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Glossary of Debt & Collection Terms Michigan

Managing debt may be a challenge in hard times but it’s still very possible. Here you will find a glossary of debt and collection terms you will find useful. Learn these terms and do your best to become financially responsible in Michigan. Understand the meaning of debt, collection agency, credit counseling, credit rating, creditor, repossession, unsecured debt, secured debt, wage garnishment, discharge and more.

Local Companies

Scott A. Gies
248-351-8378
25800 NORTHWESTERN HWY STE 950
SOUTHFIELD, MI
Robert D. Sheehan
1460 WALTON BLVD ROCHESTER HILLS OFF PLAZA
ROCHESTER HILLS, MI
Susan M. Cook
916 WASHINGTON AVE DAVIDSON BUILDING
BAY CITY, MI
Marc Nicholas Swanson
313-496-7591
150 W JEFFERSON AVE STE 2500
DETROIT, MI
Total Bankruptcy has a participating attorney in BATTLE CREEK
(866) 525-2557
2775 Dickman Road
BATTLE CREEK, MI
Deborah L. Fish
535 GRISWOLD ST BUHL BLDG
DETROIT, MI
Martin H. Neumann
2040 AURELIUS RD STE 21
HOLT, MI
Rod Johnson
800-597-0284
35000 Schoolcraft Rd
Livonia, MI
John Martin Hilla
248-246-2187
2000 TOWN CTR STE 1900
SOUTHFIELD, MI
Sara G. Rajan
248-641-9955
475 EASTWOOD SHR
TRAVERSE CITY, MI
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collection agency- An entity retained by a creditor to collect a debt.

credit counseling- Providing a debtor with advice about preparing a budget and paying debts.

credit rating- The conclusion a creditor makes about a debtor's credit-worthiness, based primarily on a consumer credit report.

creditor- A person or company to whom a debt is owed.

debt- A money obligation owed to another.

debtor- Someone who owes money to another.

discharge- The legal release of the obligation to pay a debt. In bankruptcy, a debtor receives a discharge and is therefore freed of the obligation to repay most debts.

judgment-proof- A debtor who has only exempt property or no property, so that a creditor will be unable to collect a judgment against him or her.

judgment-proof- A debtor who has only exempt property, so that a creditor will be unable to collect a judgment against him or her.

property- All of a debtor's possessions, including the right to receive money from someone in the future.

renegotiation- A voluntary modification of an existing agreement - perhaps to reduce monthly payments and to extend the repayment period, or to pay a smaller lump sum now in settlement of a larger sum claimed by the creditor.

repossession- A secured creditor taking possession of the collateral when the debtor defaults.

unsecured debt - Any debt that is not secured by collateral.

wage garnishment - A manner of debt collection whereby the sheriff takes up to 25% of a debtor's paycheck and forwards it to a creditor who has a court judgment against the debtor.

secured debt- A promise to allow a creditor to take a specified item of property if the debt is not paid.

For more on debt collection, collection agencies, and unfair and illegal collection practices visit GotTrouble.com

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Related Local Event
IAAO 79th International Conference On Assessment Administration - International Association of Assessing Officers
Dates: 8/25/13 - 8/28/13
Location:
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