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Financial planning resources

Welcome to the Financial Planning resources. Here you will find financial resources that can help you take charge of your finances.

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  • Articles

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    • Debt Relief or Bankruptcy?

      Has debt got you down? You're not alone.

      Read now
    • Filing for Bankruptcy: What to Know

      If you plan to file for bankruptcy protection, you must get credit counseling from a government-approved organization within 180 days before you file. You also have to complete a debtor education course before your debts can be discharged.

      Read now
    • Knee Deep In Debt (Part 1)

      Many people face financial crises at some time in their lives. Your financial situation doesn't have to go from bad to worse.

      Read now
    • Knee Deep In Debt (Part 2)

      You may be able to lower your cost of credit by consolidating your debt through a second mortgage or a home equity line of credit.

      Read now
  • Articles

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    • Home Buying Preparation

      There are several actions you should take when considering buying a home.

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    • Housing Options for Older Adults: Owning a Home

      When in their own homes, many older adults live independently.

      Read now
    • Learn To Pay Less for Loans

      A credit report provides a record of your history of paying loans and bills, including any late payments.

      Read now
    • Mortgages: Consumer Tips

      Buying a home is one of the most complex financial decisions you will ever make. In addition to the financial and legal issues involved, real estate agents and lenders may not be acting in your best interest.

      Read now
    • Real Estate Investments

      There are multiple ways to invest in real estate.

      Read now
    • Reverse Mortgages

      A reverse mortgage is a special type of home equity loan that allows you to receive cash against the value of your home without selling it.

      Read now
  • Articles

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    • Avoid Holiday Debt

      Below is a five-step spending plan to avoid holiday debt.

      Read now
    • Banking: Consumer Tips

      Your bank accounts are primary ways to store your money, pay your bills and build your savings. When you shop for a bank, consider the actual products and services.

      Read now
    • Choosing a Credit Counselor

      Are you living paycheck to paycheck? Are you worried about debt collectors? If this sounds familiar, you may want to consider the services of a credit counselor.

      Read now
    • Coping with Financial Stress

      Money worries are one of the most common causes of stress.

      Read now
    • Credit: How to Get It and How to Improve It

      Financial institutions will typically want to see at least 6 months of credit history before they will grant any type of credit-based products.

      Read now
    • Creditors and Debt Settlement Companies

      If you are struggling to make your debt payments or you feel like you might start to miss payments, it might be time to contact the creditor yourself to work something out.

      Read now
    • Debt Management Plans

      If your financial problems stem from too much debt or your inability to repay your debts, a credit counseling agency may recommend that you enroll in a debt management plan (DMP).

      Read now
    • Don't Get Taken by Wire Transfer Scams

      Wiring money to strangers%mdash;in the U.S., but especially in another country%mdash;is risky, because often they could be scam artists.

      Read now
    • For Seniors: Quick Tips for Protecting Your Finances-Part 1

      As many consumers get older, they often face issues such as how to maintain their lifestyle and pay for medical expenses on a fixed income for years into the future. Here are banking and other money-management tips for seniors to consider for their retirement years.

      Read now
    • For Seniors: Quick Tips for Protecting Your Finances-Part 2

      As many consumers get older, they often face issues such as how to maintain their lifestyle and pay for medical expenses on a fixed income for years into the future. Here are banking and other money-management tips for seniors to consider for their retirement years.

      Read now
    • For Seniors: Quick Tips for Protecting Your Finances-Part 3

      As many consumers get older, they often face issues such as how to maintain their lifestyle and pay for medical expenses on a fixed income for years into the future. Here are banking and other money-management tips for seniors to consider for their retirement years.

      Read now
    • For Seniors: Quick Tips for Protecting Your Finances-Part 4

      As many consumers get older, they often face issues such as how to maintain their lifestyle and pay for medical expenses on a fixed income for years into the future. Here are banking and other money-management tips for seniors to consider for their retirement years.

      Read now
    • Four Elements Define Personal Financial Wellbeing

      Savings and income are part of financial wellbeing, but the survey showed that they're not always the most important part.

      Read now
    • General Budget Worksheet

      Track your income and expenses here.

      Read now
    • General Debt Management Techniques

      Very few people are lucky enough to be living debt free. The key is to manage your debt so that it does not get out of control.

      Read now
    • Get the Most Out of Savings: Smart Savings Tips for 2021

      Just as there are multiple routes to a destination, there are many acceptable ways to save money.

      Read now
    • Get the Most Out of Savings: Smart Savings Tips for 2022

      This article will look at three steps that will help you save more in 2022.

      Read now
    • How Older Adults Can Steer Clear of Scam Artists

      Anyone can be a victim of financial fraud, but older adults are particularly at risk.

      Read now
    • How To Manage Your Checking Account

      Knowing how to manage your checking account is an important lifelong skill to have.

      Read now
    • Investing: Consumer Tips

      If you have a financial goal in mind, such as saving for retirement, paying for college, or buying a house, then you may decide to invest your money to earn enough to fund your goals.

      Read now
    • Jump-Start Your Savings

      If you have an income and know what your budget looks like, but you don't have any savings, it's time to start.

      Read now
    • Knee Deep In Debt (Part 1)

      Many people face financial crises at some time in their lives. Your financial situation doesn't have to go from bad to worse.

      Read now
    • Knee Deep In Debt (Part 2)

      You may be able to lower your cost of credit by consolidating your debt through a second mortgage or a home equity line of credit.

      Read now
    • Making a Budget: Worksheet

      Use this worksheet to see how much money you spend this month.

      Read now
    • Making Changes When Inflation Takes a Bite

      High inflation is causing financial hardship in much of the world.

      Read now
    • Managing Finances This Holiday Season

      Stay on track financially this holiday season!

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    • Managing Your Checking Account

      It can be a rite of passage, a step into adulthood. Once you turn 18, you can open your own checking account.

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    • Mobile Banking

      Many banks allow you to do your banking from your mobile phone or tablet. Your bank may have a mobile app to make it easy to keep a close track on your finances, pay bills or transfer funds right from your smartphone.

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    • Mobile Payments

      You can pay for purchases through digital wallets stored in your smartphone, apps, a key fob or even a watch. These items store your credit or debit card numbers.

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    • Money Management: A Planner

      Life can be uncertain. Planning for future financial goals can help alleviate some of this uncertainty.

      Read now
    • Payday Loans

      Payday loans are a very costly way to borrow money. You may have seen these types of loans hiding behind other names, such as cash advances or check loans.

      Read now
    • Personal Finances and Budgeting

      Everyone has his or her own unique relationship with personal finances.

      Read now
    • Personal Payday Budget Worksheet

      Match your expenses and income—according to each pay period you get in a month—in the table below. Feel free to customize the fields so that they apply to you.

      Read now
    • Prepaid Cards

      Prepaid cards, also known as prepaid debit, or stored-value cards are convenient ways to make purchases and conduct other financial transactions.

      Read now
    • Protections for Consumers Sending Money Abroad

      Each year, consumers in the U.S. send tens of billions of dollars to friends, family members, or businesses in other countries using wire transfers and other electronic payments—often called remittances.

      Read now
    • Saving Your Home from Foreclosure

      If you feel like you won't be able to keep making your monthly mortgage payment or you have started to fall behind, there could be options to save your home.

      Read now
    • Teaching Children the Financial Facts of Life

      Parents try to teach their kids to be street-smart and use good manners, but teaching them the financial facts of life is just as important.

      Read now
    • The Fair Debt Collection Practices Act (FDCPA)

      The purpose of the the Fair Debt Collection Practices Act (FDCPA) is to protect consumers from abusive debt collection practices, promote fair debt collection, and provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy.

      Read now
    • Tips for Seniors Wanting to Financially Help Relatives

      Be on guard against phone calls from con artists who target seniors.

      Read now
    • Twelve Ways to Lower Your Homeowner’s Insurance Costs

      The price you pay for your homeowner's insurance can vary by hundreds of dollars, depending on the insurance company from which you buy your policy. Here are some things to consider when buying insurance.

