Credit & Bankrupcty

 a more flexible form of finance that allows you to access the amount of money loaned, according to your needs at any given time.

the formal process that allows debtors and creditors to resolve the problem of the debtor’s financial shortcomings through a reorganization plan.

an individual status that through liquidation eliminates most types of debt and stays on a person’s credit report for ten years.

permits debtors with regular incomes to pay all or a portion of their

debts under the protection and supervision of the court.

a right to keep possession of property belonging to another person until a debt owed by that person is discharged.

a legal procedure requiring a portion of the debtor’s pay to be set aside by the person’s employer to pay creditors.

a combination of an individual’s attitudes about money and spending patterns.

states that an individual should never borrow more than 20 percent of his or her annual take-home pay.

taking collateral when a borrower fails to repay a loan.

the forced sale of property.