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LSDefine
Simple English definitions for legal terms
debt limitation
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A quick definition of debt limitation:
Debt limitation is a rule that says you can only borrow up to a certain amount of money. This applies to individuals, businesses, and governments. Some states have laws that forbid them from borrowing more than a set amount, while others require a vote from the people to borrow more. Debt is when you owe someone money, either because of an agreement or because of something you bought. There are different types of debt, like community debt that both husband and wife are responsible for, or consumer debt that is for personal use. Some debts are secured by collateral, like a house or car, while others are not. If you can't pay back your debt, it can become a problem and even lead to bankruptcy.A more thorough explanation:
Definition: Debt limitation refers to a maximum amount of borrowing that an individual, business, or government can undertake. Some state constitutions prohibit states from incurring debt beyond a certain limit, while others require a vote of the people to exceed the limit.
Example: The state of California has a debt limitation of $300,000,000 for general obligation bonds. This means that the state cannot issue bonds beyond this limit without obtaining voter approval.
This example illustrates how debt limitation works in practice. The state of California cannot borrow more than $300,000,000 without seeking approval from the voters. This helps to ensure that the state does not accumulate too much debt and become financially unstable.