Debt Relief:Definitions: Difference between revisions
No edit summary |
No edit summary |
||
| Line 10: | Line 10: | ||
===Garnishee or Garnishment=== | ===Garnishee or Garnishment=== | ||
*A creditor can legally take money from a debtor's paycheck. | *A creditor can legally take money from a debtor's paycheck. | ||
===Insolvent=== | |||
* Unable to meet debts or discharge liabilities. | |||
===Liens=== | ===Liens=== | ||
Revision as of 14:28, 15 November 2004
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.
Insolvent
- Unable to meet debts or discharge liabilities.
Liens
- The creditor can legally claim the property of the debtor until the debt is paid by placing a lien on the property
Liquidation
- A debtor may be legally ordered to sell all assets in order to settle debts.
Sue or suit
- The creditor can take legal action to get the money owed