|
Today's Terms
Claims
Definition:
Rights to repayment made by creditors against a debtor; they may be liquidated, unliquidated, fixed, contingent, matured, unmatured, secured, unsecured, subordinated, legal or equitable.
Set-off
Definition:
The ability to discharge or reduce a debt by applying a counter claim between the same parties.
Garnishment Laws
Definition:
Unsecured creditors in relation to garnishment laws do not hold any collateral that they can take from you if you fall behind on your payments.
More Bankruptcy Terms >
|