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Personal Finance Final chapter 9
Terms in this set (27)
A legal procedure to relieve a person who cannot pay debts of those debts or to create a payment plan for paying some of the debts.
Chapter 7 Liquidation
A type of bankruptcy known as straight bankruptcy
Chapter 13 Wage Earner Plan
A type of bankruptcy in which part or all of the unsecured debt is repaid.
Credit Card Fraud
When a person intentionally uses another person's credit card to steal money from that person.
A document that gives a person's credit history and current status with regard to credit and income.
Getting a loan to pay off existing debt (credit payments).
An overdue debt.
A court order that pardons the debtor from repaying a debt.
Records that can be used to prove a claim.
Equal Credit Opportunity Act
A federal law making discrimination in the granting of credit illegal.
Borrowing money against the equity in a home.
Property a debtor is allowed to keep in a bankruptcy proceeding.
Fair Credit Billing Act
A federal law requiring creditors to resolve disputes within a specified time limit.
Fair Credit Reporting Act
A federal law giving consumers the right to know what is in their credit files.
Fair Debt Collection Practices Act
A federal law prohibiting abusive practices when collecting debt
A legal process a creditor can use to force the sale of mortgaged property to repay the mortgage when a borrower does not make mortgage payments.
A proceeding in which a creditor may legally take possession of money or goods held by a third party in payment of a borrower's debt.
An account adjustment or other action requested by a consumer
The process of taking an asset used for collateral, such as a car, and selling it to pay a debt.
A fake offer, sale, or other gimmick designed to cheat consumers.
A federal law requiring that consumers be fully informed of the true cost of credit.
Legally have the right to collect your debt on behalf of the creditor.
Help arrange payment plans for debt and is required within 6 months before filing for bankruptcy.
Often involves surrendering your checking account and your bills to the manager. Creates a plan for paying off the debt. It requires you to give up your credit cards and live on an allowance.
Bankruptcy Abuse Prevention and Consumer Protections Act
Makes it more difficult for consumers to erase all debts.
When someone uses your personal information without your permission to commit fraud or other crimes.
An Internet scam where thieves use e-mail messages and Web sites designed to look like the sites of real companies.
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