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LSDefine

Simple English definitions for legal terms

Unsecured debt

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A quick definition of Unsecured debt:

Unsecured debt is a type of debt that doesn't have any property or assets attached to it as collateral. This means that if the borrower can't pay back the debt, the creditor can't take any property or assets to recover their money. Examples of unsecured debt include credit card debt and medical bills. Because there is no collateral, unsecured debt is often more expensive than secured debt, with higher interest rates.

A more thorough explanation:

Unsecured debt

Unsecured debt is a type of debt that does not require any collateral to be pledged to the creditor. This means that if the borrower is unable to make payments, the creditor cannot take any property as compensation. Examples of unsecured debt include credit card debt, medical bills, and personal loans.

  • Credit card debt
  • Medical bills
  • Personal loans

These examples illustrate unsecured debt because they are all types of debt that do not require any collateral. If a borrower is unable to make payments on their credit card debt, for example, the credit card company cannot take any property as compensation. This makes unsecured debt riskier for creditors, which is why it often carries higher interest rates than secured debt.

unseasoned issuer | Upon information or belief

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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