creditors debtors bankruptcy
Download
Skip this Video
Download Presentation
Creditors, Debtors, & Bankruptcy

Loading in 2 Seconds...

play fullscreen
1 / 13

Creditors, Debtors, & Bankruptcy - PowerPoint PPT Presentation


  • 668 Views
  • Uploaded on

Creditors, Debtors, & Bankruptcy. Chapter 33. Credit. Whole or partial payment is delayed Pawn Collateral Secured/Unsecured Loan Garnishment Finance Charges Credit Rating. Involuntary Liens. Lien – a legal right in another’s property as security for the performance of an obligation

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Creditors, Debtors, & Bankruptcy' - gusty


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
credit
Credit

Whole or partial payment is delayed

  • Pawn
  • Collateral
  • Secured/Unsecured Loan
  • Garnishment
  • Finance Charges
  • Credit Rating
involuntary liens
Involuntary Liens
  • Lien – a legal right in another’s property as security for the performance of an obligation
  • Mechanic’s Lien - a lien against realty available to one who has supplied labor or materials to improve it
  • Artisan’s Lien - a lien for unpaid services assessed against personal property that has been improved
credit and third parties
Credit and Third Parties
  • Surety – third party agrees to be primarily liable if the payments are late
  • Guarantor – third party agrees to be secondarily liable if the payments are late
credit system abuses laws
Credit System Abuses - Laws
  • Federal Equal Credit Opportunity Act
  • Federal Fair Debt Collection Practices Act
  • Federal Fair Credit Billing Act
  • Federal Fair Credit Reporting Act
  • Federal Credit Repair Organizations Act

Pages 611-612

bankruptcy
Bankruptcy
  • A legal process to get out of debt when you can no longer make all your required payments.

Source: NEFE

bankruptcy basics
Bankruptcy Basics
  • Chapter 7
    • LIQUIDATION or “Straight Bankruptcy”
    • Wipes out most of your debt in exchange for liquidating your assets
  • Chapter 13
    • REORGANIZATON OF DEBTS
    • Keep Assets and make payments over 3-5 years
  • Chapter 11 (Businesses)

REORGANIZATION OF THE COMPANY

bankruptcy procedures
Bankruptcy Procedures
  • Non-dischargeable Debtssee page 619
  • Exempt Propertysee page 619-620
national bankruptcy s
National Bankruptcy #s

The number of personal bankruptcy filings in the fiscal year ending September 30, 2003, rose 7.8% from the same period in 2002, reaching 1,625,813, according to the American Bankruptcy Institute (ABI). That’s twice the number of people filing for personal bankruptcy protection in 1993.

consequences of bankruptcy
Consequences of Bankruptcy
  • Influences financial freedom
  • Limits choices
  • Pay more for credit
  • Other people absorb your debt

Even though it is legal is it unethical?????

Yes, No, Depends?

ad