undersecured debt

undersecured debt
A debt secured by collateral that is worth less than the debtor owes. A $500,000 mortgage on a house worth $450,000 is undersecured, for example.
Category: Bankruptcy, Foreclosure & Debt → Bankruptcy
Category: Bankruptcy, Foreclosure & Debt → Foreclosure
Category: Bankruptcy, Foreclosure & Debt → Debt & Collection Agencies
Category: Personal Finance & Retirement

Nolo’s Plain-English Law Dictionary. . 2009.

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Look at other dictionaries:

  • undersecured claim — A secured claim where the collateral value is less than the amount due and owing the secured creditor (SA Bankruptcy.com) A debt secured by property that is worth less than the amount of the debt. (BankruptcyAction.com) United Glossary of… …   Glossary of Bankruptcy

  • 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

  • lien stripping — In the consumer bankruptcy context, a strategy often employed by chapter 13 debtors to reduce the amount of a secured claim to the actual value of the collateral where the secured claim is undersecured (the debt is greater than the value of the… …   Glossary of Bankruptcy

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