Debt Relief:Definitions: Difference between revisions
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==Definitions and Common Terms== | ==Definitions and Common Terms== | ||
===Garnishee or Garnishment=== | ===Garnishee or Garnishment=== | ||
*A creditor can legally take money from | *A creditor can legally take money from a debtor's paycheck. | ||
===Sue or suit=== | ===Sue or suit=== | ||
Revision as of 21:38, 14 November 2004
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
Consolidation
Bankruptcy
*Chapter 7
*Chapter 13