Debt Relief:Definitions

From LitWiki

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