Debt Relief
/ˈdɛt rɪˌlif/
Definitions
- (n.) A legal process or arrangement to reduce, restructure, or forgive debt obligations to alleviate financial hardship.
The debtor sought debt relief through a government program to avoid bankruptcy.
- (n.) An agreement between debtor and creditor to modify the terms of debt, often by reducing the amount owed or extending payment deadlines.
The debt relief agreement allowed the borrower to repay over a longer period with lower interest.
Related terms
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Commentary
Debt relief commonly arises in contexts of insolvency and consumer protection; precise definitions depend on jurisdiction and the specific legal mechanisms employed.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.