Debt-To-Income Ratio The percentage of a person's monthly gross income that is spent on paying debts, such as housing and credit card payments. Banks and lenders use this ratio to decide how much money (and on what terms) they will lend someone for a mortgage, car, or other loan.
An amount of money due and payable, from one person to another.
Related Terms: Abatement, Debtor, Creditor
The obligation to pay a certain amount of money to another person as a result of a contract or other legal obligation (such as damages resulting from a tort).
Means something that is owed must be repaid such as particular amount of money that has been borrowed.
anything owed is a debt. This could be bonds, mortagages, promissory notes, etc. Debt could be money outstanding or services/duties which are due.
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"Debt" means any monetary obligation for which a garnishment may be issued under ORS 18.605 (Debts subject to garnishment).
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~ Financing: A method of financing where the company receives a loan and gives its promise to repay the loan.
Default Judgment: A judgment issued when the defendant offers no defense by not responding to the complaint. A judge may issue a judgment without the necessity of a trial.
~ is a more extensive remedy for the recovery of money than assumpsit or covenant, for it lies to recover money due upon legal liabilities, such as for money lent, paid, had and received, due on an account stated for work and labor, or for the price of goods, ...
Bankruptcy, Debt and Consumer Law Legal Terms
BBankruptcyThe process by which federal bankruptcy courts help consumers and businesses in financial trouble to eliminate some debts or repay them under the protection of bankruptcy courts.
Unliquidated debt - Remaining not determined; unassessed or unsettled; in dispute as to the proper amount.
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~ collector - Someone who is employed in the collections department of a creditor or a collection agency to locate ~ors and obtain payment from them.
~or - A person or entity who is obligated to repay money to a creditor.
decedent - A person who has died.
~: Any amount one person owes to another.
~or: A person or municipality concerning which a case under this title has been commenced.
~or: A person or municipality concerning which a case under this title has been commenced.
~. Whatever one owes. Rodman v. Munson, 13 Barb. 197 (1852). See Debet. A sum of money due by certain and express agreement. 3 Bl. Com. 154.
n. 1) a sum of money due to another. 2) obligation to deliver particular goods or perform certain acts according to an agreement, such as returning a favor. 3) a cause of action in a lawsuit for a particular amount owed.
~ RELIEF AGENCY (also see Assisted Person)
Any person who provides any bankruptcy assistance to an assisted person in return for the payment of money or other valuable consideration.
~, contracts. A sum of money due by certain and express agreement. 3 Bl. Com. 154. In a less technical sense, as in the "act to regulate arbitrations and proceedings in courts of justice" of Pennsylvania, passed the 21st of March, 1806, s. 5, it means an claim for money.
An arrangement for dealing with unpaid debts that is less formal and intrusive than bankruptcy (q.v.).
Debt backed by a mortgage, pledge of collateral, or other lien; debt for which the creditor has the right to pursue specific pledged property upon default. Examples include home mortgages, auto loans and tax liens.
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Secured Debt: In bankruptcy proceedings, a debt is secured if the debtor gave the creditor a right to repossess the property or goods used as collateral.
Secured Debt - In collection or bankruptcy proceedings, a debt is secured if the debtor gave the creditor a right to repossess the property or goods used as collateral.
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A person who works in the in-house collections department of an original creditor or a collection agency to track down ~ors and get them to pay what they owe.
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~ in which debtor gives creditor a right to repossess property or goods (called collateral) if debtor defaults on the loan.
Use of force to protect one's self, family or property from harm or threatened harm by another. ...
n. an uncollectible ~. The problem is to determine when a ~...
1) n. intentional dishonest act by not fulfilling legal or contra...
Collections Debt Collection
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A debt or duty that cannot or ought not to be levied. Nihil set upon a debt is a mark for illeviable.... more
What is unlawful what is forbidden by the law. Vide Unlawful.2. This word is frequently used in policies of insurance, where the assured warrants against illicit... more ...
Claim -A debt owing by a debtor to another person or business. In probate parlance, the term used for debts of the decedent and a procedure that must be followed by a creditor to obtain payment from his estate.
A debt that is not paid on the due date adds up and accumulates as "arrears". For example, if you do not pay your rent, the debt still exists and is referred to as "arrears". The same word is used to describe child or spousal maintenance or support which is not paid by the due date.
Set Off: A debt or financial obligation of one spouse that the court weighs against a debt or financial obligation of the other spouse.
Settlement Agreement: The written version of the settlement.
Severability: The understanding that one clause in a contract is independent of the others.
Securities can be debt securities (such as banknotes or bonds) or equity securities (such as stocks and ownership interests in other types of business entities).
Abatement A reduction in some amount that is owed, usually granted by the person to whom the debt is owed. For example, a landlord might grant an abatement in rent.
It could be a ~ or a promise to do something. To say a person is "liable" for a ~ or wrongful act is to indicate that they are the person responsible for paying the ~ or compensating the wrongful act. TOP Libel : Defamation by writing such as in a newspaper or a letter.
Charge: Form of security for payment of a ~.
