is Yes.
Can your property be taken to pay a debt?
yes and sometimes your children it has happend to my father
If you have 30000 dollars in credit card debt and cant pay it is your spouse responsible for the debt that is in your name only?
== == Answer No, it is not your spouse's responsibility and they can't come after your spouse, unless you live in a "Community Property" state like California. However, if the couple does not reside in a state that allows marital property to be held as TBE, the judgment creditor can attach jointly owned property to the deemed percentage owned by the debtor spouse. Therefore, joint marital bank accounts not held as TBE can be levied and joint marital real property can have be attached by a judgment lien. More input Yeah, except California, most state laws do not force you to pay for your spouse's debt. Why not consider debt settlement? All you would need to pay is around 55%. If you think you can afford it, go for it. Some debt settlement companies can put you on plans wherein you can make minimum monthly payments and get debt free.
Will bankruptcy pay off car debt?
No. The secured property may be sold to pay the debt. However, you may (possibly) escape any deficiency that sale brings.
