Debt Relief:Definitions: Difference between revisions
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* | *The creditor can legally claim the property of the debtor until the debt is paid by placing a lien on the property | ||
===Liquidation=== | ===Liquidation=== | ||
Revision as of 20:36, 14 November 2004
Definitions and Common Terms
Garnishee or Garnishment
- A creditor legally takes money from your paycheck.
Sue or suit
- The creditor takes legal action against you to get the money owed
Liens
- The creditor can legally claim the property of the debtor until the debt is paid by placing a lien on the property
Liquidation
Consolidation
Bankruptcy
*Chapter 7
*Chapter 13