An order made by a court for the administration of the estate of a judgment debtor or a company in financial distress, focused on debt repayment and business survival.
An amortization schedule details the specific payments required to repay a loan, providing clarity on the principal and interest components of each payment over the entire term of the loan.
Annulment in accounting refers to the cancellation by a court of a bankruptcy order, under certain conditions such as wrongful bankruptcy declaration, full repayment of debts, or court-approved voluntary arrangement.
Chapter 13 of the 1978 Bankruptcy Act, also known as a wage earner's bankruptcy plan, allows individuals with a regular income to create a court-monitored repayment plan to pay back debts over a 3- to 5-year period while keeping their property.
A constant-payment loan is structured such that equal payments are made periodically to completely pay off the debt by the loan's maturity date. This type of loan typically involves fixed interest rates and scheduled payments that cover both principal and interest.
Debt administration refers to the process of managing and overseeing the repayment of debts, ensuring that they are correctly and timely settled in compliance with agreed terms and conditions.
A written agreement between a debtor and their creditors, registered with the Insolvency Service, which outlines the repayment of debts or restructuring of debtor's affairs.
The due date is a fixed time when a payment for debt, tax, interest, or other financial obligation is required.
The Equity of Redemption is a legal right of mortgagors to reclaim their property after defaulting, by settling the entire mortgage debt including costs and interest before foreclosure occurs.
Full faith and credit refer to the comprehensive commitment of a government entity to use its taxing and borrowing power and other revenue sources to ensure the payment of interest and principal on its issued bonds.
Garnishment is a legal process where a court orders an employer to withhold all or part of an employee's wages, directing the funds to the court or a party that has secured a legal judgment against the employee. This can occur in situations such as divorce settlements or debt repayment.
In finance and various fields, an installment refers to anything given or received as part of a series of steps, commonly used in the context of debt repayment over successive periods.
An IOU (phonetic abbreviation of 'I owe you') is a signed document acknowledging a debt and stating the amount owed. It is informal and less legally binding compared to other financial instruments such as promissory notes or bills of exchange.
Joint liability refers to the shared responsibility of two or more individuals or entities to fulfill a debt or legal obligation. This often applies in situations where multiple parties have borrowed money or are subject to a legal claim.
The payoff amount refers to the remaining balance of a loan that a borrower must pay to completely satisfy the debt, including any applicable prepayment penalty.
An obligation that is prioritized for repayment over other debts.
Receivership is a process where an appointed receiver manages a company's assets to repay debt owed to a lender due to the company's default or insolvency.
The redemption date refers to the specific date on which a bond or other fixed-income security is repaid by the issuer, fulfilling the terms of the debt agreement.
A limited reserve set aside systematically by an issuer over time to repay debt or to replace an asset in the future.
A wage assignment is a voluntary transfer of earned wages to a third party for the purpose of paying debts, purchasing savings bonds, paying union dues, or contributing to a pension fund.
