| A | B |
|---|
| Bankruptcy | is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. |
| Bankruptcy Chapter #7 | Is a liquidation or gives you a fresh start. |
| Bankruptcy Chapter #11 | is a reorganization form of bankruptcy that allows businesses, to restructure their debt and continue operating. |
| Bankruptcy Chapter #13 | is a type of personal bankruptcy that allows individuals with a regular income to reorganize their debts and pay them off through a court-approved repayment plan. |
| unsecured credit card | Is a card that is not guaranteed by a collateral. |
| secured credit card | A security deposit you provide cash upfront, which acts as collateral and often sets your credit limit. |
| FICO score | A credit rating developed by Fair Isaac & Company. It was developed by Bill Fair and Earl Isaac in the late 1950's. It is accepted by lenders, insurance companies, employers, landlords, and others as a reliable means of credit evaluation. A three-digit numbers ranging from 300-850. |
| Garnishment | Court Ordered; when money is withheld from an employee's paycheck that is then in-turn paid directly to an individual or company that the employee did not pay on a timely basis. |
| Judgement | This order gives the creditor the legal right to collect the money, which can lead to actions like wage garnishment, bank levies, or liens on your property. |