Chattels: Moveable items of property which are neither land nor permanently attached to land or a building. (Land or buildings are described as "real property".) Chattels are also known as personal property (or personalty).
Lien A legal claim against another person's property as security for a ~. A lien does not convey ownership of the property, but gives the lienholder a right to have his or her ~ satisfied out of the proceeds of the property if the ~ is not otherwise paid.
Such atimia could be partial or total; it could be imposed permanently by a court, or it could be the (theoretically) temporary result of an unpaid ~ to the state, a condition which would automatically terminate if the ~ were ever paid off.
garnishment A court order to take part of a person's wages, before he gets them, and apply the amount taken to pay a ~ owed to a creditor. general assignment The voluntary transfer, by a ~or, of all property to a trustee for the benefit of all of his or her creditors.
A guarantor undertakes that he will repay a ~ incurred by another person or company to a bank or other creditor and the bank or other creditor can require him to pay the outstanding amount if that person cannot or will not pay their indebtedness.
a rate of interest on a ~ which is exorbitant and in excess of the percentage allowed by law. Each state sets its own maximum interest rate. Courts will not enforce payment of interest on a loan if the rate is usurious, so a loan may result in being interest free.
The seizing of a person's property, credit or salary, on the basis of a law which allows it, and for the purposes of paying off a ~. The person who possesses the assets of the ~or and is the subject of the seizure is called a "garnishee".
Mortgage: An interest given on a piece of land, in writing, to guarantee the payment of a ~ or the execution of some action. It automatically becomes void when the ~ is paid or the action is executed. In some jurisdictions, it entails a conveyance of the land until the ~ is paid in full.
foreclosureA foreclosure is a process initiated by a lender to satisfy unpaid ~ by selling a house/apartment at an auction. Depending on the state laws, it can be either judicial or non-judicial.
A certificate or evidence of a ~ with a sum fixed as a penalty, which contains a written agreement binding the parties to pay the ~, conditioned, however, that the payment of the penalty may be avoided by the performance of certain acts by one or more of the parties.
BOND : A formal certificate or evidence of a ~; also defined as an interest-bearing certificate of a public or private ~.
BONDSMAN: One who provides bond or surety.
BOOKING: The process whereby individuals charged with felony-level offenses are fingerprinted and photographed. ...
Amortization - The payment of a ~ by installments.
Annulment - When the court voids a marriage due to preexisting conditions that would have prevented a valid marriage from being entered into.
Answer - A pleading in which a defendant responds to the plaintiffís complaint.
creditor A person to whom a ~ is owing by another person, called the ~or.
crime An activity dangerous to the whole of society, as determined by law.
criminal law Body of law defining crimes and the punishments therefore; as distinguished from civil law.
garnishment: like attachment, a device used to bring property in the form of a ~ under the court's jurisdiction. It is also used to collect unpaid judgments and other obligations, for example, by taking money out of the ~or's paycheck.
liability - A legal responsibility, obligation, or ~.
libel - See defamation.
lien - A claim against property for payment of a ~. Common types of liens include the mechanic's lien, the judgment lien, and the mortgage lien.
**condictio - a type of action alleging a ~ without specifying the precise basis of the claim. It was available in both contractual and quasi-contractual claims.
*constitutio - general term for imperial legislation of all types.
guarantor: A person that promises to be responsible for the ~ of another person if that person fails to pay the ~ on time.
guardian ad litem: A court-appointed adult that represents a minor child or legally incompetent person. (See also ad litem.) ...
Intangible Personal Property
Money, evidence of ~, evidence of ownership, and all other forms of property where the value is based upon that which the property represents other rather than its own intrinsic value (e.g., mortgages, shares of stock, bonds, notes).
lien - A claim which a person has upon the property of another as security for a ~ owned to the lienholder.
limited action - A civil action in which recovery of less than a certain amount (as specific by statue) is sought. Simplified rules of procedure are used in such actions.
Writ of execution - An order of the court evidencing ~ of one party to another and commanding the court officer to take property in satisfaction of the ~.
surety: One who is legally liable for the ~, default, or failure to carry out a duty of another.
third-party action: A claim asserted by a defendant, styled a third-party plaintiff, against a person, styled a third-party defendant.
Lien: A charge, hold, or claim upon property of another as security for a ~.
Lis Pendens: A pending lawsuit. Jurisdiction or control that courts have over property in a case waiting for final disposition. A notice of lis pendens is filed on the land records.
A legal claim against another person's property as security for a ~.
Limited Jurisdiction Court
A Court which may hear and decide limited types of cases, in Arizona, these are the justice of the Peace and Municipal Courts.
Court authority to order a foreign sovereign to pay defaulted ~
Perez v. Mortgage Bankers Association Agency revision of interpretative rules under the Administrative Procedure Act
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The legislative support agency that provides the General Assembly with research and information regarding the State and national economies and revenues and operations of State government; also monitors the long-term ~ position of the State and is the successor to the Pension Laws Commission.
Receiver A person appointed to enforce the rights and remedies of the holders of a floating charge over the assets of a company which is in default in relation to the claim or ~ which the charge secures.
See also: What is the meaning of Law, Lawyer, Person, State, Attorney?