      Read now
    • Types of Investments

      The chart below and the sections that follow highlight some of the different types of investments available.

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    • Using Your Home's Equity

      You have purchased a home and are making your monthly payments on time, but now you are faced with an unexpected expense.

      Read now
    • Ways to Increase Income and Resources: Checklist

      Use this tool to identify ways you can increase your income.

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    • Ways to Save Extra Money

      When you create a plan to pay down your debt and save money for the future, you may want to look for ways to increase your income.

      Read now
  • Online seminars

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    • Digging Deep

      Explore how to have smart financial management and learn practical steps on getting out of financial ruts.

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    • Effective Budgeting

      The seminar will guide you through the process of tracking your spending so that you understand how you currently spend money.

      Read now
    • Financial Fitness: Living Within a Realistic Budget

      Living within a budget can seem restrictive—similar to being on a diet. Learn about common money mistakes as well as practical and realistic tips for living within a budget.

      Read now
    • Financial Wellbeing: Feeling Secure About Your Finances

      Understand the practical ways you can feel more secure and more stable in your finance management.

      Read now
    • Maintaining Personal and Fiscal Resiliency During Tough Economic Times (2017)

      Learn how to develop a "stress plan" to visualize a more positive financial future. Understand the process of prioritizing your needs and exploring the full extent of your assets.

      Read now
    • Make Your Money Work for You: A Debt Management Plan

      Learn tips to decrease your debt, maximize your credit score, negotiate with creditors, and rebuild your credit after major life events such as divorce, bankruptcy, or ID Theft.

      Read now
    • Vlog: Millennial Life During the Pandemic

      This session will provide advice on how to successfully juggle the demands faced and meet the changing needs within the home.

      Read now
    • Your Financial Checkup

      Just like a regular health checkup, this session will walk you through a "financial checkup," guiding you through the necessary steps to examine your finances.

      Read now
    • Your Routine Financial Checkup

      Examine your finances from a variety of perspectives and review and prioritize all of your debts as you explore your assets.

      Read now
  • Articles

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    • Building a Better Credit Report (Part 1)

      A credit report includes information on where you live, how you pay your bills, and whether you've been sued or have filed for bankruptcy.

      Read now
    • Building a Better Credit Report (Part 2)

      Both the credit reporting company and the information provider are responsible for correcting inaccurate or incomplete information in your report once you bring it to their attention.

      Read now
    • Building a Better Credit Report (Part 3)

      A credit reporting company can report most accurate negative information for 7 years and bankruptcy information for 10 years.

      Read now
    • Building a Better Credit Report (Part 4)

      Unlike a credit freeze that locks down your credit, a fraud alert allows creditors to get a copy of your credit report as long as they take steps to verify your identity.

      Read now
    • Building a Better Credit Report (Part 5)

      Credit scoring systems are complex and vary among creditors or insurance companies and for different types of credit or insurance.

      Read now
    • Building a Better Credit Report (Part 6)

      Many people face a financial crisis at some point in their lives. But often, it can be overcome.

      Read now
    • Child Identity Theft (Part 1)

      You can take steps to protect your child's identity from misuse.

      Read now
    • Child Identity Theft (Part 2)

      You can take steps to protect your child's identity from misuse.

      Read now
    • Child Identity Theft (Part 3)

      You can take steps to protect your child's identity from misuse.

      Read now
    • Choosing a Credit Counselor

      Are you living paycheck to paycheck? Are you worried about debt collectors? If this sounds familiar, you may want to consider the services of a credit counselor.

      Read now
    • Credit Card 101 for College Students

      Making sure you don't get into trouble with credit cards requires some careful planning and monitoring.

      Read now
    • Credit Cards

      A credit card lets you buy goods and services on credit, with the promise that you will pay the issuer the amount you borrowed.

      Read now
    • Credit Rights

      Credit is the opportunity to borrow money from a bank, credit union, finance company, store or credit card issuer to make a purchase.

      Read now
    • Credit: How to Get It and How to Improve It

      Financial institutions will typically want to see at least 6 months of credit history before they will grant any type of credit-based products.

      Read now
    • Dealing with Debt

      Learn about common debt problems, including filing for bankruptcy.

      Read now
    • Debt Management Plans

      If your financial problems stem from too much debt or your inability to repay your debts, a credit counseling agency may recommend that you enroll in a debt management plan (DMP).

      Read now
    • Debt Relief or Bankruptcy?

      Has debt got you down? You're not alone.

      Read now
    • Disputing Inaccurate Credit Information

      The first step is to tell the consumer reporting company, in writing, what information you think is inaccurate.

      Read now
    • General Debt Management Techniques

      Very few people are lucky enough to be living debt free. The key is to manage your debt so that it does not get out of control.

      Read now
    • Knee Deep In Debt (Part 1)

      Many people face financial crises at some time in their lives. Your financial situation doesn't have to go from bad to worse.

      Read now
    • Knee Deep In Debt (Part 2)

      You may be able to lower your cost of credit by consolidating your debt through a second mortgage or a home equity line of credit.

      Read now
    • Learn To Pay Less for Loans

      A credit report provides a record of your history of paying loans and bills, including any late payments.

      Read now
    • The Teenage Years, or "What Happened to My Kid?"

      Parents of teenagers need to be aware of the survival strategies and coping techniques that can be very helpful during the turbulent teen years.

      Read now
  • Online seminars

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    • Make Your Money Work for You: A Debt Management Plan

      Learn tips to decrease your debt, maximize your credit score, negotiate with creditors, and rebuild your credit after major life events such as divorce, bankruptcy, or ID Theft.

      Read now
    • Spark Webinar: Living Off Your Paycheck: Secrets to Making Ends Meet

      Get the information and tools you need to help make ends meet. Learn how to set goals, reduce debt and discover the difference between meat and gravy.

      Read now
  • Articles

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    • Get the Most Out of Savings: Smart Savings Tips for 2022

      This article will look at three steps that will help you save more in 2022.

      Read now
    • Saving and Investing: Financial Professionals

      Investment professionals offer a variety of services at a variety of prices. It pays to comparison shop.

      Read now
    • Saving and Investing: Making Money Grow

      There are basically two ways to make money.

      Read now
    • Saving and Investing: Monitoring Your Investments

      By investing, your money has become your employee, and that makes you the boss. You'll want to keep a close watch on how your employee (your money) is doing.

      Read now
    • Saving and Investing: Risk Tolerance

      It's important that you go into any investment in stocks, bonds, or mutual funds with a full understanding that you could lose some or all of your money in any one investment.

      Read now
    • Ten Reasons to Have a Will

      A will, officially called a last will and testament, is a legal document that describes how you'd like what you own to be distributed after you die.

      Read now
    • Wills and Trusts

      People at all economic levels benefit from an estate plan.

      Read now
    • Write a Digital Asset Plan

      A digital asset plan explains how you would like your digital music and photos, reward points; social media and email accounts handled after your death.

      Read now
  • Online seminars

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    • Estate Planning: Five Essential Documents

      Learn the key documents everyone over 18 should have prepared so your family understands your wishes regarding your health, money, and property.

      Read now
    • Getting Your Affairs in Order: Five Essential Documents

      Be prepared and organized for your future and that of your family. Learn and explore the five documents that everyone should have in order to be prepared for the unexpected.

      Read now
    • Spark Webinar: Putting Your Affairs in Order: The Essential Documents

      Holidays are supposed to be joyful, but they can also create many headaches. Seminar participants will review common sources ofholiday stress, and explore ways to minimize the tension and increase the fun for everyone.

      Read now
  • Articles

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    • Disaster Financial Assistance

      Find out how to get emergency financial help from the government if you've been affected by the coronavirus pandemic or a natural disaster.

      Read now
    • Financial Aid: A Guide

      Financial aid has long been considered a way to make higher education affordable.

