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Today's Terms
Forbearance and Repayment
Definition:
The most common way of resolving a loan default is to work out a plan which will let you repay part of the delinquency each month, along with you regular monthly installment.
Garnishment Laws
Definition:
Unsecured creditors in relation to garnishment laws do not hold any collateral that they can take from you if you fall behind on your payments.
Debtor-in-possession
Definition:
The debtor which remains in control of operations; as opposed to having a trustee operate the company.
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