|
Today's Terms
Asset
Definition:
An economic resource or item owned by a business that is expected to benefit its future operations.
Automatic stay
Definition:
The suspension of actions, such as debt collection or foreclosure, against the company in bankruptcy. Occurs automatically when the bankruptcy petition is filed.
Forbearance and Repayment
Definition:
The most common way of resolving a loan default is to work out a plan which will let you repay part of the delinquency each month, along with you regular monthly installment.
More Bankruptcy Terms >
|