      Read now
    • G.I. Bill Benefits: Financial Support for Education and Housing

      The Post-9/11 GI Bill has a few specific components that are unavailable in other GI Bill programs: Yellow Ribbon Program Transfer of Entitlement Option.

      Read now
    • Help Survivors of a Disaster

      Learn how you can volunteer for disaster relief organizations, donate blood, and avoid charity fraud when giving money to support disaster survivors.

      Read now
    • You Are the Help Until Help Arrives

      When disaster strikes, people come together to help. To make the most of your contributions, consider these tips for donating and volunteering responsibly.

      Read now
  • Articles

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    • Financial Brokers and Advisers

      A financial professional can help you reach your financial goals. When selecting a broker or investment adviser, research the person's education and professional history, as well as the firm the person works for.

      Read now
    • Financial Considerations for Child Care

      Child care is one of the four top expenses for working parents, after housing, food, and taxes.

      Read now
    • Financial Preparedness Tips

      Americans at all income levels have experienced the challenges of rebuilding their lives after a disaster or other emergency.

      Read now
    • General Budget Worksheet

      Track your income and expenses here.

      Read now
    • Get the Most Out of Savings: Smart Savings Tips for 2021

      Just as there are multiple routes to a destination, there are many acceptable ways to save money.

      Read now
    • Investing: Consumer Tips

      If you have a financial goal in mind, such as saving for retirement, paying for college, or buying a house, then you may decide to invest your money to earn enough to fund your goals.

      Read now
    • Investing: General Tips

      Investors today have a wide range of choices. You must investigate before you invest%mdash;and remember that every investment involves some degree of risk.

      Read now
    • Life, Disability and Long-Term Care Insurance

      A life insurance policy is a contract between you and an insurance company.

      Read now
    • Money Management: A Planner

      Life can be uncertain. Planning for future financial goals can help alleviate some of this uncertainty.

      Read now
    • Mutual Funds

      A mutual fund is a tool used for groups of people to invest their collective funds, called pools, into different types of securities products.

      Read now
    • Paying for Higher Education

      There are several different ways to save specifically for your child's educational expenses.

      Read now
    • Personal Payday Budget Worksheet

      Match your expenses and income—according to each pay period you get in a month—in the table below. Feel free to customize the fields so that they apply to you.

      Read now
    • Protecting Your Child's Financial Future

      Life insurance can help you protect your family's financial wellbeing.

      Read now
    • Saving and Investing: Avoiding Problems

      Choosing someone to help you with your investments is one of the most important investment decisions you will ever make.

      Read now
    • Saving and Investing: Defining Your Goals

      Knowing how to secure your financial well-being is one of the most important things you'll ever need in life.

      Read now
    • Saving and Investing: Financial Professionals

      Investment professionals offer a variety of services at a variety of prices. It pays to comparison shop.

      Read now
    • Saving and Investing: Making a Financial Plan

      Sit down and take an honest look at your entire financial situation.

      Read now
    • Saving and Investing: Making Money Grow

      There are basically two ways to make money.

      Read now
    • Saving and Investing: Monitoring Your Investments

      By investing, your money has become your employee, and that makes you the boss. You'll want to keep a close watch on how your employee (your money) is doing.

      Read now
    • Saving and Investing: Risk Tolerance

      It's important that you go into any investment in stocks, bonds, or mutual funds with a full understanding that you could lose some or all of your money in any one investment.

      Read now
    • Saving and Investing: Your Choices

      What follows are some kinds of investments you may consider making.

      Read now
  • Online seminars

    View all
    • 8/15/23 Digging Deep

      Explore how to have smart financial management and learn practical steps on getting out of financial ruts.

      Read now
    • Maintaining Personal and Fiscal Resiliency During Tough Economic Times (2017)

      Learn how to develop a "stress plan" to visualize a more positive financial future. Understand the process of prioritizing your needs and exploring the full extent of your assets.

      Read now
    • Make Your Money Work for You: A Debt Management Plan

      Learn tips to decrease your debt, maximize your credit score, negotiate with creditors, and rebuild your credit after major life events such as divorce, bankruptcy, or ID Theft.

      Read now
    • Your Routine Financial Checkup

      Examine your finances from a variety of perspectives and review and prioritize all of your debts as you explore your assets.

      Read now
  • Articles

    View all
    • Annuities and Long-Term Care

      You may choose to enter into an annuity contract with an insurance company to help pay for long-term care services.

      Read now
    • Buying Long-Term Care Insurance

      Since standards vary between different insurance companies, if one company denies you, it is possible that another company will accept you.

      Read now
    • Health Insurance

      Many consumers have health care coverage from their employers. Others have medical care paid through a government program such as Medicare, Medicaid or the Veterans Health Administration.

      Read now
    • Health Insurance Plans: HMOs, PPOs, and More

      There are different types of health insurance plans designed to meet different needs.

      Read now
    • Health Savings Accounts

      You know about tax-preferred individual retirement accounts (IRA)s for your retirement savings, but what about a similar account to help pay for certain medical expenses?

      Read now
    • Homeowner's and Renter's Insurance

      Homeowner's or renter's insurance protects your home and personal property against damage or loss, and insures you in case someone gets hurt while on your property.

      Read now
    • How to File a Flood Insurance Claim

      If your property has flooded, promptly report the loss to your insurance agent or company.

      Read now
    • Insurance: Consumer Tips

      Insurance protects you from financial loss in the event of a disaster or other hardship. By purchasing insurance policies, you can receive reimbursement for losses due to car accidents, property theft, natural disasters, medical expenses, and loss of income due to disability or death.

      Read now
    • Liability and Protection When You Move

      Working with a household goods carrier (mover) can be nerve-racking.

      Read now
    • Protecting Your Child's Financial Future

      Life insurance can help you protect your family's financial wellbeing.

      Read now
    • Renter’s Insurance: Frequently Asked Questions

      Renter's insurance offers protection of your possessions while you are living in a place that you do not own. Policies can vary, so speak to your insurer if you have additional questions.

      Read now
    • Renter's Insurance: The Basics

      If you rent a house or apartment and think that your landlord is financially responsible when there is a fire, theft, or other catastrophe%mdash;think again.

      Read now
    • The Health Insurance Marketplace: Catastrophic Plans

      People under 30 years of age, and some people with limited incomes, may buy what is called a catastrophic health plan. It protects you from very high medical costs.

      Read now
    • The Health Insurance Marketplace: Doctor Choice and Emergency Room Access

      You have the right to choose the doctor you want from your health plan's provider network.

      Read now
    • The Health Insurance Marketplace: Getting Ready To Enroll

      To prepare to enroll, you can learn about types of health coverage, research your questions, and figure out what you need to know before you start your application.

      Read now
    • The Health Insurance Marketplace: Income

      When you get coverage through the Marketplace, you may be able to get lower costs on deductibles, copayments, and coinsurance.

      Read now
    • The Health Insurance Marketplace: Preventive Care Benefits

      Most health plans must cover a set of preventive services like shots and screening tests at no cost to you. This includes Marketplace private insurance plans.

      Read now
    • The Health Insurance Marketplace: Preventive Health Services for Children

      All Marketplace health plans and many other plans must cover the following list of preventive services for children.

      Read now
    • The Health Insurance Marketplace: What Does It Cover?

      All private health insurance plans offered in the Marketplace will offer the same set of essential health benefits.

      Read now
    • Twelve Ways to Lower Your Homeowner’s Insurance Costs

      The price you pay for your homeowner's insurance can vary by hundreds of dollars, depending on the insurance company from which you buy your policy. Here are some things to consider when buying insurance.

      Read now
    • Using Life Insurance to Pay for Long-Term Care

      You can use your life insurance policy to help pay for long-term care services through the following options.

      Read now
  • Articles

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    • Adjustable-Rate Mortgages

      Adjustable-rate mortgages, also known as ARMs or variable-rate loans, have been out of favor with many people for several years.

