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Flashcards in Over Indebtedness Deck (12):
1

What is a cease letter?

Simplest strategy to stop harassment from debt collection agencies. It can stop collector agencies phone calls and letters.

2

List some behaviors the Fair Debt Collection Practices Act prohibits.

Can't use abusive, unfair or deceptive practices.

3

List some examples of secured debt

Mortgages, car loans, loans secured by household goods

4

List some examples of unsecured debt

credit cards, legal or medical bills, loans from friends or relatives, private student loans

5

What does bankruptcy do to your debts?

Most of your unsecured debts will be discharged - that means your legal obligation to pay those debts will end.

6

How long does a bankruptcy remain on your credit report?

10 years

7

Having to pay additional monies, even after repossession, results from what?

Deficiency Balance

8

What is the legal proceeding by which collateral is seized by a lender?

Repossession

9

One way to set a debt limit for yourself is to compare monthly debt payments to

Disposable personal income

10

What is an unpaid judgement on owned real estate and remains in effect until sold?

A lien

11

Define Summary Judgement

Asking for a judgement before a hearing if there are no important facts in dispute. If you receive one you must respond to it or you lose opportunity to raise your defenses.

12

Define Default Judgement

When you do not respond to notice and do not attend the hearing.