Consumer Bankruptcy

Definition

  • A bankruptcy case that is filed to reduce or erase debts that are primarily consumer debts.

Synonyms
uncontrollable debt, loss, nonpayment, consumer default, overdrawn, exhaustion

Related Terms and Acronyms

  • Bankruptcy (BK) Acronym, Important,
    • A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
  • Consumer Credit Service (CCS) Acronym,
    • A service that offers counselling about how to work out a realistic budget and debt repayment plan and work with creditors. The goal is to ensure that debts are paid back over time.
  • Consumer Debt Definition,
    • Debts incurred for personal, as opposed to business, needs.
  • Receivership Definition,
    • A form of bankruptcy where a person is appointed to take control of a company and is responsible for recouping unpaid debts.
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