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Debt Relief:Definitions: Difference between revisions
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*'''Chapter 13 bankruptcy'''-is a court-ordered and approved repayment plan to your creditors. | *'''Chapter 13 bankruptcy'''-is a court-ordered and approved repayment plan to your creditors. | ||
===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. | *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 | ||
===Garnishee or Garnishment=== | ===Garnishee or Garnishment=== | ||