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The right of a creditor to reach community property in satisfaction of a debt or other obligation incurred by one or both of the spouses also varies from state to state. [citation needed] Community property has certain federal tax implications, which the Internal Revenue Service discusses in its Publication 555. [20]
A community property state is a state where spouses share all debts and earned assets taken on after marriage — while living in that state. Currently, there are nine community property states ...
Community property state vs. equitable distribution state. ... If any debt remains, then a cosigner or spouse may assume responsibility if the debt was taken on in a community property state.
Community property (United States) also called community of property (South Africa) is a marital property regime whereby property acquired during a marriage is considered to be owned by both spouses and subject to division between them in the event of divorce. Conversely, property owned by one spouse before the marriage, along with gifts and ...
Forty-one states follow community property laws, while nine subscribe to common law guidelines. While mortgage and credit card debt is often shared, student loan and medical debt can be the ...
State defaults in the United States are instances of states within the United States defaulting on their debt. The last instance of such a default took place during the Great Depression , in 1933, when the state of Arkansas defaulted on its highway bonds, which had long-lasting consequences for the state. [ 1 ]
The debt will usually go unpaid if the estate can not cover the bills. Sometimes, people may be legally required to pay the deceased person’s debts. ... Community property states: Certain states ...
The estate consists of all property interests of the debtor at the time of case commencement, subject to certain exclusions and exemptions. [11] In the case of a married person in a community property state, the estate may include certain community property interests of the debtor's spouse even if the spouse has not filed bankruptcy. [12]