Sentences with phrase «secured debt means»

Secured debt means money borrowed to finance the purchase of an asset that has a long life span, such as a home or a car.

Combining unsecured debt with secured debt means that if you default on the loan you could lose your home to foreclosure or your car to repossession.

Not exact matches

Cash - out refinancing means the loan is secured by your home, so the interest rate is significantly lower compared to other debt such as credit card balances

The term secured loan means a direct loan or other debt obligation issued by an obligor and funded by the Secretary in connection with the financing of a project under section 603.

Now, if the debt is secured, meaning that there is personal property attached to the debt, then the lender can legally take possession of the collateral if this debt isn't paid and nothing is done about it.

You will only find debt investments on Patch of Land which are more secure and have shorter loan durations which means your money isn't tied up as long as some of the other investment opportunities.

The lenders will arrange the loan as a mortgage, meaning that the debt is secured to the property.

A car loan is a secured, which means the vehicle serves as collateral on the debt.

This means that you can not include your secured debts into a debt consolidation program.

Rising debt means consumers feel more secure about their finances and are willing to live on the financial edge.

It also means that he OP would convert unsecured debt into secured debt, which might not be a good idea.

Using a secured card can help you live within your means and avoid falling deep into debt when trying to rebuild your credit.

Car loans, leases and mortgages are secured debts, meaning that you've made a pledge with your lender that if you stop making your payments, they have the right to take your car or house.

Meaning, the price for which your home could be sold on the market today, less any debts registered against the property, such as mortgages and secured credit lines.

Remember that part of the means test takes into account your payments on secured debts that due within the next 60 months.

If you have unsecured debt (like credit cards) that is overwhelming you, secured debt (like a home mortgage or car loans) that is current, and you meet the Chapter 7 means test, then a Chapter 7 bankruptcy may offer you the relief you need.

This means that during the IVA (normally in year four) you would be expected to apply for a secured loan or re-mortgage to pay back some of the debt.

A debt consolidation company will usually look to secure larger loans against an asset such as your home (the interest payable on an unsecured loan will be much higher), which means that it will be at risk if you do not keep up with repayments.

Some projects are debt - based, meaning that you are providing a loan that is secured by the property.

Some advantages bankruptcy protection might offer a bankrupt debtor is that you can obtain an automatic stay which means the mere request for bankruptcy protection automatically stops and brings to a cessation certain lawsuits, foreclosures, utility shut - offs, evictions, repossessions, garnishments, attachments, and debt collection harassment, filing might save your home, you can reschedule secured debts, you can receive protection for co-debtors you can keep all non-exempt property, you can consolidate all your loans under one plan, all or part of your loans may be completely forgiven, and you can extend certain tax obligations, student loans, or other such qualifying debts.

On the other hand, a home loan is secured debt, which means failure to pay could result in the property being seized.

On the other hand, mortgages or home loans, auto loans, and the like are considered secured debt, meaning there is a specific piece of property that can be collected if you fail to pay your lender.

There is a long form of the means test that factors in secured debt payments such as your mortgage and other necessary expenses like medical bills and insurance.

In deciding whether or not you qualify to file a Chapter 7 without taking the means test under this law, you must consider all your secured and unsecured debts, both consumer and non-consumer types.

This could mean meeting other financial commitments (such as paying off debts), but it's the proportion of your income which should go towards securing your financial future.

Home equity loans use the equity in your home to secure the debt, which means the lender can foreclose on your home if you default on the loan.

If you'd prefer to get a lower interest rate on your debt, you may be able to use a home equity loan, but the loan will be secured, meaning the lender can foreclose on your home if you miss a payment.

These mortgages are secured debts, meaning that the building may be sold if the borrow refuses to pay the agreed upon fees.

«consumer debtor» means a «natural person who is bankrupt or insolvent and whose aggregate debts, excluding any debts secured by the person's principal residence, do not exceed two hundred and fifty thousand dollars or such other maximum as is prescribed»;

Credit card debt is an unsecured debt (unsecured means it's not secured against an asset such as a car or a house) just like a personal loan or a store card.

The charging order means the debt is secured on your home like a mortgage and may put your house at risk.

Turning an unsecured debt into a secured debt backed by an asset means you put that asset at risk.

Debt that is secured generally means that you pledge an asset to assure the payment of the loan.

A Chapter 13 bankruptcy is a government - sponsored debt consolidation plan: this means that all of your unsecured debts (credit cards, medical bills, retail accounts, and other debts that are not secured by collateral) are combined into one debt amount.

Secured debts are generally not allowed on DMPs, meaning you will still need to manage your mortgage and car payments separately.

This means they are secured debt.

To qualify for a Chapter 7 bankruptcy, the debtor must earn less than the state median income on a monthly basis and submit to a «means test» that examines their financial records, including income and expenses, along with secured (mortgages and car loans) and unsecured debt (credit card bills, personal loans, medical expenses).

A personal loan is a type of unsecured loan, which means the debt isn't secured against any asset.

The preferential debt status of employees means that in the insolvency, if there is any money at all left over after paying holders of fixed charges (such as mortgage companies or other secure creditors) and their preferential debt, employees are entitled to another slice of what they are owed.

«charge» means a charge on land given for the purpose of securing the payment of a debt or the performance of an obligation, and includes a charge under the Land Titles Act and a mortgage, but does not include a rent charge; («charge»)

But what some judges think that means is that unsecured debts are discharged, and secured debts aren't.

This means that, for example, the court must try to balance the welfare of any child living in the property with the desirability of the secured creditor to (rightfully) recover its debt.

Right of Assignment In insurance, the policyowner's right to assign a policy to another, often as a means to secure a debt or obligation.

An example, in one case a farm was purchased along with some equipment but they failed to secure the equipment as customary but that doesn't mean the debt created was not valid.