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Debt Relief:Definitions: Difference between revisions
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*'''Chapter 7 bankruptcy'''-involves the liquidation of all your assets that are not exempt from the bankruptcy settlement. | *'''Chapter 7 bankruptcy'''-involves the liquidation of all your assets that are not exempt from the bankruptcy settlement. | ||
*'''Chapter 13 bankruptcy'''-is a court-ordered and approved repayment plan to your creditors. | *'''Chapter 13 bankruptcy'''-is a court-ordered and approved repayment plan to your creditors. | ||
===Beacon or Credit Score=== | |||
* Points kept on file by credit reporting agencies that indicate how much debt a person has; higher scores are ideal. Low scores indicate an unfavorable credit history. | |||
===Debt=== | |||
* Liability; money owed | |||
===Debt Consolidation=== | ===Debt Consolidation=== | ||
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===Liquidation=== | ===Liquidation=== | ||
* A debtor may be legally ordered to sell all assets in order to settle debts. | * A debtor may be legally ordered to sell all assets in order to settle debts. | ||
===Secured Credit=== | |||
* Where a deposit is made to the credit supplying company to cover any expenses or purchases made with the credit. Often times calling it a savings account for credit. A limit is then placed on the credit issued for the amount of the deposit paid. | |||
===Sue or suit=== | ===Sue or suit=== | ||
* The creditor can take legal action to get the money owed | * The creditor can take legal action to get the money owed | ||
===Unsecured Credit Card=== | ===Unsecured Credit Card=== | ||
* A credit card where a security deposit is not required to open the credit account. | * A credit card where a security deposit is not required to open the credit account. | ||