money and financial problems

bankruptcy discharge

Definition from Nolo’s Plain-English Law DictionaryAn order issued by the bankruptcy court at the end of a bankruptcy case, wiping out all of the debtor's dischargeable debts.

Definition provided by Nolo’s Plain-English Law Dictionary.

bankruptcy estate

Definition from Nolo’s Plain-English Law DictionaryEverything a debtor owns when filing for bankruptcy, except certain pensions and educational trusts.

Definition provided by Nolo’s Plain-English Law Dictionary.

bankruptcy petition preparer

Definition from Nolo’s Plain-English Law DictionaryA nonlawyer who helps debtors complete their bankruptcy paperwork for a fee. Bankruptcy petition preparers may not give legal advice or represent people in court; instead, they act as a typing service,...

bankruptcy proceedings

Definition from Nolo’s Plain-English Law DictionaryThe way a bankruptcy case wends its way through the court system, from the time the bankruptcy petition is filed until the debtor receives a bankruptcy discharge.

Definition provided by Nolo’s Plain-...

bankruptcy trustee

Definition from Nolo’s Plain-English Law DictionaryA person appointed by the court to oversee a bankruptcy case. In a Chapter 7 case, the trustee's role is to gather the debtor's nonexempt property, sell it, and distribute the proceeds to creditors. In a...

Bond

In general, an obligation. More specifically:

1. In commercial law, a borrower's obligation to pay a stated amount of money after a stated amount of time.

2. In criminal law, an obligation to pay the court if a defendant fails to meet...

book account

A business record of a customer's account which indicates the total amount owed by the client at any given time. The book account serves as a clear basis for bringing suit on a customer's failure to repay the debt.

Check-flashing

Definition

See kiting.

Check-kiting

Definition

See kiting.

Consumer Credit

Consumer Credit: An Overview

Credit allows consumers to finance transactions without having to pay the full cost of the merchandise at the time of the transaction. A common form of consumer credit is a credit card account issued by a financial...

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