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LSDefine

Simple English definitions for legal terms

unsecured creditor

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A quick definition of unsecured creditor:

An unsecured creditor is someone who is owed money but doesn't have any specific property or collateral to claim if the debtor can't pay. They are just hoping the debtor will pay them back. This is different from a secured creditor who has a right to take specific property if the debtor can't pay.

A more thorough explanation:

An unsecured creditor is a person or entity to whom a debt is owed, but who has not taken any rights against specific property of the debtor as collateral. This means that if the debtor defaults on the debt, the unsecured creditor cannot automatically seize any of the debtor's assets to recover the debt.

Examples of unsecured creditors include credit card companies, medical providers, and suppliers who have not obtained a security interest in the goods they have sold to the debtor.

For instance, if a person owes $5,000 to a credit card company and cannot pay it back, the credit card company cannot automatically take the person's car or house to recover the debt. Instead, the credit card company may have to file a lawsuit and obtain a judgment against the person before it can try to collect the debt through other means.

unsecured claim | unsecured note

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go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
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