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Simple English definitions for legal terms

undersecured debt

Read a random definition: index (finance)

A quick definition of undersecured debt:

An undersecured debt is when someone borrows money and puts something valuable up as collateral, but the value of that collateral is less than the amount of money they borrowed. This means that if they can't pay back the loan, the lender might not be able to get all their money back by selling the collateral. For example, if someone borrows $1,000,000 but puts up a house that's only worth $800,000 as collateral, the loan is undersecured.

A more thorough explanation:

An undersecured debt is a type of debt that is secured by collateral, but the value of the collateral is less than the total amount of the debt. This means that the creditor may not be able to recover the full amount of the debt if the debtor defaults on the loan.

For example, let's say that a person takes out a loan for $100,000 to buy a car. The car is used as collateral for the loan, but it is only worth $80,000. This means that the loan is undersecured, because the value of the collateral is less than the total amount of the debt.

Another example of undersecured debt is a mortgage on a house. If the value of the house decreases over time, the mortgage may become undersecured, because the value of the collateral (the house) is less than the total amount of the debt (the mortgage).

Undercapitalization | underwrite

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19:06
yea spring
@BulbasaurNoLikeCardio: congratulations:)
19:08
@BulbasaurNoLikeCardio: baby is out?! Congratulations Bulb&Bulbs wifey!!
Dkk
19:22
@BulbasaurNoLikeCardio: Oh, I missed that. Nice and congrats!
BulbasaurNoLikeCardio
19:34
Yes she is, thank you everyone. She is a perfect little baby bulbasaur. Just waiting to get her all that law school swag so she can flex on other babies.
jackfrost11770
20:00
CONGRATSSSS
glove
20:56
My dick fell off
21:00
@glove: feelsbadman.exe
windyMagician
21:21
let me hold it for you
21:40
^Typical UMich student, always offering a hand to those in need
21:45
hey y’all if i applied on dec 12 (yes ik i applied a little late), to st. john’s, hofstra, nyls, brooklyn, cardozo, i miami - when do you think i’ll start to hear back. i have 164 and 3.91
21:46
i would be hard pressed if you did not hear back from most by feb1, imho
thatsmyline
21:49
let the jan decisions bloodbath commence
@getmoney: mid feb to march. april for the stragglers
22:13
awwww bulb is a dad now
HeadyInvincibleRabbit
22:14
does anyone know what the hopes are for those that are deferred? i got deferred from nyu ed with pretty low stats so i'm confused as to whether I should be hopeful or upset
22:21
youll probably be waitlisted then bc they dont usually waitlist ED on the spot
22:21
you could be hopeful and waitlist is something to be hopeful about
HeadyInvincibleRabbit
22:22
yea i'm trying to stay positively bc both my lsat and gpa were below the q25 but still somehow didn't get straight up rejected
22:42
i also dont think its rare to get deferred, a lot of ppl got deferred this cycle from what i heard simply bc nyu didnt make it to their application by the ED deadline
Dkk
0:19
@getmoney: psshh could be this week.
Dkk
0:20
Welcome to the night shift of the REAL cycle.
1:06
ive fallen in love w 2 law schools thus far this application cycle - northwestern and michigan
1:06
like as i was researching for the why x essays i rly loved these
1:06
i wanna go to the midwest but i also wanna be somewhere progressive hmmm
1:06
maybe ill just stay in la i love it here
Dkk
1:10
I wanna be at Scalia law.
Dkk
1:11
I would consider Michigan but not northwestern
1:16
why
1:16
what about uchicago too
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