- unsecured debts
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In bankruptcy, debts such as open accounts at department stores for which the debtor has not pledged collateral to guarantee payment.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
unsecured debts
Look at other dictionaries:
unsecured — A claim or debt is unsecured if there is no collateral that is security for the debt. Most consumer debts are unsecured. (Bankruptcy in Brief) United Glossary of Bankruptcy Terms 2012 … Glossary of Bankruptcy
unsecured debt — A debt that doesn t give the creditor the right to take a particular item of property if the debtor doesn t pay. Examples include credit card debts and medical bills. Compare: secured debt Category: Bankruptcy, Foreclosure & Debt → Bankruptcy… … Law dictionary
Unsecured debt — In finance, unsecured debt refers to any type of debt or general obligation that is not collateralized by a lien on specific assets of the borrower in a bankruptcy or liquidation.In the event of the bankruptcy of the borrower, the unsecured… … Wikipedia
Unsecured creditor — An unsecured creditor is a creditor which is not a preferential creditor and which does not have the benefit of any security interests in the assets of the debtor.In the event of the bankruptcy of the debtor, the unsecured creditors usually… … Wikipedia
unsecured — [[t]ʌ̱nsɪkjʊ͟ə(r)d[/t]] ADJ: usu ADJ n Unsecured is used to describe loans or debts that are not guaranteed by a particular asset such as a person s home. [TECHNICAL] We can arrange unsecured loans for any amount from ₤500 to ₤7,500. Ant: secured … English dictionary
preferential debts — categories of debts listed in the Insolvency Act 1986 and having priority to any claims to principal or interest under a debenture. Collins dictionary of law. W. J. Stewart. 2001. preferential debts … Law dictionary
bankruptcy — /bangk rupt see, reuhp see/, n., pl. bankruptcies. 1. the state of being or becoming bankrupt. 2. utter ruin, failure, depletion, or the like. [1690 1700; BANKRUPT + CY] * * * Status of a debtor who has been declared by judicial process to be… … Universalium
Debt settlement — Debt settlement, also known as debt arbitration, debt negotiation or credit settlement, is an approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full.[1] Debt settlement is… … Wikipedia
Bankruptcy — Notice of closure attached to the door of a computer store the day after its parent company declared bankruptcy (strictly, put into administration see text) in the United Kingdom. Bankruptcy is a legal status of an insolvent person or an… … Wikipedia
bankruptcy — bank·rupt·cy / baŋ ˌkrəp sē/ n pl cies 1: the quality or state of a bankrupt filed for bankruptcy 2: the administration of an insolvent debtor s property by the court for the benefit of the debtor s creditors the debt was discharged in bankruptcy … Law dictionary
