the owner/borrower in a mortgage arrangement

party agreeing to be secondarily liable in case of default by the principal debtor

the lender in a mortgage arrangement

secured transaction in which the creditor has possession of the collateral; the transfer of personal property to a creditor as security for the payment of a debt or for the performance of an obligation

legal right in another’s property as security for the performance of an obligation such as the repayment of a loan

legal proceedings discharging debts and distributing assets

lien against realty available to one who has supplied labor or materials to improve it

total added cost when one pays in installments for goods or services

a deed under whose terms the title to property is transferred by the debtor/owner into the hands of a trustee

third party agreeing to be primarily liable for debt in case of default by the principal debtor

debt in which the creditor lacks a secured interest in collateral

court-ordered procedure by which a portion of a delinquent debtor’s wages are paid to satisfy the debt

legal proceedings discharging debts and distributing assets

Type of voluntary bankruptcy that discharges all or almost all of your debt by liquidating your assets to repay your outstanding debt.

Type of bankruptcy that requires that the debtor make a monthly payment to a Trustee for a period of 36 to 60 months. The Trustee then distributes that money to the debtor’s creditors who have filed proper claims

Type of bankruptcy that gives businesses a fresh start using a plan of reorganization.

status of being unable to pay debts when they become due