Debt Relief:Definitions

Definitions and Common Terms

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

• 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.

Bankruptcy

    *Chapter 7
    *Chapter 13