11:44
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Simple English definitions for legal terms
individual debt
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A quick definition of individual debt:
Individual debt refers to the money that a person owes to someone else. This can be a specific amount of money that was agreed upon, or it can be the total amount of money that a person owes to different people or entities. Debt can also refer to owing goods or services to someone else. There are different types of debt, such as secured debt (backed by collateral) and unsecured debt (not backed by collateral). If a debt cannot be paid back, it may be considered bad debt.A more thorough explanation:
Definition: Individual debt refers to the amount of money that a person owes to another person or entity. It can be a specific sum of money due by agreement or otherwise, or the aggregate of all existing claims against a person.
Examples:
- John owes $5,000 to his credit card company.
- Samantha has outstanding debts of $10,000 to various lenders.
- Mike owes his friend $500 for a loan he took to pay his rent.
These examples illustrate how individual debt can arise from various sources, such as credit card debt, loans, or personal debts owed to friends or family members.