- undersecured claim
A secured claim where the collateral value is less than the amount due and owing the secured creditor (SA-Bankruptcy.com)A debt secured by property that is worth less than the amount of the debt. (BankruptcyAction.com)
United Glossary of Bankruptcy Terms 2012.
Glossary of Bankruptcy.
Look at other dictionaries:
undersecured claim — USA A claim held by a creditor that is secured by property worth less than the full amount of the claim. Related terms: undersecured creditor Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com … Law dictionary
undersecured creditor — USA A creditor holding an undersecured claim. Undersecured creditors hold a secured claim to the extent of their collateral and an unsecured claim for the deficiency. In bankruptcy, such creditors are entitled to adequate protection of the… … Law dictionary
bankruptcy — /bangk rupt see, reuhp see/, n., pl. bankruptcies. 1. the state of being or becoming bankrupt. 2. utter ruin, failure, depletion, or the like. [1690 1700; BANKRUPT + CY] * * * Status of a debtor who has been declared by judicial process to be… … Universalium
lien stripping — In the consumer bankruptcy context, a strategy often employed by chapter 13 debtors to reduce the amount of a secured claim to the actual value of the collateral where the secured claim is undersecured (the debt is greater than the value of the… … Glossary of Bankruptcy