Legalese for debt reduction

Global reduction of debt, there are certain words that are not known. This section contains definitions of terms relating to the reduction of debt and bankruptcy. Fair fair debt collection practices Act (FDCPA) is debt collection practices ActThe a law, protects consumers from abuse by debt collectors. It prohibits debt collectors to communicate a liability to third parties, abuse or harass the creditors by contacting creditors who are known by a lawyer credit reporting ActThe represented his and many other practices.The fair fair credit reporting Act (FCRA) regulates the use, collection and dissemination of information from credit agencies, companies that provide information and company, the exemption information.Equity ExemptionsEquity use exemptions from State and federal law that allow a debtor aside setting certain quantities of certain types of were to protect claims.Secured of creditors PropertyProperty secured will, if the creditor has a privilege on the property of the credit. A common example is a mortgage on a home.Automatic StayIn bankruptcy, automatic suspension is the rule that once a debtor to the creditor in the bankruptcy files are the release of liability for certain debts which previously caused by the debtor is automatically from communicating with him this debt.DischargeIn to forbidden collect bankruptcy discharge.