Chapter 7 bankruptcy

GLOSSARY

Capital Capital / cash reserves Card holder agreement Cash advance Cash advance APR Cash advance fee Chapter 11 bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Charge card Charge-off Closing Costs Closing date Co-signed account Co-signer Collateral Collection account Collection agency Consolidation loan Consumer credit counseling service Consumer debt Consumer statement Convenience check Credit Credit Bureau Credit card Credit card issuer Credit Clinic Credit Counseling Credit file Credit fraud Credit history Credit limit Credit line Credit Repair Agency Credit repair company Credit Report Credit risk Credit Score Credit Union Creditor Creditworthiness

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The most common of the two types of consumer bankruptcy. In a Chapter 7 bankruptcy, unprotected assets are sold and disbursed to pay creditors, and a debtor is released from all liability for accounts. This type of banckruptcy remains on a personal credit report for 10 years.

Previous Term: Chapter 13 bankruptcy
Next Term: Charge card

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