Chapter 19 terms G.E.
Terms
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- secured debt
- assests offered as collateral to guarantee payment to a creditor
- Unsecured debt
- no specific assests are pledged by the creditor user as security for a credit purchase
- Involuntary bankruptcy
- a debtor is declared bankrupt by a court at the request of creditors
- Voluntary bankruotcy
- a person asks to be declared insolvent
- Exempted items
- property the laws allows a debtor to keep or protect in declaring bankruptcy
- Legal advice
- an essential element to protect debtor rights
- Reaffirmation
- an agreement to repay some debts after bankruptcy proceedings are completed
- Discharge
- the balance of debts no longer owed after bankruptcy