Debt Relief:Definitions

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Revision as of 21:36, 14 November 2004 by MHartley (talk | contribs) (→‎Liens)

Definitions and Common Terms

Garnishee or Garnishment

  • A creditor legally takes money from your paycheck.

Sue or suit

  • The creditor takes legal action against you 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
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