Bankruptcy

Bankruptcy

State of being bankrupt, that is, one that cannot repay the debts owed to creditors.

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Part of Speech: noun
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Blossary:
Industry/Domain: Financial services
Category: Home equity
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Related terms

bankruptcy

Economy; Economics

When a court judges that a debtor is unable to make the payments owed to a creditor. How bankrupts are treated can affect economic growth. If bankrupts are punished too severely, ...

bankruptcy

Law; US law

Under authority of the federal bankruptcy act, individuals and companies may be relieved of most of their debt.

bankruptcy

Legal services; Courts

Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the ...

bankruptcy

Economy; International economics

The condition of a legal entity that does not have the financial means to pay their incurred debts as they come due. In the U. S. this status is established through legal ...

bankruptcy

Banking; Investment banking

Inability to meet payment obligations leading to the enforced liquidation of the assets of a debtor entered in the Commercial Register. The proceeds of the liquidation are ...

bankruptcy

Agriculture; General agriculture

A legal process in which a debtor unable to pay debts has his assets liquidated and the debtor is relieved of further liability for those debts.

equity

Financial services; Home equity

The difference between the appraised value of your home and the outstanding mortgage balance(s).

appraised value

Financial services; Home equity

The value of your home based on current market conditions.

amortization

Financial services; Home equity

A series of payments over a specific period of time calculated to fully pay the loan amount plus interest by the end of the life of the loan.

usable area

Financial services; Home equity

The occupiable part of an office or a building floor; generally measured from paint to paint inside the permanent walls and to the middle of partitions separating one tenant’s ...

mortgage

Financial services; Home equity

An agreement in which money is lent by a building society, bank, etc for buying a house or other property, the property being the security.

contractor

Financial services; Home equity

A person or company that undertakes a contract to provide materials or labor to perform a service or do a job.

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