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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.
Set-off
Definition:
The ability to discharge or reduce a debt by applying a counter claim between the same parties.
Absolute priority
Definition:
The order of payment to the different classes of creditors mandated by the Bankruptcy Code. In theory, claims with higher priority are paid in full before other claims receive anything
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