Debt-To-Income Ratio —
The percentage of your gross monthly income that is used to pay your bills and cover your basic expenses.
Deductions —
Expenses subtracted from adjusted gross income when calculating taxable net income. Examples can include state and local taxes paid, charitable gifts, and certain types of interest payments or business expenses.
Default —
Failure to repay a debt. A failure to meet an obligation, particularly a financial one.
Discharge of Federal Lien —
The process whereby you or an interested third party applies to have a federal tax lien removed from a specific piece of property or other asset. The discharge may be granted if the IRS has no interest in the property, the IRS will receive the net proceeds from the sale of the asset, or you have equity in other assets equal to 3 times the amount of the tax liability.
