Unsecured debts - In bankruptcy, debts such as open accounts at department stores for which the debtor has not pledged collateral to guarantee payment.
Unsecured: In bankruptcy proceedings, for the purposes of filing a claim, a claim is unsecured if there is no collateral, or to the extent the value of collateral is less than the amount of the debt.
Unsecured creditor: A creditor without collateral; a person owed money who has no rights in specific property as security for the debt.
unsecured debt - A debt where the creditor has no right to the debtor's property to satisfy the debt upon default.
Usury - Extraction of interest on a loan above the maximum rate permitted by statute.
List Your Site Here ...
unsecured loan A loan made with no collateral posted to ensure repayment
variable cost A cost that varies directly with sales, such as raw materials, labor and sales commissions
voluntary dissolution see dissolution ...
Unsecured - In collection or bankruptcy proceedings, a debt or a claim is unsecured if there is no collateral, or to the extent the value of collateral is less than the amount of the debt.
An unsecured Note or Bond.
Example: Abel invests in debentures of the XYZ Corporation; Baker invests in a First Mortgage on a building owned by XYZ Corporation. The XYZ Corporation Bankrupts.
For example, if an unsecured debt is not collected or payments are not made on the unsecured debt then after a certain time no legal action can be taken to collect the debt.
Definition
: an often unsecured bond given by a defendant in a criminal trial to guarantee the defendant's appearance in court as scheduled
Search Legal Dictionary ...
4) In bankruptcy: filing under chapter 7 by a debtor whose monthly, disposable income exceeds $10,950 or 25% of his or her non-priority unsecured debt (if at least $6,575) for a five-year period is presumptively abusive, ...
a reorganization plan can be confirmed over the objection of secured creditors - a process referred to as a cramdown because the secured claims are reduced to the present value of the collateral, while the remainder of the debt becomes unsecured, ...
Property that can be retained by a person when they file for bankruptcy or if they have unsecured debt.
Facilitator ...
A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.
security deposit ...
trustee: (1) The person that has custody of or control over funds or items for the benefit of another; (2) in a bankruptcy case, a person appointed to represent the interests of the bankruptcy estate and the unsecured creditors.
Debts for fraudulent or illegal actions, alimony and child support and taxes are not dischargeable and remain owed (but often not collectible if the bankrupt person has nothing). A discharge in bankruptcy is bad news for unsecured creditors.
 See also: Law, Person, Information, State, Credit
  
|
RSS
