Bankruptcy Personal

Definition of "Bankruptcy (personal)"

Legal mechanism available for a person who is over his head financially and is unable to meet his financial obligations.

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Related Real Estate Glossary terms

Alley

A narrow passageway between buildings providing secondary rear access. ...

Consequential Loss

Value of loss resulting from loss of use of property. For example, a fire damages the structure of b ...

Construction Loans

Also called interim financing. A mortgage that provides the funds necessary for the building or con ...

Specific Limit

Maximum limit of liability of an insurance company for a particular claim or kind of loss that is ap ...

Owner Occupant

A property owner who lives in the property he also leases or rent to others. For example, John owns ...

Joint Tenancy With Right Of Survivorship

Joint tenancy in which the death of a joint tenant ( one owner ) means the surviving tenant becomes ...

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How Can I Protect My Home Office?

Commercial insurance is designed to help protect many of the risks your business can face, includin ...

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PITI is the total monthly payment you make on a house-Principal, Interest, Taxes, and Insurance. ...

What Is A Commitment Letter?

A commitment letter is a formal offer of a loan by a lender. The letter states the terms under which ...

What Do I Need To Know About Term Life Insurance?

Provides financial protection for a limited, specified period of time, at a lower cost than permanen ...

Who Is A Subagent?

A subagent is an agent who works with you to purchase a house but is paid by the seller. ...

What Is A Mortgage?

A mortgage is a legal document that pledges your property as security (like collateral) for a loan. ...

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