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    • Avoiding Foreclosure (Part 1)

      There are a number of programs to assist homeowners who are at risk of foreclosure and otherwise struggling with their monthly mortgage payments.

      Read now
    • Avoiding Foreclosure (Part 2)

      If you are having a tough time making your mortgage payments because you are unemployed, you may be eligible for one of these programs.

      Read now
    • Borrowing From Your Home in Retirement

      While borrowing against equity can help older homeowners, there also are potential pitfalls.

      Read now
    • Down Payments and Private Mortgage Insurance

      When you purchase a home, some lenders require 20% of the purchase price as a down payment. However, many lenders now offer loans that require less than that%mdash;sometimes as little as 5% on conventional loans.

      Read now
    • Mortgages: Consumer Tips

      Buying a home is one of the most complex financial decisions you will ever make. In addition to the financial and legal issues involved, real estate agents and lenders may not be acting in your best interest.

      Read now
    • Saving Your Home from Foreclosure

      If you feel like you won't be able to keep making your monthly mortgage payment or you have started to fall behind, there could be options to save your home.

      Read now
    • Shopping for a Home Mortgage

      When shopping for a home mortgage, make sure you obtain all the relevant information.

      Read now
    • Ten Facts About Mortgage Debt Forgiveness

      If you are a homeowner whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income.

      Read now
    • Tips to Avoid Foreclosure (Part 1)

      Every day, thousands of people like you have trouble making the next mortgage payment. Though things may seem hopeless, help is available.

      Read now
    • Tips to Avoid Foreclosure (Part 2)

      If you are not able to continue paying the mortgage even under a workout plan offered by your lender, you should consider the options below.

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    • Using Your Home's Equity

      You have purchased a home and are making your monthly payments on time, but now you are faced with an unexpected expense.

      Read now
  • Articles

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    • Buying Discount Textbooks

      College textbooks can be expensive—adding up to many hundreds of dollars each semester. For the cash-strapped college student, saving a few bucks could give your already-tight budget quite the needed breather.

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    • Choosing a School: Understanding College Costs

      College and career school costs can vary significantly from school to school. Learn about college costs, and get tips on how to lower costs when you go to school.

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    • Consolidating Your Federal Student Loans

      Consolidating your federal education loans can simplify your payments, but it also can result in the loss of some benefits. Learn more, so you can weigh the pros and cons.

      Read now
    • Consumer Tips: Paying for College

      Develop a plan to pay for school, compare financial aid packages, and consider how to repay any student loans.

      Read now
    • Eligibility for Federal Student Aid Checklist

      Most students are eligible to receive financial aid from the federal government to help pay for college or career school.

      Read now
    • Federal Student Loan Repayment Plans

      When it comes time to repay federal student loans, the borrower has the option to choose from a variety of repayment plans.

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    • Federal Student Loans

      Federal student loans for college or career school are an investment in your future. You must repay your loan, so be sure you understand your options and responsibilities.

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    • Federal Versus Private Loans

      When it comes to paying for college, career school, or graduate school, federal student loans can offer several advantages over private student loans.

      Read now
    • Getting Ready for College: Paying for College

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    • Jump-Start Your Savings

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    • Paying for Higher Education

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    • Preparing for College: Choosing a School (Part 1)

      Not sure what college or career school might be right for you? Learn about the steps you can take to research possible colleges or career schools.

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    • Preparing for College: Choosing a School (Part 2)

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    • Public Service Loan Forgiveness (PSLF) Program (Part 1)

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    • Public Service Loan Forgiveness (PSLF) Program (Part 2)

      Qualifying repayment plans include all of the income-driven repayment (IDR) plans (plans that base your monthly payment on your income).

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    • Student Loan Forgiveness

      In certain situations, you can have your federal student loans forgiven, canceled, or discharged. Learn more about the types of forgiveness and whether you qualify.

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    • Student Loan Repayment

      Before repayment begins, develop a plan that puts you on track to pay back your loan on time and in full.

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    • Student Loans (Part 1)

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    • Student Loans (Part 2)

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    • Tax Credits for Education

      If you pay for college, you may receive some tax savings on your federal tax return, even if you're studying outside of the U.S.

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    • Types of Investments

      The chart below and the sections that follow highlight some of the different types of investments available.

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    • Who Gets Student Aid?

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    • It's Never Too Early-Or Too Late-To Save

      No matter your stage of life, it's important to have savings.

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    • Jump-Start Your Savings

      If you have an income and know what your budget looks like, but you don't have any savings, it's time to start.

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    • Real Estate Investments

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      The chart below and the sections that follow highlight some of the different types of investments available.

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    • A Look at 401(k) Plan Fees: Common Investments and Related Fees—Part 1

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    • A Look at 401(k) Plan Fees: Common Investments and Related Fees—Part 2

      Generally, investment-related fees, usually charged as a percentage of assets invested, are paid by the participant.

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    • A Look at 401(k) Plan Fees: What Fees Are Associated with Investment Choices?

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      If you have questions about the fees and expenses charged to your 401(k) plan, review the documents noted below or contact your plan administrator.

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    • It's Never Too Early-Or Too Late-To Save

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    • Retirement

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    • Retirement Lifestyle Planning

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    • Roth IRA

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    • Saving and Investing: Avoiding Problems

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    • Saving and Investing: Making a Financial Plan

      Sit down and take an honest look at your entire financial situation.

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      There are basically two ways to make money.

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      It's important that you go into any investment in stocks, bonds, or mutual funds with a full understanding that you could lose some or all of your money in any one investment.

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    • Social Security (Part 1): A Simple Concept

      Social Security reaches almost every family, and at some point will touch the lives of nearly all Americans.

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      Your link with Social Security is your Social Security number.

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    • Social Security (Part 3): What You Need to Know About Benefits

      Social Security benefits replace a percentage of your earnings when you retire, become disabled, or die.

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    • Social Security (Part 4): Benefits for Your Family

      When you start receiving Social Security retirement or disability benefits, other family members also may be eligible for payments.

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    • Social Security (Part 5): When You Are Ready to Apply for Benefits

      You should apply for benefits about 3 months before the date you want your benefits to start.

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      If you get Social Security benefits, but have limited income and resources, Supplemental Security Income (SSI) may be able to help.

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    • Top 10 Ways to Prepare for Retirement

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    • Understanding SSA Benefits (Part 1)

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    • Understanding SSA Benefits (Part 2)

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    • Understanding SSA Benefits (Part 3)

      Social Security benefits replace only some of your earnings when you retire, become disabled, or die.

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    • Understanding SSA Benefits (Part 4)

      When you start receiving Social Security retirement or disability benefits, other family members may also be eligible for payments.

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    • Understanding SSA Benefits (Part 5)

      You should apply for benefits about 4 months before the date you want your benefits to start.

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    • Understanding SSA Benefits (Part 6)

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    • Understanding SSA Benefits (Part 7)

      Some facts about Social Security.

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      Tax benefits for adoption include both a tax credit for qualified adoption expenses paid to adopt an eligible child and an exclusion from income for employer-provided adoption assistance.

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      There are three ways to request an automatic extension of time to file your U.S. individual income tax return.

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    • Foreign Tax Credit

      The foreign tax credit intends to reduce the double tax burden that would otherwise arise when foreign source income is taxed by both countries.

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    • Free Tax Return Preparation for Qualifying Taxpayers

      The Internal Revenue Service's (IRS's) Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs offer free basic tax return preparation to qualified individuals.

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    • Hiring Household Employees

      You have a household employee if you hired someone to do household work and that worker is your employee.

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    • How to Choose a Tax Return Preparer

      If you choose to have someone prepare your tax return, choose that preparer wisely.

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      There are different ways to obtain tax return information. Most requests can be satisfied with a computer printout of your return information called a transcript.

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    • How Your Income Tips Are Taxed

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      You can get various Form 1040-series transcript types online or by mail.

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    • Tax Credits Versus Tax Deductions

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      It's possible that some tax returns may require further review and could take longer than 21 days.

