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Credit Card Glossary: Terms and Definitions

Confused by credit card terms? CreditCards.com's glossary of credit card definitions will help. From account holder to Regulation Z, we have defined the most-common and most-confusing credit card terms.


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Bankruptcy
In bankruptcy, consumers or businesses seek legal assistance when bills cannot be paid. There are different types of bankruptcies. In Chapter 7 bankruptcy, debts for an individual or household are discharged. In Chapter 13 bankruptcy, debts of an individual or household are restructured and repaid over three to five years, under bankruptcy court supervision. Chapter 11 bankruptcy allow businesses to restructure. Whatever the type, bankruptcy has a negative effect on the ability to borrow.