Debt Relief:Definitions: Difference between revisions
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===Liquidation=== | ===Liquidation=== | ||
* | * A debtor may be legally ordered to sell all assets in order to settle debts. | ||
===Consolidation=== | ===Consolidation=== | ||
Revision as of 21:39, 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
- A debtor may be legally ordered to sell all assets in order to settle debts.
Consolidation
Bankruptcy
*Chapter 7
*Chapter 13