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farms, etc. 
Chapter 13: A type of consumer bankruptcy filing that allows 
the consumer to pay off creditors within a specific time 
period, no longer than five years.  Also referred to as a 
"wage eamer" plan. 
Chapter 20:  Ploy used by some bankruptcy attorneys to delay 
a foreclosure of real property by filing a Chapter 13 
petition, then quickly converting the filing to a Chapter 
7. 
Charge-off: A creditors action taken on an uncollectible 
account.  Alternative term used: Written Off To Bad Debt 
Expense.  This action normally results in negative 
information lines on a credit report that can stay for at 
least 7 years. (Also see uncollectible) 
Class-action lawsuit: A legal action initiated by 3 or more 
parties against a defendant.  Many suits in this category 
are initiated by state or federal attorneys. 
Coercion:	Exercising force to obtain compliance.  A favorite 
technique employed by debt collectors and attorneys 
representing creditors. 
Commission: A sum or percentage paid to a person for his 
successful completion of services. 
Consumer Credit Counseling Service (CCCS): A nonprofit 
organization that sells itself to the American public as the 
last hope for consumers buried in debt.  The reality is that 
they are actually debt collectors for the original 
creditors, a fact that seems to be routinely shuffled aside 
and not disclosed to the consumer. 
Consumer literacy test: A test proposed by the author to be 
given to high school students to determine competency in 
basic consumer skills.  These skills include how to open 
checking and savings accounts, how to balance a checkbook, 
how to create/follow a budget, how credit cards work, a 
brief understanding of insurance, etc. 
Contingency basis: A fee paid to a third party for their 
involvement in either a legal proceeding or debt collection. 
 This fee is normally paid only when a successful outcome to 
a legal proceeding or debt has been collected, either in 
part or in full. 
Credit grantor: Companies or individuals that extend 
financing to consumers.  A credit grantor can be a mortgage 
company willing to finance a house, a bank willing to 
finance an automobile, or a major national credit grantor 
willing to extend credit through the issuance of a charge 
card such as Visa, MasterCard or Discover. 
Credit manager: Individual that oversees the lending 
department in a bank, department store or other 
credit-granting entity.  Many times this individual will 
work closely with the collections manager to develop 
collections strategies for past due/bad debts. 
Credit record: National grading system filed by subject's 
name, birth date and social security number.  Major 
companies providing these services include TRW, TransUnion 
and Equifax. 
Credit repair manual: Derogatory term used by the credit 
reporting industry for any books that may show consumers the 
inside information about their industry. 
Criss-cross: A directory, also known as a City Directory, 
that is frequently used by the debt collection community to 
find out information about a debtor's neighbors.  One 
section lists households and businesses by street address; 
another lists all telephone numbers by exchange (in 
numerical order) and to whom each number is assigned.  A 
powerful tool of information intimidation utilized to put 
fear into unwitting consumers. 
Databases: Term used to describe the enormous pools of 
information managed by computers.  Creditors and debt 
collectors will access national credit databases managed by 
companies like TRW, CSC/Equifax, TransUnion, etc. 
Debtors' havens: Term that refers to states such as Texas 
and Florida which have liberal laws protecting debtors from 
creditors. 
Deceptive forms: Another trick of the debt collector trade, 
these forms can take on a variety of intimidating looks-from 
threatening (but non-binding) documents that appear to have 
been issued by a court of law to demand letters that look 
like something issued by the IRS.  Of course they're illegal 
... you don't think that will stop the debt collectors from 
using them, do you? 
Deed in lieu of foreclosure: Technique used with mixed 
results by consumers unable to continue making payments on 
their homes.  Sometimes lenders will allow debtors to deed 
the property back to the lender instead of suffering through 
the embarrassment of a foreclosure sale on the courthouse 
steps. 
Deep discount: When a creditor sells Accounts Receivable or 
Bad Debts at an amount normally less than 50% of the 
outstanding balance.- Many times these sales are made to 
companies that specialize in buying these types of "dead 
assets." 
Defaulted student loans: Loan made to students to attend 
secondary educational institutions at low interest rates.  
These loans were guaranteed by the federal government as an 
inducement to banks to make these loans but as a result, 
were poorly researched before being made.  Over $13 billion 
of these loans exist and are now owned by the U.S. 
government.  Revised laws now enable consumers to 
restructure these loans.  Contact the Department of 
Education in Washington, DC. 
Deferment:	Contractually agreed-to period of time a borrower 
is allowed to suspend payment on a debt.  Usually applies to 
student loans and suspends the accrual of interest or late 
fees on the outstanding loan balance. 
Deposition:	 Sworn statement made in the presence of a court 
reporter (usually) as a result of questions posed by 
attorneys in court (or post judgment) action.  These 
statements are normally made outside a court of law, but are 
fully admissible during trial and fully binding under 
perjury statutes. 
Discharged: To relieve of obligation, responsibility, etc.  
Common term used in bankruptcy court to describe the process 
of eliminating debtor obligations. 
Discounts:	Selling Accounts Receivable or Bad Debts at an 
amount normally in excess of 5 1 % of the outstanding 
balance.  Many times these sales are made to companies that 
specialize in buying these types of "dead assets." 
Dispossession of property: Taking away property against the 
owner's wishes, normally as a result of non-payment. 
Erroneous information: False, misleading or incorrect data.  
Frequently found in consumer medical or credit files across 
America. 
Exempt assets: Assets not at risk of being seized or