Credit card glossary terms to know for bankruptcy
When the only alternative to get relief from overwhelming debt is to file for bankruptcy, it helps to know some of the more common terms associated with it. Experts will tell you that bankruptcy should be a last resort after all other avenues to repay your debt have been exhausted.
(Back to glossary of common credit card terms.)
Glossary terms to know when filing for bankruptcy
Chapter 11 bankruptcy -- Chapter 11 bankruptcy is a legal procedure that allows ... (more)
Chapter 13 bankruptcy -- Under Chapter 13 bankruptcy, a creditor repays debts under ... (more)
Chapter 7 bankruptcy -- Chapter 7 bankruptcy is the most common type of bankruptcy ... (more)
Collection -- In the credit world, collection is an effort by a collections department ... (more)
Default -- To default is to fail to make a payment on a debt by the due date. If this happens ... (more)
Default APR -- If you are late in making payments, your standard APR may increase ... (more)
Secured credit cards -- Secured credit cards are those that require collateral ... (more)
Subprime credit card -- A credit card designed for those with little credit history ... (more)
Time-barred debt -- Time-barred debt is a term that describes a particular type... (more)
Glossary of common credit card terms.
See related: Glossary of common credit card terms, Bankruptcy law updates close loopholes in repaying debt, Pay off credit card debt or declare bankruptcy?, Bankruptcy does offer a fresh start, at a high cost, Starting over after bankruptcy, Don't even think of spending frivolously before bankruptcy, 5 tips for those considering bankruptcy, Take control of debt, avoid bankruptcy, When medical problems hit, bankruptcy can make sense, Bankruptcy filings, state by state, 2005-2008, Are you a bankruptcy risk? Enigmatic score may tell lenders
Published: March 11, 2009