. What is Insolvency? How Does Insolvency Work? What Are the Contributing Factors to Insolvency? What can we learn from Chapter 11? Debt management is the process of handling debt in a responsible and effective way. This includes understanding different types of debt, developing a budget, and creating a plan to pay off debt. There … Read more
A lien sale is a type of sale in which a lienholder sells the rights to a debt to a third party. The third party then becomes responsible for collecting the debt from the debtor. This type of sale is often used when the lienholder is unable to collect the debt themselves. Is lien a … Read more
A debtor in possession (DIP) is a debtor who retains possession of his/her property during a bankruptcy proceeding. The debtor is not required to surrender any property to the bankruptcy trustee. Instead, the debtor is allowed to keep possession of his/her property and to use it in the operation of his/her business. A DIP has … Read more
A frozen account is a financial account that has been temporarily suspended or restricted by the account holder’s bank or credit card issuer. This may happen if the account holder has failed to make a required payment, has been involved in fraudulent activity, or for other reasons. A frozen account may also be called a … Read more
A “time-barred debt” is a debt for which the statute of limitations has expired. This means that the creditor can no longer sue you for the debt, and you can no longer be legally obligated to pay it. However, just because a debt is time-barred doesn’t mean it’s gone for good. The creditor may still … Read more
Refinancing risk definition is the probability that a company will not be able to refinance its debt when it becomes due. This can happen for a variety of reasons, including a change in the company’s credit rating, an increase in interest rates, or a decrease in the availability of credit. If a company is unable … Read more
Chattel is a term used to describe personal property that is movable and can be bought and sold. This includes items such as furniture, cars, and jewelry. Chattel can also be used to describe intangible property, such as copyrights and patents. What is the object of chattel mortgage? A chattel mortgage is a type of … Read more
Bankruptcy: Types and How It Works What are the five steps in bankruptcy? 1. The first step in bankruptcy is to assess your financial situation and figure out if filing for bankruptcy is the right option for you. This means taking a close look at your income, expenses, debts, and assets. 2. The second step … Read more
A wage assignment is an agreement between an employee and employer that allows the employer to deduct a certain amount from the employee’s wages and send it directly to a creditors. This can be a useful tool for employees who are struggling to pay off debts, as it can help them stay current on their … Read more
Subordination Agreement: Definition and Impact on Mortgages What are 10 subordinate clauses? 1. A subordinate clause is a clause that cannot stand alone as a sentence because it does not express a complete thought. 2. Subordinate clauses are often introduced by subordinating conjunctions, such as “after,” “although,” “as,” “because,” “before,” “if,” “since,” “that,” “though,” “until,” … Read more
