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BANKRUPTCY DICTIONARY OF TERMS
- Categorized in: Union Resources
Asset: Anything that is owned by an individual. With respect to saving and investing, assets are generally categorized as liquid (cash) and capital (investment) assets.
Auctions: A public sale in which property or items of merchandise are sold to the highest bidder. Auctions are great places to find deals, but be careful and do your research.
Bankrupt: To declare bankruptcy. See bankruptcy.
Bankruptcy: A legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of Title 11 of the United States Code (the Bankruptcy Code).
Catastrophic: To have a major, negative financial event. For example, to lose your home due to fire.
Chapter 7 Bankruptcy: The chapter of the Bankruptcy Code providing for "liquidation," (i.e. the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors). What's up with the new bankruptcy law?
Chapter 11 Bankruptcy: A reorganization bankruptcy, usually involving a corporation or partnership. A Chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time.
Chapter 13 Bankruptcy: The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.
Fair Credit Reporting Act (1971): Federal law that covers the reporting of debt repayment information. It establishes when a credit reporting agency may provide a report to someone; states that obsolete information must be taken off (seven to 10 years); gives consumers the right to know what is in their credit report; requires that both a credit bureau and information provider (i.e. department store) have an obligation to correct wrong information; gives consumers the right to dispute inaccurate information and add a 100-word statement to their report to explain accurate negative information; and gives consumers the right to know what credit bureau provided the report when they are turned down for credit.
Fair Debt Collection Practices Act (1978): Federal law that prohibits debt collectors from engaging in unfair, deceptive or abusive practices when collecting debts. Collectors must send a written notice telling the name of the creditor and the amount owed; collector may not contact consumer if he or she disputes in writing within 30 days (unless collector furnishes proof of the debt); collectors must identify themselves on the phone and can call only between 8 am and 9 pm unless a consumer agrees to another time; and collectors cannot call consumers at work if they are told not to.
Credit report: Report showing your payment history.
Garnishee: A court ordered settlement that allows a lender to take monies owed directly from a borrower's paycheck.
Grace period: A time period during which a borrower can pay the full balance of credit due and not incur any finance charges.
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