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Legal Definitions - ancestral debt

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Definition of ancestral debt

Ancestral debt is a type of debt that is owed by an ancestor and can be passed down to their heirs. It is a debt that the heir can be compelled to pay.

For example, if a person's grandfather owed money to someone and passed away before paying it back, the debt may be passed down to the person as their ancestral debt.

This type of debt is different from other types of debt, such as consumer debt or secured debt, because it is not incurred by the person themselves but rather inherited from their ancestors.

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Simple Definition

Ancestral debt is when someone inherits a debt from their ancestors and is responsible for paying it off. Debt is when someone owes money to someone else, either from a loan or a purchase. There are different types of debt, such as secured debt (backed by collateral) and unsecured debt (not backed by collateral). Some debts may be forgiven in bankruptcy, but others, like taxes, cannot be. It's important to be responsible with money and avoid taking on too much debt.
ancestor | ancestry Read a random term: life insurance trust

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