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
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
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
A debt buyer is a company that specializes in purchasing past-due debts from creditors for a fraction of the face value of the debt. Debt buyers then attempt to collect the full amount of the debt from the debtor. Debt buyers typically purchase debt from creditors for pennies on the dollar. For example, a debt … Read more
Reaffirmation is the act of reaffirming a debt. In the context of debt management, reaffirming a debt means that the debtor agrees to continue to be liable for the debt, even though the debt may have been discharged in bankruptcy. Reaffirming a debt is a voluntary act on the part of the debtor, and it … Read more
Debt consolidation is the process of taking out a new loan to pay off multiple debts. This can be done by transferring all debts into one account with a lower interest rate or by taking out a personal loan. By consolidating debt, you can save money on interest and pay off your debt faster. What … Read more
The collateral source rule is a rule that says that a debt collector cannot reduce the amount of a debt that is owed by the amount of any payments that the debtor has already received from a collateral source. For example, if a debtor owes $1,000 to a creditor, but the debtor has already received … Read more
Bankruptcy Discharge A bankruptcy discharge is a court order that releases a debtor from personal liability for certain specified debts. The debtor is no longer legally required to pay any debts that are discharged. A discharge is granted after the debtor completes all required payments under the bankruptcy plan. What debt can be discharged in … Read more
A Debt Cancellation Contract (DCC) is an agreement between a lender and a borrower in which the lender agrees to cancel all or part of the borrower’s debt in exchange for certain conditions being met by the borrower. The conditions may include the borrower making regular payments for a specified period of time, or the … Read more
A walk-away lease is a type of leasing arrangement in which the lessee is not responsible for any residual value of the leased asset at the end of the lease term. This means that the lessee can simply return the asset to the lessor and walk away from the lease agreement without any further obligation. … Read more
