Difference between revisions of "Secured debt"
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(New page: '''Secured debt''' is debt backed by a mortgage, pledge of collateral, or other lien; debt for which the creditor has the right to pursue specific pledged property ...) |
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'''Secured debt''' is [[debt]] backed by a [[mortgage]], pledge of [[collateral]], or other [[lien]]; [[debt]] for which the [[creditor]] has the right to pursue specific pledged property upon default. Examples include home [[mortgage]]s, auto [[loan]]s and tax [[lien]]s. | '''Secured debt''' is [[debt]] backed by a [[mortgage]], pledge of [[collateral]], or other [[lien]]; [[debt]] for which the [[creditor]] has the right to pursue specific pledged property upon default. Examples include home [[mortgage]]s, auto [[loan]]s and tax [[lien]]s. | ||
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[[category:bankruptcy]] | [[category:bankruptcy]] | ||
Revision as of 21:09, May 8, 2008
Secured debt is debt backed by a mortgage, pledge of collateral, or other lien; debt for which the creditor has the right to pursue specific pledged property upon default. Examples include home mortgages, auto loans and tax liens.