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    • Taxation of U.S. Residents

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      A credit report provides a record of your history of paying loans and bills, including any late payments.

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Acquittal

A jury verdict that a criminal defendant is not guilty, or the finding of a judge that the evidence is insufficient to support a conviction.

Active Judge

A judge in the full-time service of the court. Compare to senior judge.

Administrative Office of the United States Courts (AO)

The federal agency responsible for collecting court statistics, administering the federal courts' budget, and performing many other administrative and programmatic functions, under the direction and supervision of the Judicial Conference of the United States.

Admissible

A term used to describe evidence that may be considered by a jury or judge in civil and criminal cases.

Adversary Proceeding

A lawsuit arising in or related to a bankruptcy case that begins by filing a complaint with the court, that is, a "trial" that takes place within the context of a bankruptcy case

Affidavit

A written or printed statement made under oath.

Affirmed

In the practice of the court of appeals, it means that the court of appeals has concluded that the lower court decision is correct and will stand as rendered by the lower court.

Alternate Juror

A juror selected in the same manner as a regular juror who hears all the evidence but does not help decide the case unless called on to replace a regular juror.

Alternative Dispute Resolution (ADR)

A procedure for settling a dispute outside the courtroom. Most forms of ADR are not binding on the parties, and involve referral of the case to a neutral party such as an arbitrator or mediator.

Amicus Curiae

Latin for "friend of the court." It is advice formally offered to the court in a brief filed by an entity interested in, but not a party to, the case.

Answer

The formal written statement by a defendant in a civil case that responds to a complaint, articulating the grounds for defense.

Appeal

A request made after a trial by a party that has lost on one or more issues that a higher court review the decision to determine if it was correct. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the "appellant;" the other party is the "appellee."

Appellant

The party who appeals a district court's decision, usually seeking reversal of that decision.

Appellate

About appeals; an appellate court has the power to review the judgment of a lower court (trial court) or tribunal. For example, the U.S. circuit courts of appeals review the decisions of the U.S. district courts.

Appellee

The party who opposes an appellant's appeal, and who seeks to persuade the appeals court to affirm the district court's decision.

Arraignment

A proceeding in which a criminal defendant is brought into court, told of the charges in an indictment or information, and asked to plead guilty or not guilty.

Article III Judge

A federal judge who is appointed for life, during "good behavior," under Article III of the Constitution. Article III judges are nominated by the President and confirmed by the Senate.

Assets

Property of all kinds, including real and personal, tangible and intangible.

Assume

An agreement to continue performing duties under a contract or lease.

Automatic Stay

An injunction that automatically stops lawsuits, foreclosure, garnishments, and most collection activity against the debtor the moment a bankruptcy petition is filed.

Bail

The release, prior to trial, of a person accused of a crime, under specified conditions designed to assure that person's appearance in court when required. Also can refer to the amount of bond money posted as a financial condition of pretrial release.

Bankruptcy

A legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code).

Bankruptcy Administrator

An officer of the Judiciary serving in the judicial districts of Alabama and North Carolina who, like the United States trustee, is responsible for supervising the administration of bankruptcy cases, estates, and trustees; monitoring plans and disclosure statements; monitoring creditors' committees; monitoring fee applications; and performing other statutory duties.

Bankruptcy Code

The informal name for title 11 of the United States Code (11 U.S.C. §§ 101-1330), the federal bankruptcy law.

Bankruptcy Court

The bankruptcy judges in regular active service in each district; a unit of the district court.

Bankruptcy Estate

All interests of the debtor in property at the time of the bankruptcy filing. The estate technically becomes the temporary legal owner of all of the debtor's property.

Bankruptcy Judge

A judicial officer of the United States district court who is the court official with decision-making power over federal bankruptcy cases.

Bankruptcy Petition

A formal request for the protection of the federal bankruptcy laws. (There is an official form for bankruptcy petitions.)

Bankruptcy Trustee

A private individual or corporation appointed in all Chapter 7 and Chapter 13 cases to represent the interests of the bankruptcy estate and the debtor's creditors.

Bench Trial

A trial without a jury, in which the judge serves as the fact-finder.

Brief

A written statement submitted in a trial or appellate proceeding that explains one side's legal and factual arguments.

Burden of Proof

The duty to prove disputed facts. In civil cases, a plaintiff generally has the burden of proving his or her case. In criminal cases, the government has the burden of proving the defendant's guilt.

Business Bankruptcy

A bankruptcy case in which the debtor is a business or an individual involved in business and the debts are for business purposes.

Capital Offense

A crime punishable by death.

Case File

A complete collection of every document filed in court in a case.

Case Law

The law as established in previous court decisions. A synonym for legal precedent. Akin to common law, which springs from tradition and judicial decisions.

Caseload

The number of cases handled by a judge or a court.

Cause of Action

A legal claim.

Chambers

The offices of a judge and his or her staff.

Chapter 7

The chapter of the Bankruptcy Code providing for "liquidation," that is, the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors. In order to be eligible for Chapter 7, the debtor must satisfy a "means test." The court will evaluate the debtor's income and expenses to determine if the debtor may proceed under Chapter 7.

Chapter 7 Trustee

A person appointed in a Chapter 7 case to represent the interests of the bankruptcy estate and the creditors. The trustee's responsibilities include reviewing the debtor's petition and schedules, liquidating the property of the estate, and making distributions to creditors. The trustee may also bring actions against creditors or the debtor to recover property of the bankruptcy estate.

Chapter 9

The chapter of the Bankruptcy Code providing for reorganization of municipalities (which includes cities and towns, as well as villages, counties, taxing districts, municipal utilities, and school districts).

Chapter 11

A reorganization bankruptcy, usually involving a corporation or partnership. A Chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in Chapter 11.

Chapter 12

The chapter of the Bankruptcy Code providing for adjustment of debts of a "family farmer," as that term is defined in the Bankruptcy Code.

Chapter 13

The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income, often referred to as a "wage-earner" plan. Chapter 13 allows a debtor to keep property and use his or her disposable income to pay debts over time, usually three to five years.

Chapter 13 Trustee

A person appointed to administer a Chapter 13 case. A Chapter 13 trustee's responsibilities are similar to those of a Chapter 7 trustee; however, a Chapter 13 trustee has the additional responsibilities of overseeing the debtor's plan, receiving payments from debtors, and disbursing plan payments to creditors.

Chapter 15

The chapter of the Bankruptcy Code dealing with cases of cross-border insolvency.

Chief Judge

The judge who has primary responsibility for the administration of a court; chief judges are determined by seniority.

Claim

A creditor's assertion of a right to payment from a debtor or the debtor's property.

Class Action

A lawsuit in which one or more members of a large group, or class, of individuals or other entities sue on behalf of the entire class. The district court must find that the claims of the class members contain questions of law or fact in common before the lawsuit can proceed as a class action.

Clerk of Court

The court officer who oversees administrative functions, especially managing the flow of cases through the court. The clerk's office is often called a court's central nervous system.

Collateral

Property that is promised as security for the satisfaction of a debt.

Common Law

The legal system that originated in England and is now in use in the United States that relies on the articulation of legal principles in a historical succession of judicial decisions. Common law principles can be changed by legislation.

Community Service

special condition the court imposes that requires an individual to work-without pay-for a civic or nonprofit organization.

Complaint

A written statement that begins a civil lawsuit, in which the plaintiff details the claims against the defendant.

Concurrent Sentence

Prison terms for two or more offenses to be served at the same time, rather than one after the other. Example: Two five-year sentences and one three-year sentence, if served concurrently, result in a maximum of five years behind bars.

Confirmation

Approval of a plan of reorganization by a bankruptcy judge.

Consecutive Sentence

Prison terms for two or more offenses to be served one after the other. Example: Two five-year sentences and one three-year sentence, if served consecutively, result in a maximum of 13 years behind bars.

Consumer Bankruptcy

A bankruptcy case filed to reduce or eliminate debts that are primarily consumer debts. 

