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.
An amount of money due and payable, from one person to another.
Related Terms: Abatement, Debtor, Creditor ...
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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Debt Financing: A method of financing where the company receives a loan and gives its promise to repay the loan.
Debt 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, ...
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.
debt collector - Someone who is employed in the collections department of a creditor or a collection agency to locate debtors and obtain payment from them.
debtor - A person or entity who is obligated to repay money to a creditor.
Debt: Money owed; money owed as the result of an agreement or contract, oral or written.
Debtor: A person who owes money; someone liable by contract to pay a claim.
Deceased: A person who has died.
Debt. 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.
DEBT 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.
DEBT, 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.
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 signature bond - A signature bond secured by mortgage or real property.
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.
Definition - Noun
[Old French dette, ultimately from Latin debita, plural of debitum debt, from neuter of debitus, past participle of debere to owe]
1 : something owed: as
a : a specific sum of money or a performance due another esp.
Debt Relief Legal Clinic of Michigan PC 4710 West Saginaw Highway Suite 7, Lansing, MI
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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 debtors and get them to pay what they owe.
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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".
n. an uncollectible debt. The problem is to determine when a debt...
1) n. intentional dishonest act by not fulfilling legal or contra...
Fair Debt Collection Practices Act (FDCPA)
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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 or duty that cannot or ought not to be levied. Nihil set upon a debt is a mark for illeviable.... more ...
Arrears: A debt that is not paid on the due date accumulates as "arrears." For example, if the rent is not paid, the debt still exists and is referred to as "arrears".
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.
Unliquidated debt - Remaining not determined; unassessed or unsettled; in dispute as to the proper amount.
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 debt or a promise to do something. To say a person is "liable" for a debt or wrongful act is to indicate that they are the person responsible for paying the debt or compensating the wrongful act.
Charge: Form of security for payment of a debt.
Chattels: Moveable items of property which are neither land nor permanently attached to land or a building.
The damages thereupon constitute a debt that takes priority over all other obligations of the defendant except taxes and previous judgments.
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 debt to the state, a condition which would automatically terminate if the debt were ever paid off.
A guarantor undertakes that he will repay a debt 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 debt which is exorbitant and in excess of the percentage allowed by law. Each state sets its own maximum interest rate.
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 debt. The person who possesses the assets of the debtor and is the subject of the seizure is called a "garnishee".
foreclosureA foreclosure is a process initiated by a lender to satisfy unpaid debt 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 debt with a sum fixed as a penalty, which contains a written agreement binding the parties to pay the debt, conditioned, however, ...
garnishment: like attachment, a device used to bring property in the form of a debt under the court's jurisdiction. It is also used to collect unpaid judgments and other obligations, for example, by taking money out of the debtor's paycheck.
liability - A legal responsibility, obligation, or debt.
libel - See defamation.
lien - A claim against property for payment of a debt. Common types of liens include the mechanic's lien, the judgment lien, and the mortgage lien.
Insolvent - When the total debt of an entity is greater than all of its property.
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A legal decision; when requiring debt repayment, a judgment may include a property lien that secures the creditor's claim by providing a collateral source.
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**condictio - a type of action alleging a debt 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.
Money, evidence of debt, 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).
liability - A legal responsibility, obligation, or debt.
libel - A method of defamation expressed by print, writin-, pictures or signs. In its most general sense any publication that is injurious to the reputation of another.
bond A certificate or evidence of a debt; a written promise to pay a certain amount of money if certain conditions are not met.
bond for costs A bond given by a party to secure the eventual payments of the costs of a suit.
BOND : A formal certificate or evidence of a debt; also defined as an interest-bearing certificate of a public or private debt.
BONDSMAN: One who provides bond or surety.
Writ of execution - An order of the court evidencing debt of one party to another and commanding the court officer to take property in satisfaction of the debt.
surety: One who is legally liable for the debt, 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.
Attachment- Taking a person's property to satisfy a court-ordered debt.
Attorney-at-law - An advocate, counsel, or official agent employed in preparing, managing, and trying cases in the courts.
A legal claim against another person's property as security for a debt.
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.
Lien - a legal claim usually against a piece of land for payment of some debt, obligation, or duty. Some forms of liens are tax liens and materialman's liens.
Litigation - a controversy in a court.
guarantor: A person that promises to be responsible for the debt of another person if that person fails to pay the debt on time.
GARNISHMENT: Also known as wage execution . A court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor. Often used to collect child support payments.
Lien: A charge, hold, or claim upon property of another as security for a debt.
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 debt position of the State and is ...
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 debt which the charge secures.
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