Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

partially secured debt

Read a random definition: Share

A quick definition of partially secured debt:

A partially secured debt is when someone borrows money and uses something valuable as collateral, but the value of the collateral is less than the amount of money borrowed. For example, if someone borrows $1,000,000 to buy a house, but the house is only worth $750,000, then the debt is partially secured. This can be a problem if the borrower needs to file for bankruptcy because it can make it harder to reorganize their finances. When someone owes partially secured debt, they can only pay off the part of the debt that is not secured with property that doesn't have a lien on it.

A more thorough explanation:

A partially secured debt is a type of secured debt where the collateral used to secure the debt is worth less than the total amount owed. This is also known as undersecured debt. For example, if a person takes out a $1,000,000 mortgage on a home that is only worth $750,000, the debt is partially secured.

It is not usually a good idea for a business to seek partially secured or unsecured debt because it can make it harder to reorganize if they need to file for Chapter 11 bankruptcy.

When a creditor has a partially secured debt, they have a secured claim for the value of the collateral and an unsecured claim for the difference between the secured claim and the total debt. The debtor can only pay down the unsecured portion of the debt with property that is not used as collateral.

If a person owes more than the maximum limit of their security interest, any excess debt is not considered secured debt. This means that the total debt is partially secured.

For example, if a person has a car worth $10,000 and they take out a loan for $15,000, the debt is partially secured. The car is used as collateral, but it is not worth enough to cover the entire loan amount.

Partial-Birth Abortion Ban Act of 2003 | participate

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
PleasantLoneBluejay
17:39
I will gladly borrow it ;)
17:39
Yeah fr
17:39
Tbh I’m leaning Cornell cuz of scholly tho…
17:42
U don’t think we’ll get Berk scholarships?
17:42
Why not negotiate
17:42
When are people getting Berk scholarship info? This month right?
@Deadpreciousmonkey could also be yield protection?
17:43
February yeah
17:44
@sadpadresfan: I like your list of updates
17:44
🔥
17:44
Yeah speaking of the update list, u need to add mich
17:44
UMich WL 🔥
17:44
Lol
17:45
Harvard R 🔥
17:45
🔥 🔥 🔥 LFGGGG
RoaldDahl
17:45
columbia R 🔥🔥🔥
wait did georgetown release decisions today??
and @homelesscuteimpala i am loving this idea and choosing to believe it
lmaooo I put it in the wrong chat
all good, getting the reassuring message twice made me feel better : )
HAHA
18:28
Anyone have any feedback on 7sage for lsat studying? want to compare options befroe spending any money
J-Reuben-Clark-Law
18:45
7Sage son or LSAT Demon daughter. You pick which is more fucked up.
i loved 7sage personally
but some of the core curriculum felt unnecessary to me
J-Reuben-Clark-Law
18:48
I personally loved LSAT Demon but I did not get a 180. I find a lot of people with higher scores 175+ advocate 7Sage while the 165-175 range is LSAT Demon. However I have seen several 175+ people come out of LSAT Demon. I like LSAT Demon because I used them and listen to their YouTube videos and they have a simple website but everyone should also consider 7Sage.
J-Reuben-Clark-Law
18:49
Fuck just got an A from a school I withdrew from. Lmfao. I feel bad for em.
LSAT Demon is more comprehensive I would say. And the interface is a lot easier for people who don't really have that much time. It's also more fun I think haha. Feels more like a game
Also anybody have any idea whether or not UMich will look at score updates? I think I might retake the LSAT to see if I can get a higher score to get off the waitlist :') In my head it's definitely that LSAT score
IrishDinosaur
19:01
@HomelessCuteImpala: it certainly can't hurt! If they don't look at it directly, you can always reference it in a LOCI
LSD+ is ad-free, with DMs, discounts, case briefs & more.