Consumer Debts

Debts incurred for personal, as opposed to business, needs.

Contingent Claim

A claim that may be owed by the debtor under certain circumstances, e.g., where the debtor is a cosigner on another person's loan and that person fails to pay.

Contract

An agreement between two or more persons that creates an obligation to do or not to do a particular thing.

Conviction

A judgment of guilt against a criminal defendant.

Counsel

Legal advice; a term also used to refer to the lawyers in a case.

Court

Government entity authorized to resolve legal disputes. Judges sometimes use "court" to refer to themselves in the third person, as in "the court has read the briefs."

Court Reporter

A person who makes a word-for-word record of what is said in court, generally by using a stenographic machine, shorthand or audio recording, and then produces a transcript of the proceedings upon request.

Count

An allegation in an indictment or information, charging a defendant with a crime. An indictment or information may contain allegations that the defendant committed more than one crime. Each allegation is referred to as a count.

Creditor

A person to whom or business to which the debtor owes money or that claims to be owed money by the debtor.

Credit Counseling

Generally refers to two events in individual bankruptcy cases: (1) the "individual or group briefing" from a nonprofit budget and credit counseling agency that individual debtors must attend prior to filing under any chapter of the Bankruptcy Code; and (2) the "instructional course in personal financial management" in chapters 7 and 13 that an individual debtor must complete before a discharge is entered. There are exceptions to both requirements for certain categories of debtors, exigent circumstances, or if the U.S. trustee or bankruptcy administrator has determined that there are insufficient approved credit counseling agencies available to provide the necessary counseling.

Damages

Money that a defendant pays a plaintiff in a civil case if the plaintiff has won. Damages may be compensatory (for loss or injury) or punitive (to punish and deter future misconduct).

Debtor

A person who has filed a petition for relief under the Bankruptcy Code.

Debtor's Plan

A debtor's detailed description of how the debtor proposes to pay creditors' claims over a fixed period of time.

Declaratory Judgment

A judge's statement about someone's rights. For example, a plaintiff may seek a declaratory judgment that a particular statute, as written, violates some constitutional right.

De Facto

Latin, meaning "in fact" or "actually." Something that exists in fact but not as a matter of law.

Default Judgment

A judgment awarding a plaintiff the relief sought in the complaint because the defendant has failed to appear in court or otherwise respond to the complaint.

Defendant

In a civil case, the person or organization against whom the plaintiff brings suit; in a criminal case, the person accused of the crime.

De Jure

Latin, meaning "in law." Something that exists by operation of law.

De Novo

Latin, meaning "anew." A trial de novo is a completely new trial. Appellate review de novo implies no deference to the trial judge's ruling.

Deposition

An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.

Discharge

A release of a debtor from personal liability for certain dischargeable debts. Notable exceptions to dischargeability are taxes and student loans. A discharge releases a debtor from personal liability for certain debts known as dischargeable debts and prevents the creditors owed those debts from taking any action against the debtor or the debtor's property to collect the debts. The discharge also prohibits creditors from communicating with the debtor regarding the debt, including through telephone calls, letters, and personal contact.

Dischargeable Debt

A debt for which the Bankruptcy Code allows the debtor's personal liability to be eliminated.

Disclosure statement

A written document prepared by the chapter 11 debtor or other plan proponent that is designed to provide "adequate information" to creditors to enable them to evaluate the chapter 11 plan of reorganization.

Discovery

Procedures used to obtain disclosure of evidence before trial.

Dismissal with Prejudice

Court action that prevents an identical lawsuit from being filed later.

Dismissal without Prejudice

Court action that allows the later filing.

Disposable Income

Income not reasonably necessary for the maintenance or support of the debtor or dependents. If the debtor operates a business, disposable income is defined as those amounts over and above what is necessary for the payment of ordinary operating expenses.

Docket

A log containing the complete history of each case in the form of brief chronological entries summarizing the court proceedings.

Due Process

In criminal law, the constitutional guarantee that a defendant will receive a fair and impartial trial. In civil law, the legal rights of someone who confronts an adverse action threatening liberty or property.

En Banc

French, meaning "on the bench." All judges of an appellate court sitting together to hear a case, as opposed to the routine disposition by panels of three judges. In the Ninth Circuit, an en banc panel consists of the chief judge and 14 other, randomly selected, judges.

Equitable

Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See "Damages.” A separate court of "equity" could order someone to do something or to cease to do something. See "Injunction.” In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases.

Equity

The value of a debtor's interest in property that remains after liens and other creditors' interests are considered. (Example: If a house valued at $60,000 is subject to a $30,000 mortgage, there is $30,000 of equity.)

Evidence

Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case in favor of one side or the other.

Exclusionary Rule

Doctrine that says evidence obtained in violation of a criminal defendant's constitutional or statutory rights is not admissible at trial.

Exculpatory Evidence

Evidence indicating that a defendant did not commit the crime.

Executory Contracts

Contracts or leases under which both parties to the agreement have duties remaining to be performed. If a contract or lease is executory, a debtor may assume it (keep the contract) or reject it (terminate the contract).

Exempt Assets

Property that a debtor is allowed to retain, free from the claims of creditors who do not have liens on the property.

Exemptions, Exempt Property

Certain property owned by an individual debtor that the Bankruptcy Code or applicable state law permits the debtor to keep from unsecured creditors. For example, in some states the debtor may be able to exempt all or a portion of the equity in the debtor's primary residence (homestead exemption), or some or all "tools of the trade" used by the debtor to make a living (i.e., auto tools for an auto mechanic or dental tools for a dentist). The availability and amount of property the debtor may exempt depends on the state the debtor lives in.

Ex Parte

A proceeding brought before a court by one party only, without notice to or challenge by the other side.

Face Sheet Filing

A bankruptcy case filed either without schedules or with incomplete schedules listing few creditors and debts. (Face sheet filings are often made for the purpose of delaying an eviction or foreclosure.)

Family Farmer

An individual, individual and spouse, corporation, or partnership engaged in a farming operation that meets certain debt limits and other statutory criteria for filing a petition under Chapter 12.

Federal Public Defender

An attorney employed by the federal courts on a full-time basis to provide legal defense to defendants who are unable to afford counsel. The judiciary administers the federal defender program pursuant to the Criminal Justice Act.

Federal Public Defender Organization

As provided for in the Criminal Justice Act, an organization established within a federal judicial circuit to represent criminal defendants who cannot afford an adequate defense. Each organization is supervised by a federal public defender appointed by the court of appeals for the circuit.

Federal Question Jurisdiction

Jurisdiction given to federal courts in cases involving the interpretation and application of the U.S. Constitution, acts of Congress, and treaties.

Felony

A serious crime, usually punishable by at least one year in prison.

File

To place a paper in the official custody of the clerk of court to enter into the files or records of a case.

Fraudulent Transfer

A transfer of a debtor's property made with intent to defraud or for which the debtor receives less than the transferred property's value.

Fresh Start

The characterization of a debtor's status after bankruptcy, i.e., free of most debts. (Giving debtors a fresh start is one purpose of the Bankruptcy Code.)

Grand Jury

A body of 16-23 citizens who listen to evidence of criminal allegations, which is presented by the prosecutors, and determine whether there is probable cause to believe an individual committed an offense. See also "Indictment” and "U.S. attorney.”

Habeas Corpus

Latin, meaning "you have the body." A writ of habeas corpus generally is a judicial order forcing law enforcement authorities to produce a prisoner they are holding, and to justify the prisoner's continued confinement. Federal judges receive petitions for a writ of habeas corpus from state prison inmates who say their state prosecutions violated federally protected rights in some way.

Hearsay

Evidence presented by a witness who did not see or hear the incident in question but heard about it from someone else. With some exceptions, hearsay generally is not admissible as evidence at trial.

Home Confinement

A special condition the court imposes that requires an individual to remain at home except for certain approved activities such as work and medical appointments. Home confinement may include the use of electronic monitoring equipment-a transmitter attached to the wrist or the ankle-to help ensure that the person stays at home as required.

