A credit reporting agency (also called a credit bureau or credit agency) is a private company that collects and sells information about a person or corporation’s identifying information, debt, and repayment history in order to create credit...
bankruptcy
credit score
A credit score is a number between 300 and 850 that serves as a numerical representation of a person’s creditworthiness. The higher the score, the better an individual’s chances of securing a loan since a higher score suggests a greater...
creditor
A creditor is someone (or an entity) to whom an obligation is owed. Most commonly, the obligation owed is an obligation to pay money for some prior services or to pay off a loan. The person who owes a creditor an obligation is known as a...
creditor's claim
Creditor’s claim (sometimes referred to as a proof of claim) is a filing with a bankruptcy or probate court to establish a debt owed to that individual or organization. The claim usually gives specific details of the debt, how it came about,...
creditor's rights
Creditor’s rights can refer to many different aspects of creditor-debtor and creditor-creditor relations including a creditor’s rights to place a lien on a debtor’s property, garnish a debtor’s wages, set aside a fraudulent conveyance, and...
current monthly income
Current monthly income (CMI) is the average income from all sources in the six months prior to filing for bankruptcy. A person’s CMI determines their eligibility for Chapter 7 bankruptcy which requires a person’s CMI to be below the state...
debt
Debt is a financial liability or obligation owed by one person, the debtor, to another, the creditor.
Debt is mainly composed of two elements: principal and interest. While debt can take many forms, the main variables by...
debt relief agency
A debt relief agency is any person, company, or institution that provides advice, information, counsel, and/or other assistive services to a person who is contemplating, or filing, for bankruptcy in return for payment. Under the U.S....
debtor
A debtor is someone who owes a debt or obligation to someone else. Most commonly, this is the obligation to pay money. A classic example is within the situation where a bank extends a loan to an individual or business entity, creating the...
debtor and creditor
Debtor-creditor law governs situations where one party, known as the debtor, is unable to pay a monetary debt to another, known as the creditor. Debtor-creditor law typically plays out through bankruptcy proceedings.
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