Difference between revisions of "Unsecured claim"
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An '''unsecured claim''' is a legal [[claim]] or [[debt]] for which a [[creditor]] holds no special assurance of payment, such as a [[mortgage]] or [[lien]]; a debt for which credit was extended based solely upon the creditor's assessment of the debtor's future ability to pay. | An '''unsecured claim''' is a legal [[claim]] or [[debt]] for which a [[creditor]] holds no special assurance of payment, such as a [[mortgage]] or [[lien]]; a debt for which credit was extended based solely upon the creditor's assessment of the debtor's future ability to pay. | ||
[[Category:Legal Terms]] | [[Category:Legal Terms]] | ||
| − | [[ | + | [[Category:Bankruptcy]] |