Debt Relief:Definitions: Difference between revisions

Revision as of 14:06, 15 November 2004

    *Chapter 7
    *Chapter 13

The process of combining all debt into one sum and having only one payment. This may be helpful when there are multiple credit cards with high interest rates. Consolidation is used in other circumstances as well.

The creditor can legally claim the property of the debtor until the debt is paid by placing a lien on the property

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 ==Definitions and Common Terms==
+===Bankruptcy===
+*
+     *Chapter 7
+     *Chapter 13
+===Consolidation===
+*The process of combining all debt into one sum and having only one payment. This may be helpful when there are multiple credit cards with high interest rates. Consolidation is used in other circumstances as well.
 ===Garnishee or Garnishment===
 *A creditor can legally take money from a debtor's paycheck.
-===Sue or suit===
-* The creditor can take legal action to get the money owed
 ===Liens===
@@ Line 12: / Line 17: @@
 * A debtor may be legally ordered to sell all assets in order to settle debts.
-===Consolidation===
+===Sue or suit===
-*The process of combining all debt into one sum and having only one payment. This may be helpful when there are multiple credit cards with high interest rates. Consolidation is used in other circumstances as well.
+* The creditor can take legal action to get the money owed
-===Bankruptcy===
-*
-     *Chapter 7
-     *Chapter 13