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Debt Relief:Definitions: Difference between revisions
→Liens
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===Debt Consolidation=== | ===Debt Consolidation=== | ||
*The process of combining all debt into one sum and having only one payment. This may be helpful when there are multiple credit cards with high interest rates. In most cases payments are lowered and interest rates are reduced | *The process of combining all debt into one sum and having only one payment. This may be helpful when there are multiple credit cards with high interest rates. In most cases payments are lowered and interest rates are reduced. | ||
===Frozen Assets=== | |||
*When someone can no longer have access to funds in a bank or other holding company. Selling of personal items is not permitted at this time either. | |||
===Frozen Interest=== | |||
*When interest fees are no longer able to accrue on an account. | |||
===Frozen Interest Rate=== | |||
*When an interest rate is no longer fluctuating between variable numbers. | |||
===Garnishee or Garnishment=== | ===Garnishee or Garnishment=== | ||
* | *When a creditor can legally take money from a debtor's paycheck. | ||
===Insolvent=== | ===Insolvent=== | ||
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===Liens=== | ===Liens=== | ||
* | *When the creditor can legally claim the property of the debtor by placing a lien on the property until the debt is paid. | ||
===Liquidation=== | ===Liquidation=== | ||
* | * When a debtor may be legally ordered to sell all assets in order to settle debts. | ||
===Secured Credit=== | ===Secured Credit=== | ||