A person or company with insufficient assets to cover their debts.

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Presentation transcript:

A person or company with insufficient assets to cover their debts.

A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets. A court’s determination of personal bankruptcy remains in a consumer’s credit record for 10 years.

Services offered by organizations that help consumers find a way to repay debt through careful budgeting and management of funds.

A person or company to whom money is owed.

A single loan that replaces the debt owed by multiple loans, often with a lower monthly payment and a longer repayment period.

A legal warning concerning the attachment of property to satisfy a debt.

A loan secured by primary residence or second home at the amount where the fair market value exceeds the overall debt owed on the property.

To take possession of property in which the owner is behind in the payments.