Impeachment

  1. The process of calling a witness's testimony into doubt. For example, if the attorney can show that the witness may have fabricated portions of his testimony, the witness is said to be "impeached;"
  2. The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government, who are then tried by the Senate.

In Camera

Latin, meaning in a judge's chambers. Often means outside the presence of a jury and the public. In private.

Inculpatory Evidence

Evidence indicating that a defendant did commit the crime.

Indictment

The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.

In Forma Pauperis

"In the manner of a pauper." Permission given by the court to a person to file a case without payment of the required court fees because the person cannot pay them.

Information

A formal accusation by a government attorney that the defendant committed a misdemeanor. See also "Indictment.”

Injunction

A court order preventing one or more named parties from taking some action. A preliminary injunction often is issued to allow fact-finding, so a judge can determine whether a permanent injunction is justified.

Insider (of Corporate Debtor)

A director, officer, or person in control of the debtor; a partnership in which the debtor is a general partner; a general partner of the debtor; or a relative of a general partner, director, officer, or person in control of the debtor.

Insider (of Individual Debtor)

Any relative of the debtor or of a general partner of the debtor; partnership inwhich the debtor is a general partner; general partner of the debtor; or corporation of which the debtor is a director, officer, or person in control.

Interrogatories

A form of discovery consisting of written questions to be answered in writing and under oath.

Issue

1. The disputed point between parties in a lawsuit; 2. To send out officially, as in a court issuing an order.

Joint Administration

A court-approved mechanism under which two or more cases can be administered together. (Assuming no conflicts of interest, these separate businesses or individuals can pool their resources, hire the same professionals, etc.)

Joint Petition

One bankruptcy petition filed by a husband and wife together.

Judge

An official of the judicial branch with authority to decide lawsuits brought before courts. Used generically, the term judge may also refer to all judicial officers, including Supreme Court justices.

Judgeship

The position of judge. By statute, Congress authorizes the number of judgeships for each district and appellate court.

Judgment

The official decision of a court finally resolving the dispute between the parties to the lawsuit.

Judicial Conference of the United States

The policy-making entity for the federal court system. A 27-judge body whose presiding officer is the Chief Justice of the United States.

Jurisdiction

The legal authority of a court to hear and decide a certain type of case. It also is used as a synonym for venue, meaning the geographic area over which the court has territorial jurisdiction to decide cases.

Jurisprudence

The study of law and the structure of the legal system.

Jury

The group of persons selected to hear the evidence in a trial and render a verdict on matters of fact. See also "Grand Jury.”

Jury Instructions

A judge's directions to the jury before it begins deliberations regarding the factual questions it must answer and the legal rules that it must apply.

Lawsuit

A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty which resulted in harm to the plaintiff.

Lien

A charge on specific property that is designed to secure payment of a debt or performance of an obligation. A debtor may still be responsible for a lien after a discharge.

Litigation

A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.

Liquidation

A sale of a debtor's property with the proceeds to be used for the benefit of creditors.

Liquidated Claim

A creditor's claim for a fixed amount of money.

Magistrate Judge

A judicial officer of a district court who conducts initial proceedings in criminal cases, decides criminal misdemeanor cases, conducts many pretrial civil and criminal matters on behalf of district judges, and decides civil cases with the consent of the parties.

Means Test

Section 707(b)(2) of the Bankruptcy Code applies a "means test" to determine whether an individual debtor's chapter 7 filing is presumed to be an abuse of the Bankruptcy Code requiring dismissal or conversion of the case (generally to chapter 13). Abuse is presumed if the debtor's aggregate current monthly income (see definition above) over 5 years, net of certain statutorily allowed expenses is more than (i) $10,000, or (ii) 25% of the debtor's non-priority unsecured debt, as long as that amount is at least $6,000. The debtor may rebut a presumption of abuse only by a showing of special circumstances that justify additional expenses or adjustments of current monthly income.

Mental Health Treatment

Special condition the court imposes to require an individual to undergo evaluation and treatment for a mental disorder. Treatment may include psychiatric, psychological, and sex offense-specific evaluations, inpatient or outpatient counseling, and medication.

Misdemeanor

An offense punishable by one year of imprisonment or less. See also "Felony."

Mistrial

An invalid trial, caused by fundamental error. When a mistrial is declared, the trial must start again with the selection of a new jury.

Moot

Not subject to a court ruling because the controversy has not actually arisen, or has ended.

Motion

A request by a litigant to a judge for a decision on an issue relating to the case.

Motion to Lift the Automatic Stay

A request by a creditor to allow the creditor to take action against the debtor or the debtor's property that would otherwise be prohibited by the automatic stay.

Motion in Limine

A pretrial motion requesting the court to prohibit the other side from presenting, or even referring to, evidence on matters said to be so highly prejudicial that no steps taken by the judge can prevent the jury from being unduly influenced.

No-Asset Case

A Chapter 7 case in which there are no assets available to satisfy any portion of the creditors' unsecured claims.

Nolo Contendere

No contest. A plea of nolo contendere has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.

Nondischargeable Debt

A debt that cannot be eliminated in bankruptcy. Examples include a home mortgage, debts for alimony or child support, certain taxes, debts for most government funded or guaranteed educational loans or benefit overpayments, debts arising from death or personal injury caused by driving while intoxicated or under the influence of drugs, and debts for restitution or a criminal fine included in a sentence on the debtor's conviction of a crime. Some debts, such as debts for money or property obtained by false pretenses and debts for fraud or defalcation while acting in a fiduciary capacity may be declared nondischargeable only if a creditor timely files and prevails in a nondischargeability action.

Nonexempt assets

Property of a debtor that can be liquidated to satisfy claims of creditors.

Objection to Dischargeability

A trustee's or creditor's objection to the debtor being released from personal liability for certain dischargeable debts. Common reasons include allegations that the debt to be discharged was incurred by false pretenses or that debt arose because of the debtor's fraud while acting as a fiduciary.

Objection to Exemptions

A trustee's or creditor's objection to the debtor's attempt to claim certain property as exempt from liquidation by the trustee to creditors.

Opinion

A judge's written explanation of the decision of the court. Because a case may be heard by three or more judges in the court of appeals, the opinion in appellate decisions can take several forms. If all the judges completely agree on the result, one judge will write the opinion for all. If all the judges do not agree, the formal decision will be based upon the view of the majority, and one member of the majority will write the opinion. The judges who did not agree with the majority may write separately in dissenting or concurring opinions to present their views. A dissenting opinion disagrees with the majority opinion because of the reasoning and/or the principles of law the majority used to decide the case. A concurring opinion agrees with the decision of the majority opinion, but offers further comment or clarification or even an entirely different reason for reaching the same result. Only the majority opinion can serve as binding precedent in future cases. See also "Precedent."

Oral argument

An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.

Panel

  1. In appellate cases, a group of judges (usually three) assigned to decide the case;
  2. In the jury selection process, the group of potential jurors;
  3. The list of attorneys who are both available and qualified to serve as court-appointed counsel for criminal defendants who cannot afford their own counsel.

Parole

The release of a prison inmate-granted by the U.S. Parole Commission-after the inmate has completed part of his or her sentence in a federal prison. When the parolee is released to the community, he or she is placed under the supervision of a U.S. probation officer.

The Sentencing Reform Act of 1984 abolished parole in favor of a determinate sentencing system in which the sentence is set by sentencing guidelines. Now, without the option of parole, the term of imprisonment the court imposes is the actual time the person spends in prison.

Party in Interest

A party who has standing to be heard by the court in a matter to be decided in the bankruptcy case. The debtor, the U.S. trustee or bankruptcy administrator, the case trustee and creditors are parties in interest for most matters.

Petition Preparer

A business not authorized to practice law that prepares bankruptcy petitions.

Per Curiam

Latin, meaning "for the court." In appellate courts, often refers to an unsigned opinion.

