Liability

Written By Melissa Cook
Nov 16, 2022
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In finance, liability refers to an obligation or debt that an individual or company is responsible for repaying. This can include items such as loans, credit card debt, and unpaid taxes. Liabilities must be managed carefully in order to maintain financial stability and avoid defaulting on payments.

Credit card liability

Credit card liability is any debt incurred by the use of a credit card. This can include purchases, cash advances, and interest charges. It is important to monitor credit card spending and make payments on time in order to avoid accruing high levels of credit card liability. Failure to manage credit card liability can lead to negative consequences such as damage to credit score and difficulty obtaining future loans.

Loan liability

Loan liability refers to the responsibility to repay a loan, including both the principal amount and any associated interest. These loans can be for personal or business use and can vary in terms of length and interest rate. It is important to carefully consider the terms of a loan before taking it out, as well as creating a plan for making timely payments in order to effectively manage loan liability. Failure to do so may result in late fees, damage to credit score, and difficulty obtaining future loans.

Tax liability

Tax liability refers to the responsibility for paying taxes, either as an individual or a business. This includes income taxes, property taxes, and sales taxes. It is important to accurately report income and maintain records in order to properly calculate tax liability. Failure to do so may result in penalties and interest charges from the government. It is also important to plan for expected tax liabilities by setting aside funds throughout the year in order to avoid difficulties with making payments on time. Properly managing tax liability can help individuals and businesses maintain financial stability and avoid negative consequences.

 

It is important for individuals and businesses to regularly assess their liabilities and develop a plan for repayment. This may involve creating a budget, negotiating with creditors, or seeking outside assistance from financial professionals.

 

Failure to properly manage liabilities can have serious consequences, including damage to credit score, legal action, and bankruptcy. It is crucial to stay on top of liabilities and address them promptly in order to maintain financial health. For help and information on managing current liabilities, speak to an Americor professional today.

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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.

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