Personal Finances Chapter 9

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42 Terms

1
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Alternative Dispute Resolution (ADR)
a method of settling a dispute using a neutral third party
2
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Bankruptcy
a legal procedure to relieve a person of excessive debt
3
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Bankruptcy fraud
the abuse of bankruptcy laws in a way that favors the debtor and defrauds creditors
4
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Chapter 7 Bankruptcy
The forfeiture of an individual's assets in exchange for the discharge of debts.
5
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Chapter 13 Bankruptcy
a repayment plan for some of an individual's debt
6
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credit card fraud
intentionally using someone's credit account to steal money or goods
7
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credit counseling
a service to help consumers manage credit and avoid bankruptcy
8
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credit delinquency
failure to pay debts as required by agreement or by law
9
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credit repair
a scam in which a company claims to be able to "fix" your poor credit record and give you a clean credit history
10
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debt consolidation
the process of getting one loan with a single monthly payment to pay off all of your debts
11
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disputing a charge
the process of informing a credit company of an error on your bill
12
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Equal Credit Opportunity Act
A law that protects consumers from discrimination in the granting or denying of credit
13
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equity loan
a second mortgage or debt secured with the equity in your home
14
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exemption
property that a debtor in bankruptcy does not have to forfeit to pay off creditors
15
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Fair Credit Billing Act
A law that sets requirements for resolving billing disputes
16
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Fair Credit Reporting Act
a law that regulates the collection, dissemination, and use of consumer credit information
17
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Fair Debt Collection Practices Act
A law that protects consumers from abusive practices by creditors and collection agencies
18
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Foreclosure
the legal process of taking possession of a house (property) when a borrower does not make mortgage payments as agreed
19
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Garnishment
a legal process that allows part of an employee's paycheck to be withheld for payment of a debt
20
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loan modification
a new loan arrangement that allows you to make reduced payments, usually on a temporary basis
21
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Truth in Lending Act
A law requiring lenders to fully inform consumers about the cost of credit in a loan or credit agreement
22
New cards
Alternative Dispute Resolution (ADR)
a method of settling a dispute using a neutral third party
23
New cards
Bankruptcy
a legal procedure to relieve a person of excessive debt
24
New cards
Bankruptcy fraud
the abuse of bankruptcy laws in a way that favors the debtor and defrauds creditors
25
New cards
Chapter 7 Bankruptcy
The forfeiture of an individual's assets in exchange for the discharge of debts.
26
New cards
Chapter 13 Bankruptcy
a repayment plan for some of an individual's debt
27
New cards
credit card fraud
intentionally using someone's credit account to steal money or goods
28
New cards
credit counseling
a service to help consumers manage credit and avoid bankruptcy
29
New cards
credit delinquency
failure to pay debts as required by agreement or by law
30
New cards
credit repair
a scam in which a company claims to be able to "fix" your poor credit record and give you a clean credit history
31
New cards
debt consolidation
the process of getting one loan with a single monthly payment to pay off all of your debts
32
New cards
disputing a charge
the process of informing a credit company of an error on your bill
33
New cards
Equal Credit Opportunity Act
A law that protects consumers from discrimination in the granting or denying of credit
34
New cards
equity loan
a second mortgage or debt secured with the equity in your home
35
New cards
exemption
property that a debtor in bankruptcy does not have to forfeit to pay off creditors
36
New cards
Fair Credit Billing Act
A law that sets requirements for resolving billing disputes
37
New cards
Fair Credit Reporting Act
a law that regulates the collection, dissemination, and use of consumer credit information
38
New cards
Fair Debt Collection Practices Act
A law that protects consumers from abusive practices by creditors and collection agencies
39
New cards
Foreclosure
the legal process of taking possession of a house (property) when a borrower does not make mortgage payments as agreed
40
New cards
Garnishment
a legal process that allows part of an employee's paycheck to be withheld for payment of a debt
41
New cards
loan modification
a new loan arrangement that allows you to make reduced payments, usually on a temporary basis
42
New cards
Truth in Lending Act
A law requiring lenders to fully inform consumers about the cost of credit in a loan or credit agreement