Managing Debt

Bankruptcy

The legal proceeding of a person or a business that has declared an inability to repay debt. The person or business is seeking relief from that debt

Credit counseling

Assistance provided to people who are having difficulty managing debt

Credit score

A number that is assigned to a person to help judge their ability to repay a loan

Creditor

A person or entity like a bank, that is a lender

Debt collector

A company or agency hired to recover money owed on overdue accounts

Debt consolidation

The combination of multiple debts into one payment under better terms

Debt management plan

An agreement between a debtor and a creditor that addresses the terms of a debt

Foreclosure

A legal process that attempts to recover what is owed on a loan from a borrower who is not making payments to the lender

Lien

A claim on a property made in order to satisfy a debt