chapter 19 vocab in personal finance

credit management following an individual plan for using credit wisely
debt adjustment the fromal process of taking over your debt situation for a period of time, after which you will be free of debt
credit counseling services will help you set up a voluntary credit plan and will give you good advice
reaffirmation if a person agrees to pay back a debt after it has been discharged by bankruptc, the agreement is called….
chapter 13 is often called the wage earner’s plan because creditors get some of their money back and the debtor enters a plan to pay off a portion of the total debt
chapter 7 is often called a straight bankruptcy proceeding, and it allows exempted assets that are considered necessary for survival
exempted property a value or possession, called_________, is something a debtor is allowed to keep after bankruptcy because it is considered necessary for survival
voluntary bankruptcy the debtor files a petition with the court asking is he/she be declared bankrupts
involuntary bankruptcy the creditor files a petition with the court asking that a debtor be declared bankrupt
bankrupt to be declared legally insolvent, or incapable of paying one’s bills
20/10 rule suggest that consumers use no more than 20 percent of yearlly take-home pay, or 10 percent of monthly take-home pay, to pay credit debts
discharge debts when a debt has been _______, it does not have to be paid
unsecured loan a(n)________ debt is a loan that is not backed by pledged assets
chapter 11 is for businesses and attempts to reorganize the debt structure rather than liquidate the business
chapter 7 what is known as striaight bankruptcy
mortgage loans the 20/10 rule does not apply to ….
7 once you have filed bankruptcy, the judgment remains on your credit record for atleast how many years?
30 when a debtor has reaffirmed a debt after a bankruptcy judgment he or she has how many days to change his or her mind
voluntary what is the most common kind of bankruptcy
discharged debts debts erassed by courts during a bankruptcy proceeding
credit repair a process of reestablishing a good credit rating
credit payment plan a record of your debts and a strategy to paying them off

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