Difference between revisions of "Unsecured claim"
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m (Reverted edits by ElizDo (Talk) to last revision by Chippeterson) |
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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]] | [[category:bankruptcy]] | ||