[happyopossum]

> Default means that you are or have been technically deemed incapable of making any further payments

Nope, that's not correct. Loan default occurs when a borrower fails to pay back a debt according to the initial arrangement - it most assuredly does not mean that no further payments will ever come (or be extracted via judgement).

[jsemrau]

To expand a bit more. At least in the SOPs that I wrote, is a loan declared default if a repayment of (interest and/or principal) has not been received after a certain cutoff (30+, 60+, 90+) or the company has been declared bankrupt, dead, or similar (hard trigger events) For the latter, this is why petitions like these matter: https://www.reuters.com/business/china-evergrande-faces-wind...