Glossary
D
DiscoveryHow parties in a lawsuit get information about one another and the case before a trial.
E
Exempt IncomeIncome that debt collectors cannot seize to fulfill a debt.
F
Fair Debt Collection Practices ActFederal law ensuring consumers are treated fairly by debt collectors.
Federal Trade CommissionFederal agency whose primary mission is consumer protection and eliminating anticompetitive business practices.
G
GarnishmentA legal process to collect a monetary judgment on behalf of a plaintiff from a defendant. For example, if you lose a debt collection lawsuit, the creditor can use garnishment to collect the judgment amount as long as your assets and income are not exempt. Garnishment permits the plaintiff to take the money or property of the debtor from the person or institution that holds that property, for example taking money from a bank account owned by the defendant. A plaintiff may not garnish exempt property or income.
H
HomesteadA home and the land it sits on that is used by a person or a family as their primary residence. A person or family may have only one homestead.
J
Judgment CreditorThe party that is owed a debt and has proved that debt in a legal proceeding.
Judgment ProofIf all of your income and property is exempt and cannot be seized by creditors, then you are judgment proof. You are likely judgment proof if you do not own anything of great value aside from exempt property and your income is from a protected (exempt) source.
O
Office of the Consumer Credit CommissionerState agency regulating financial services and products. Be sure to complain to them if you are harassed or being treated unfairly by a predatory lender or a debt collector of payday or auto title loan debt.
S
SeizureThe act of taking assets or property through a legal process.
Discovery
How parties in a lawsuit get information about one another and the case before a trial.
Exempt Income
Income that debt collectors cannot seize to fulfill a debt.
F
Fair Debt Collection Practices ActFederal law ensuring consumers are treated fairly by debt collectors.
Federal Trade CommissionFederal agency whose primary mission is consumer protection and eliminating anticompetitive business practices.
G
GarnishmentA legal process to collect a monetary judgment on behalf of a plaintiff from a defendant. For example, if you lose a debt collection lawsuit, the creditor can use garnishment to collect the judgment amount as long as your assets and income are not exempt. Garnishment permits the plaintiff to take the money or property of the debtor from the person or institution that holds that property, for example taking money from a bank account owned by the defendant. A plaintiff may not garnish exempt property or income.
H
HomesteadA home and the land it sits on that is used by a person or a family as their primary residence. A person or family may have only one homestead.
J
Judgment CreditorThe party that is owed a debt and has proved that debt in a legal proceeding.
Judgment ProofIf all of your income and property is exempt and cannot be seized by creditors, then you are judgment proof. You are likely judgment proof if you do not own anything of great value aside from exempt property and your income is from a protected (exempt) source.
O
Office of the Consumer Credit CommissionerState agency regulating financial services and products. Be sure to complain to them if you are harassed or being treated unfairly by a predatory lender or a debt collector of payday or auto title loan debt.
S
SeizureThe act of taking assets or property through a legal process.
Fair Debt Collection Practices Act
Federal law ensuring consumers are treated fairly by debt collectors.
Federal Trade Commission
Federal agency whose primary mission is consumer protection and eliminating anticompetitive business practices.
Garnishment
A legal process to collect a monetary judgment on behalf of a plaintiff from a defendant. For example, if you lose a debt collection lawsuit, the creditor can use garnishment to collect the judgment amount as long as your assets and income are not exempt. Garnishment permits the plaintiff to take the money or property of the debtor from the person or institution that holds that property, for example taking money from a bank account owned by the defendant. A plaintiff may not garnish exempt property or income.
H
HomesteadA home and the land it sits on that is used by a person or a family as their primary residence. A person or family may have only one homestead.
J
Judgment CreditorThe party that is owed a debt and has proved that debt in a legal proceeding.
Judgment ProofIf all of your income and property is exempt and cannot be seized by creditors, then you are judgment proof. You are likely judgment proof if you do not own anything of great value aside from exempt property and your income is from a protected (exempt) source.
O
Office of the Consumer Credit CommissionerState agency regulating financial services and products. Be sure to complain to them if you are harassed or being treated unfairly by a predatory lender or a debt collector of payday or auto title loan debt.
S
SeizureThe act of taking assets or property through a legal process.
Homestead
A home and the land it sits on that is used by a person or a family as their primary residence. A person or family may have only one homestead.
Judgment Creditor
The party that is owed a debt and has proved that debt in a legal proceeding.
Judgment Proof
If all of your income and property is exempt and cannot be seized by creditors, then you are judgment proof. You are likely judgment proof if you do not own anything of great value aside from exempt property and your income is from a protected (exempt) source.
O
Office of the Consumer Credit CommissionerState agency regulating financial services and products. Be sure to complain to them if you are harassed or being treated unfairly by a predatory lender or a debt collector of payday or auto title loan debt.
S
SeizureThe act of taking assets or property through a legal process.
Office of the Consumer Credit Commissioner
State agency regulating financial services and products. Be sure to complain to them if you are harassed or being treated unfairly by a predatory lender or a debt collector of payday or auto title loan debt.
Seizure
The act of taking assets or property through a legal process.