Bankruptcy terms you should understand - Part 3
Here are the final 5 terms you may want to be familiar with if you decide to file for bankruptcy.
Discharge - A discharge of debts is when the court has erased the debts of a person or business that has filed for bankruptcy. A discharge of a probate administrator is the release of an executor or administrator from any further duties that are connected with the probate of an estate.
Head of Household - The person within a single household who maintains and supports one or more people who are closely related to him or her. The people that are being supported need to be related by marriage, blood or adoption. In some states a single person who supports him or herself is still considered to be the head of household.
Injunction - A court order that forbids an action that is harmful. An injunction could be an order for an abusive person to stay away from a specific person that they have been abusing.
Repossession - A creditor who has sold goods to a buyer taking those goods back because the buyer did not keep his or her end of the contract. Typically the buyer has failed to make one or more payments on time and cannot work out a solution with the creditor.
Tangible Personal Property - Personal property that can be touched or felt. This includes jewelry, cars, clothing, furniture, etc. Bank accounts and cash do not count as tangible property.
