Examlex
Nodding your head "yes" is an example of
Redemption
The buying back of one’s property after it has been sold. The right to redeem property sold under an order or decree of court is purely a privilege conferred by, and does not exist independently of, statute.
Collateral
An asset that a borrower offers to a lender as security for a loan, which can be seized if the loan is not repaid.
Bankruptcy Petition
A formal request filed by an individual or entity seeking the protection of bankruptcy laws to resolve insolvency issues.
Chapter 7
Chapter 7 refers to a chapter of the U.S. Bankruptcy Code, under which individuals or businesses can liquidate their assets to pay off creditors.
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