Dependent

Written By Melissa Cook
Nov 30, 2022
Facebook Share Icon LinkedIn Share Icon

A dependent is someone who relies on another individual for the financial support they need to meet their basic expenses. An individual can be a dependent of different people throughout their life, such as parents, spouses, partners, or even employers.

There are several factors that determine whether someone is financially dependent on another person. The most important factor is usually income, which refers to the wages or salary received by an individual from their employment. Other factors may include property ownership and debt obligations like student loans or credit card balances. Generally speaking, the more income you earn and the more assets you own, the less likely it is that you will be considered a financial dependent on another person.

But there are some situations in which individuals have very little income or assets, yet are still defined as dependents for financial purposes. This may be the case if an individual is a full-time student, has a medical condition that prevents them from working, or is caring for their children full-time without any outside assistance. In these situations, the individual will likely qualify for some form of public assistance, such as government-provided healthcare and food stamps.

Overall, being financially dependent on someone else can be challenging and stressful. But with careful budgeting and planning, many individuals are able to succeed in managing their financial situation while they pursue other goals like education or career advancement. So whether you’re trying to avoid becoming a financial dependent on someone else or helping someone in your life who needs assistance meeting their basic expenses, it’s important to have a clear understanding of what financial dependence means and how you can best manage this aspect of your life. Speak with an Americor professional today about how you can become financially independent.

MORE ARTICLES

See how Americor can help

Check Your Options

About Americor

Americor provides debt solutions to thousands individuals and families all over the country. We’re a next-generation debt relief company with a proprietary platform designed to help clients get out of debt quickly. Together we’ll develop a strategy for you to enjoy a debt free lifestyle. Learn more about how Americor can help relieve the burdens of debt today.

more
Address:
18200 Von Karman Ave, 6th Floor Irvine, CA 92612
New Clients:
[email protected]
Existing clients:
[email protected]
Phone:
866-333-8686

We provide debt resolution services. Our clients who make all monthly program payments save approximately 40 – 50% of their enrolled debt (average of 43%) upon successful program completion, before program fees. Fees are based on a percentage of your enrolled debt at the time of starting the program and range from 15%-25% of your enrolled debt. Programs range from 20-48 months. Clients must save at least 25% of each debt due to an enrolled creditor before a bona fide settlement offer will be made. On average, clients receive their first settlement within 4-7 months of enrollment and approximately every 3-6 months thereafter from when the prior debt was settled. Not all Clients complete the program. Estimates are based on prior results and may not match your results. We cannot guarantee that your debts will be resolved for a specific amount or percentage or within a specific timeframe. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting, legal advice or credit repair services. Our program is not available in all states; fees may vary by state. Some programs may be offered through The Law Firm of Higbee & Associates d/b/a Advantage Law. The use of debt resolution services will likely adversely affect your credit. You may be subject to collections or lawsuits by creditors or collectors. Your outstanding debt may increase from the accrual of fees and interest. Any amount of debt forgiven by your creditors may be subject to income tax. Clients may withdraw from the program at any time without penalty and receive all funds from their dedicated account, other than funds earned by the company or fees paid to third-party service providers, as may be applicable. Read and understand all program materials prior to enrolling. Certain types of debts are not eligible for enrollment. Some creditors are not eligible for enrollment because they do not negotiate with debt relief companies. To determine the offers you may be eligible for, Americor conducts a “soft credit pull.” This credit pull does not impact your credit score, creditworthiness, or ability to obtain credit from other sources. The soft pull is not a tradeline entry, it does not report against your score and will only take a few minutes.

Americor Funding, LLC (18200 Von Karman Ave, 6th Floor Irvine, CA 92612) is fully accredited by the Better Business Bureau (BBB), the American Fair Credit Council (AFCC), and the International Association of Professional Debt Arbitrators (IAPDA). CA Department of Financial Protection and Innovation (DFPI) License # 603K913.

Copyright © 2022 Americor Funding, LLC dba Americor Financial. All rights reserved