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Like all debt, medical debt left behind after your death is paid by your estate. The debt goes to the person handling your estate — called an executor. The executor’s job is to manage the ...
A guarantor is a person who agrees to repay the borrower’s debt should the borrower default on agreed repayments. The guarantor is often a family member or trusted friend who has a better credit history than the person taking out the loan and the arrangement is, therefore, viewed as less risky by the lender.
Guarantor Mortgage: – generally, a parent or close family member will guarantee the mortgage debt and will cover the repayment obligations should the borrower default. Family offset mortgage: typically, a parent or grandparent will put their savings into an account linked to the borrower’s mortgage.
In English law, a guarantee is a contract whereby the person (the guarantor) enters into an agreement to pay a debt, or effect the performance of some duty by a third person who is primarily liable for that payment or performance. The extent of the debt that the guarantor is liable to this debt is co-extensive to the obligation of the third ...
Medical debt is considered as a non-priority unsecured debt in Chapter 7 bankruptcy. In other words, medical debts are paid only after assets are applied to the debt of creditors who hold priority debt, and thus medical debts are often discharged in their entirety at the conclusion of the bankruptcy process.
The Family Medical Leave Act (FMLA) is a federal law that can provide certain employees of certain employers up to 12 weeks of unpaid, job-protected leave per year in a number of situations ...
In finance, unsecured debt refers to any type of debt or general obligation that is not protected by a guarantor, or collateralized by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation or failure to meet the terms for repayment. [1] Unsecured debts are sometimes called signature debt or personal loans. [2]
The beneficiary of the guarantee must first prove the obligor's default before the guarantor becomes liable to pay. The guarantor may raise any legal defences which are available to the obligor. Thus if the contract giving rise to the underlying obligation is void, the guarantor may also avoid its obligations under the guarantee. Additionally ...