A lien is an order that directs a third party to confiscate assets, usually wages from a job or money in a bank account, to pay off an unpaid debt.
The IRS can seize wages without a court order.
The Consumer Credit Protection Act sets limits on what can be deducted from wages, with the exception of unpaid taxes, late alimony, bankruptcy orders, unpaid student loans, and voluntary wage assignments.
The debtor may be eligible for assistance if he is in financial difficulty.
Bankruptcy is a legal proceeding carried out in order for individuals or legal entities to be freed from their debts, while at the same time providing creditors with the opportunity to repay them.
The chief technology officer (CTO) is the chief executive who is responsible for managing the research and development (R&D) of an organization as well as its technology needs.
A debtor in possession (DIP) is an individual or entity that has filed for Chapter 11 bankruptcy protection but still owns property that creditors have legal claims under a lien or other lien.
A bond is a court decision that gives the creditor the right to take possession of the debtor’s property if the debtor fails to fulfill its contractual obligations.