Bankruptcy Ch.8 & 9

the formal process that allows debtors and creditors to resolve the problem of the debtor’s financial shortcomings through a reorganization plan

• Ch. 7 Bankruptcy

• Ch. 11 Bankruptcy

• Ch. 13 Bankruptcy

• Lien

Tags

CCSS.RI.9-10.2

_______________ an individual status that through liquidation eliminates most types of debt and stays on a person’s credit report for ten years.

• Ch. 7 Bankruptcy

• Ch. 11 Bankruptcy

• Ch. 13 Bankruptcy

• Lien

________________ permits debtors with regular incomes to pay all or a portion of their

debts under the protection and supervision of  the court.

• Ch. 7 Bankruptcy

• Ch. 11 Bankruptcy

• Chapter 13 Bankruptcy

• Lien

________________ a right to keep possession of property belonging to another person until a debt owed by that person is discharged.

• Ch. 7 Bankruptcy

• Ch. 11 Bankruptcy

• Ch. 13 Bankruptcy

• Lien

Tags

CCSS.L.9-10.4

CCSS.RI.9-10.4

taking collateral when a borrower fails to repay a loan.

• 20/10 Rule

• Repossession

• Debt

• Garnishment

a legal procedure requiring a portion of the debtor’s pay to be set aside by the

person’s employer to pay creditors.

• 20/10 Rule

• Repossession

• Garnishment

• Financial Personality

_______________ states that an individual should  never borrow more than 20 percent of his or her  annual take-home pay.

• Garnishment

• 20/10 Rule

• Financial Personality

• Debt

Tags

CCSS.6.RP.A.3B

Something that is owed that will decrease future earnings.

• Garnishment

• 20/10 Rule

• Financial Personality

• Debt

Tags

CCSS.L.9-10.4

CCSS.RI.9-10.4

_________________a combination of an individual’s attitudes about money and spending patterns.

• Garnishment

• Financial Personality

• Debt

• Foreclosure

Tags

CCSS.L.9-10.4

CCSS.RI.9-10.4

CCSS.L.9-10.6

the forced sale of property.

• Foreclosure

• Alimony

• Credit Counseling Service

• Collection Agency

Tags

CCSS.L.9-10.4

CCSS.RI.9-10.4