FiCEP 2000 | Chapters 37 - 48 Exam | Questions
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Terms in this set (53)
Unsecured Creditors -Examples are credit cards and medical bills, lack
collateral.
-Creditors can stop doing business, report default
to CRAs, or sue to collect debt.
Creditors cannot seize wages or property without
a court order, and cannot collect from family
members except for cosigners or legally
responsible individuals.
Judgments Court rulings that determine the obligations of all
parties involved. Used when traditional methods
fail to recover debts, creditors often resort to legal
action.
Consent is Issued by a court when a debtor and creditor
agree that a debt is owed. The judgment verifies
the amount owed for legal purposes.
What is a discovery hearing, and Also known as an "oral exam," is a legal proceeding
how is it used in the creditor-debtor to force a debtor to disclose information about
relationship? assets or income
, What is wage garnishment, and how Its a court order that requires a debtor's employer
does it work in the context of a to withhold money from the debtor's paycheck,
court order? typically a specific percentage of income.
The money is sent directly to the creditor who was
granted the court order
How is a levy used to gain (nonwage garnishment)
ownership of financial assets?
Is used to gain ownership of financial assets, such
as a credit union account.
Can be used to claim the full amount of the
account or asset. State laws may affect procedures
for financial and business accounts
What is a writ of execution? (attachment)
Can be used to seize property. The writ may cover
only a debtor's asset equity, or the amount paid off,
or it may cover full ownership if the asset is fully
owned by the debtor
What is a lien? A written claim against a specific item owned by a
debtor
Prevents a debtor from selling or giving the
property away until after the debt is paid
with 100% Correct Answers | Verified | Latest
Update 2026
Save
Terms in this set (53)
Unsecured Creditors -Examples are credit cards and medical bills, lack
collateral.
-Creditors can stop doing business, report default
to CRAs, or sue to collect debt.
Creditors cannot seize wages or property without
a court order, and cannot collect from family
members except for cosigners or legally
responsible individuals.
Judgments Court rulings that determine the obligations of all
parties involved. Used when traditional methods
fail to recover debts, creditors often resort to legal
action.
Consent is Issued by a court when a debtor and creditor
agree that a debt is owed. The judgment verifies
the amount owed for legal purposes.
What is a discovery hearing, and Also known as an "oral exam," is a legal proceeding
how is it used in the creditor-debtor to force a debtor to disclose information about
relationship? assets or income
, What is wage garnishment, and how Its a court order that requires a debtor's employer
does it work in the context of a to withhold money from the debtor's paycheck,
court order? typically a specific percentage of income.
The money is sent directly to the creditor who was
granted the court order
How is a levy used to gain (nonwage garnishment)
ownership of financial assets?
Is used to gain ownership of financial assets, such
as a credit union account.
Can be used to claim the full amount of the
account or asset. State laws may affect procedures
for financial and business accounts
What is a writ of execution? (attachment)
Can be used to seize property. The writ may cover
only a debtor's asset equity, or the amount paid off,
or it may cover full ownership if the asset is fully
owned by the debtor
What is a lien? A written claim against a specific item owned by a
debtor
Prevents a debtor from selling or giving the
property away until after the debt is paid
