S Flashcards
What is Secured Debt?
Secured debts are those debts that are secured against a property or collateral. It protects the lender from loss in case of any default. As the debt is secured against valuable property, if your debts are not repaid, the property can be seized and sold by the lender to recover the payment. Common examples are mortgages and car loans.
What is a Secured Creditor?
A creditor with specific rights over some or all of the debtor’s assets in the event of insolvency.
What is a Secured Loan?
A secured loan is a loan that is attached to your house. If you miss payments to a secured loan, your lender could try to take ownership of your property.
What is a Statute of Limitations?
Is a statute in a common law legal system that sets forth the maximum period of time, after certain events, that legal proceedings based on those events may be initiated.
What is a Summons?
A summons is a legal document issued by a court or by a government administrative agency in order to notify you of a pending suit and give you time to reply.
What is Surplus Income?
This is the amount left after costs for all living expenses have been taken from all forms of income. This amount is what’s available to repay what’s owed.
