Debt-management plan (DMP) is a term used in credit counseling to describe an agreement concluded between a debtor, a credit counseling firm and the debtor’s creditors. Under the DMP, the debtor makes a payment to the counseling firm, which...
money and financial problems
debtor
A debtor is someone who owes a debt or obligation to someone else. Most commonly, this is the obligation to pay money. A classic example is within the situation where a bank extends a loan to an individual or business entity, creating the...
debtor and creditor
Debtor-creditor law governs situations where one party, known as the debtor, is unable to pay a monetary debt to another, known as the creditor. Debtor-creditor law typically plays out through bankruptcy proceedings.
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deed
A deed is a legal document that grants ownership to a piece of real estate or other property asset. A deed transfers the title of an asset to a new owner, and it is usually recorded in the local county clerk’s office. Recording is a way to...
default
A default is a failure to fulfill an obligation. Defaulting is most common in regards to debtor-creditor law and contract law. Typically, a default leads to judicial proceedings or triggers the application of a separate contract provision....
dependent
Dependent has multiple legal meanings. Generally, “dependent” refers to an individual who relies on support from another individual and usually cannot exist or sustain themselves independently without the aid or support of someone else....
dependent relevant revocation (DRR)
Dependent relevant revocation (DRR - also known as ineffective revocation) is a doctrine in estates and trusts law.
DRR renders the revocation of a previous will invalid if the testator did so by executing a new will, and...
dependents benefits
Dependents benefits are social security proceeds which may be received by those who rely on the primary recipient’s income. Dependents benefits often take the form of survivor benefits, although in some circumstances dependents may receive...
depository
A depository is the place where deposits are placed for safekeeping purposes. A depository oftentimes refers to banks, savings and loan institutions, credit union and trust companies. The term depository is also used to refer to institutions...
depreciation
Depreciation refers to the reduced value of something over time due to wear and tear. Many items, from appliances to major construction machinery, lose value over time and eventually must be replaced.
Large items can affect...