The Law Dictionary for Everyone
A mortgage is security for a loan that is given to a borrower who needs the money to purchase or refinance a home. The mortgagor is the borrower who makes payments to the lender, in return for the lender lending him the money. The mortgage is not the act of loaning the money to the borrower, but is the security […]
Read moreAn abstract of judgment is a document created by a court that shows detailed information about a judgment rendered in court. The abstract of judgment lists the date of the judgment and the amount, as well as contact information for both the debtor and the creditor. Also included in the abstract of judgment is the rate of interest that the […]
Read moreIndebtedness is the state of being in debt, or owing money to someone else. When someone is in debt, it means that he has borrowed money, or received goods or services, with a promise to pay the sum back. Someone can be in debt for bills that are due now, as well as bills that he knows will be due […]
Read moreBankruptcy is a legal process by which people and businesses in financial distress can arrange to pay a portion of the debts, or eliminate all of them, under the protection of the federal bankruptcy court. There are different types of bankruptcy, and navigating the bankruptcy system is often confusing and stressful. A bankruptcy attorney can take the guesswork out of […]
Read moreThe Fair Debt Collection Practices Act was designed by Congress to protect consumers from abusive or unfair practices by creditors and debt collectors. This consumer protection act comes as an amendment to the Consumer Credit Protect Act, and provides people with legal protection from abusive debt collection practices. The Fair Debt Collection Practices Act was created to encourage honest and […]
Read moreThe civil law term adversary proceeding relates to a lawsuit filed in relation to a bankruptcy case. A party may file an adversary proceeding in order to petition the court asking for relief on a specific matter that is related to, but separate from, the bankruptcy, and requires action by a judge. Such matters usually have to do with distribution […]
Read moreBankruptcy is a legal process that allows consumers and business entities to eliminate some, or all, of their debts by order of a federal court. While bankruptcy gives individuals and businesses a fresh start, as the court forgives debts that cannot be paid, it also gives creditors an opportunity to get at least partial repayment, based on what assets the […]
Read moreLiquid assets are any assets that can quickly be converted into cash with a minimal impact on the asset’s value. In general, liquid assets are viewed in the same manner as cash, as their value remains largely the same when sold. In order for an asset to be considered liquid, it must be in an established market, with a large […]
Read moreThe term “assets” refers to things owned by people or entities that have, or are expected to have, economic value. Assets can come in many forms including cash, bank accounts, investments, collectible items, personal possessions, and real property. The value of an individual’s or entity’s assets is offset by the amount of their debts, and comes into play when seeking […]
Read more“Debtor in possession” is a term in U.S. bankruptcy law that refers to an individual or entity that has filed Chapter 11 bankruptcy, but remains in possession and control of property against which a creditor has a lien. In the case of a business, this gives the business owner the power to continue operating the business until the details of […]
Read more