Glossary

Straight definitions for the terms that show up in collection letters, court paperwork, and IRS notices — each one links out to the debt types, situations, and states it actually applies to.

Debt Collection Terms

Core vocabulary for dealing with collectors, collection agencies, and debt buyers.

Wage Garnishment
Debt Validation Letter
Statute of Limitations (Debt)
Judgment-Proof
Default Judgment
Debt Buyer
FDCPA (Fair Debt Collection Practices Act)
Cease-and-Desist Letter
Writ of Garnishment

Bankruptcy Terms

Terms used in Chapter 7 and Chapter 13 consumer bankruptcy.

Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Means Test
Automatic Stay
341 Meeting (Meeting of Creditors)
Dischargeable Debt

Credit & Credit Reporting Terms

Terms covering how debt and its resolution show up on a credit report.

Charge-Off
1099-C (Cancellation of Debt)
Credit Report Dispute

IRS Notice & Collection Terms

The escalating sequence of IRS notices and enforcement tools used to collect unpaid tax debt.

CP504 Notice
LT11 / Letter 1058 (Final Notice of Intent to Levy)