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A lien sale is the sale of a claim or hold on an asset to pay off an outstanding debt. Notices of sale of collateral may be posted on the Internet by the local supervisory agency, as well as in local newspapers. There are limits on the amount of interest that the collateral buyer can impose. Judgment Proof
September 25, 2022 If a person is considered a reliable court, it probably means that he has no assets and no job. 341 Meeting
September 25, 2022 The 341 meeting is an important milestone in the Chapter 7 bankruptcy process. Bankruptcy
September 25, 2022 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. Collection Agency
September 25, 2022 A collection agency is a company that lenders use to recover overdue funds or funds from accounts that are in default. Debt Collector
September 25, 2022 The debt collector is responsible for collecting overdue debts to creditors. Debt Consolidation
September 25, 2022 Debt consolidation is the act of taking one loan to pay off multiple debts. Debtor in Possession (DIP)
September 25, 2022 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. Insolvency
September 25, 2022 Insolvency is a state of financial distress in which a person or entity cannot pay its debts. Judgment Lien
September 25, 2022 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. Keep and Pay
September 25, 2022 Hold and pay is a strategy to preserve an asset while continuing to pay on it even after bankruptcy has been declared. Lifetime Cost
September 25, 2022 The lifetime cost of a product or service refers to the total cost of owning it over its lifetime in addition to the initial purchase cost - in business you may hear this called TCO (Total Cost of Ownership). Subordination Agreement
September 25, 2022 In the subordination agreement, priority is given to secured debts that are arranged one behind the other in order to recover the amount of repayment from the debtor in the event of foreclosure or bankruptcy. Wage Assignment
September 25, 2022 Payroll takes funds directly from the employee’s paycheck to pay off debt. 60-Plus Delinquencies
September 25, 2022 An arrears rate of more than 60 is a metric commonly used to measure the number of mortgages that are more than 60 days overdue on monthly payments. Bad Credit
September 25, 2022 A person is considered to have bad credit if they have not paid their bills on time or owed too much money in the past. Beacon Score
September 25, 2022 The Pinnacle Score is a credit scoring method developed by Equifax. Consumer Credit
September 25, 2022 An installment loan is used for a specific purpose and is issued for a specific period of time. Credit
September 25, 2022 A loan is usually defined as an agreement between a lender and a borrower. Credit Limit
September 25, 2022 The term “credit limit” refers to the maximum amount of credit that a financial institution provides to a customer on a credit card or line of credit. Credit Rating
September 25, 2022 A credit rating is a quantitative assessment of a borrower’s creditworthiness in general or in relation to a financial obligation. Credit Report
September 25, 2022 A credit report is a detailed report of your credit history prepared by a credit bureau. Credit Risk
September 25, 2022 Credit risk is the possibility of a lender losing its obligations due to the possibility of a borrower defaulting on a loan. Credit Score
September 25, 2022 A credit score is a number between 300 and 850 that reflects a consumer’s creditworthiness. Creditworthiness
September 25, 2022 Creditworthiness is how the creditor will tell if you will not fulfill your debt obligations. Debit Balance
September 25, 2022 The debit balance in a margin account represents the total amount owed by a client to a broker for funds borrowed to purchase securities.