Plain-English definitions for the terms you'll encounter on your financial journey.
An injunction that automatically stops lawsuits, foreclosures, and all collection activity against a debtor when bankruptcy is filed.
A legal process through which individuals or businesses who cannot repay their debts can seek relief from some or all of their debt.
A bankruptcy process that allows individuals with regular income to develop a plan to repay all or part of their debts over three to five years.
A bankruptcy proceeding that allows individuals with regular income to keep their property by creating a three-to-five-year repayment plan for their debts.
A type of bankruptcy that involves the liquidation of assets to pay off creditors and discharge most debts.
A legal process that liquidates a debtor's non-exempt assets to pay off creditors and discharges most remaining unsecured debts.
A court order that releases a debtor from personal liability for certain specified types of debts.