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Debt Relief:Definitions: Difference between revisions
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==Definitions and Common Terms== | ==Definitions and Common Terms== | ||
===Bankruptcy=== | |||
* | |||
*Chapter 7 | |||
*Chapter 13 | |||
===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. Consolidation is used in other circumstances as well. | |||
===Garnishee or Garnishment=== | ===Garnishee or Garnishment=== | ||
*A creditor can legally take money from a debtor's paycheck. | *A creditor can legally take money from a debtor's paycheck. | ||
===Liens=== | ===Liens=== | ||
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* A debtor may be legally ordered to sell all assets in order to settle debts. | * A debtor may be legally ordered to sell all assets in order to settle debts. | ||
=== | ===Sue or suit=== | ||
*The | * The creditor can take legal action to get the money owed | ||