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Today's Terms
Foreclosure
Definition:
Your mortgage lender may start a foreclosure action and sell your home at a Sheriff's sale. If the sale nets less than you owe, there will be a "deficiency balance" that you will own to the lender.
Asset
Definition:
An economic resource or item owned by a business that is expected to benefit its future operations.
Bankrupt
Definition:
The entity that files a bankruptcy; the debtor; the insolvent entity. This is a non-technical term and is not used in the Bankruptcy Code.
More Bankruptcy Terms >
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