Glossary

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is when a person’s debts are cleared and their assets are liquidated. In order to qualify for this type of bankruptcy, the

Charge Off

When a debtor becomes severely delinquent on a debt, creditors will make a charge off declaration that the amount of debt is highly unlikely to

ChexSystems

A company that keeps track of a person’s banking history and is able to provide information to other banks and institutions to check on credit

Civil Action

This is when a court of law must intervene in order to collect money for someone else. This is the case for a wage garnishment

Claim Amount

The dollar amount granted in a court action.

Co-maker

When a credit applicant doesn’t have the proper qualifications, they may use a co-maker who will also sign on the loan and take responsibility if

Collateral

This is a piece of value or property that is pledged as security in repaying a loan.

Collections

When a debt is not paid, it may be sent to collections. This is when a creditor sells the debt to a collections company for

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