Peremptory Challenge

A district court may grant each side in a civil or criminal trial the right to exclude a certain number of prospective jurors without cause or giving a reason.

Petit Jury (or Trial Jury)

A group of citizens who hear the evidence presented by both sides at trial and determine the facts in dispute. Federal criminal juries consist of 12 persons. Federal civil juries consist of at least six persons.

Petition

The document that initiates the filing of a bankruptcy proceeding, setting forth basic information regarding the debtor, including name, address, chapter under which the case is filed, and estimated amount of assets and liabilities.

Petty Offense

A federal misdemeanor punishable by six months or less in prison.

Plaintiff

A person or business that files a formal complaint with the court.

Plan

A debtor's detailed description of how the debtor proposes to pay creditors' claims over a fixed period of time.

Plea

In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges. See also "Nolo contendere."

Pleadings

Written statements filed with the court which describe a party's legal or factual assertions about the case.

Postpetition Transfer

A transfer of the debtor's property made after the commencement of the case.

Prebankruptcy Planning

The arrangement (or rearrangement) of a debtor's property to allow the debtor to take maximum advantage of exemptions. (Prebankruptcy planning typically includes converting nonexempt assets into exempt assets.)

Precedent

A court decision in an earlier case with facts and legal issues similar to a dispute currently before a court. Judges will generally "follow precedent" — meaning that they use the principles established in earlier cases to decide new cases that have similar facts and raise similar legal issues. A judge will disregard precedent if a party can show that the earlier case was wrongly decided, or that it differed in some significant way from the current case.

Preferential Debt Payment

A debt payment made to a creditor in the 90-day period before a debtor files bankruptcy (or within one year if the creditor was an insider) that gives the creditor more than the creditor would receive in the debtor's chapter 7 case.

Presentence Report

A report prepared by a court's probation officer, after a person has been convicted of an offense, summarizing for the court the background information needed to determine the appropriate sentence.

Pretrial Conference

A meeting of the judge and lawyers to plan the trial, to discuss which matters should be presented to the jury, to review proposed evidence and witnesses, and to set a trial schedule. Typically, the judge and the parties also discuss the possibility of settlement of the case.

Pretrial Services

A function of the federal courts that takes place at the very start of the criminal justice process-after a person has been arrested and charged with a federal crime and before he or she goes to trial. Pretrial services officers focus on investigating the backgrounds of these persons to help the court determine whether to release or detain them while they await trial. The decision is based on whether these individuals are likely to flee or pose a threat to the community. If the court orders release, a pretrial services officer supervises the person in the community until he or she returns to court.

Priority

The Bankruptcy Code's statutory ranking of unsecured claims that determines the order in which unsecured claims will be paid if there is not enough money to pay all unsecured claims in full.

Priority Claim

An unsecured claim that is entitled to be paid ahead of other unsecured claims that are not entitled to priority status. Priority refers to the order in which these unsecured claims are to be paid.

Probation

Sentencing option in the federal courts. With probation, instead of sending an individual to prison, the court releases the person to the community and orders him or her to complete a period of supervision monitored by a U.S. probation officer and to abide by certain conditions.

Probation Officer

Officers of the probation office of a court. Probation officer duties include conducting presentence investigations, preparing presentence reports on convicted defendants, and supervising released defendants.

Procedure

The rules for conducting a lawsuit; there are rules of civil procedure, criminal procedure, evidence, bankruptcy, and appellate procedure.

Proof of Claim

A written statement describing the reason a debtor owes a creditor money, which typically sets forth the amount of money owed. (There is an official form for this purpose.)

Pro Per

A slang expression sometimes used to refer to a pro se litigant. It is a corruption of the Latin phrase "in propria persona."

Property of the Estate

All legal or equitable interests of the debtor in property as of the commencement of the case.

Pro Se

Representing oneself. Serving as one's own lawyer.

Prosecute

To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.

Pro Tem

Temporary.

Reaffirmation Agreement

An agreement by a debtor to continue paying a dischargeable debt after the bankruptcy, usually for the purpose of keeping collateral or mortgaged property that would otherwise be subject to repossession.

Record

A written account of the proceedings in a case, including all pleadings, evidence, and exhibits submitted in the course of the case.

Redemption

A procedure in a Chapter 7 case whereby a debtor removes a secured creditor's lien on collateral by paying the creditor the value of the property. The debtor may then retain the property.

Remand

Send back.

Reverse

The act of a court setting aside the decision of a lower court. A reversal is often accompanied by a remand to the lower court for further proceedings.

Sanction

A penalty or other type of enforcement used to bring about compliance with the law or with rules and regulations.

Schedules

Lists submitted by the debtor along with the petition (or shortly thereafter) showing the debtor's assets, liabilities, and other financial information. (There are official forms a debtor must use.)

Secured Creditor

A secured creditor is an individual or business that holds a claim against the debtor that is secured by a lien on property of the estate. The property subject to the lien is the secured creditor's collateral.

Secured Debt

Debt backed by a mortgage, pledge of collateral, or other lien; debt for which the creditor has the right to pursue specific pledged property upon default. Examples include home mortgages, auto loans and tax liens.

Senior Judge

A federal judge who, after attaining the requisite age and length of judicial experience, takes senior status, thus creating a vacancy among a court's active judges. A senior judge retains the judicial office and may cut back his or her workload by as much as 75 percent, but many opt to keep a larger caseload.

Sentence

The punishment ordered by a court for a defendant convicted of a crime.

Sentencing Guidelines

A set of rules and principles established by the United States Sentencing Commission that trial judges use to determine the sentence for a convicted defendant.

Service of Process

The delivery of writs or summonses to the appropriate party.

Settlement

Parties to a lawsuit resolve their dispute without having a trial. Settlements often involve the payment of compensation by one party in at least partial satisfaction of the other party's claims, but usually do not include the admission of fault.

Sequester

To separate. Sometimes juries are sequestered from outside influences during their deliberations.

Small Business Case

A special type of chapter 11 case in which there is no creditors' committee (or the creditors' committee is deemed inactive by the court) and in which the debtor is subject to more oversight by the U.S. trustee than other chapter 11 debtors. The Bankruptcy Code contains certain provisions designed to reduce the time a small business debtor is in bankruptcy.

Statement of Financial Affairs

A series of questions the debtor must answer in writing concerning sources of income, transfers of property, lawsuits by creditors, etc. (There is an official form a debtor must use.)

Statement of Intention

A declaration made by a chapter 7 debtor concerning plans for dealing with consumer debts that are secured by property of the estate.

Standard of Proof

Degree of proof required. In criminal cases, prosecutors must prove a defendant's guilt "beyond a reasonable doubt." The majority of civil lawsuits require proof "by a preponderance of the evidence" (50 percent plus), but in some the standard is higher and requires "clear and convincing" proof.

Statute

A law passed by a legislature.

Statute of Limitations

The time within which a lawsuit must be filed or a criminal prosecution begun. The deadline can vary, depending on the type of civil case or the crime charged.

Sua Sponte

Latin, meaning "of its own will." Often refers to a court taking an action in a case without being asked to do so by either side.

Subordination

The act or process by which a person's rights or claims are ranked below those of others.

Subpoena

A command, issued under a court's authority, to a witness to appear and give testimony.

Subpoena Duces Tecum

A command to a witness to appear and produce documents.

Substance Abuse Treatment

A special condition the court imposes that requires an individual to undergo testing and treatment for abuse of illegal drugs, prescription drugs, or alcohol. Treatment may include inpatient or outpatient counseling and detoxification.

Substantial Abuse

The characterization of a bankruptcy case filed by an individual whose debts are primarily consumer debts where the court finds that the granting of relief would be an abuse of chapter 7 because, for example, the debtor can pay its debts.

Substantive Consolidation

Putting the assets and liabilities of two or more related debtors into a single pool to pay creditors. (Courts are reluctant to allow substantive consolidation since the action must not only justify the benefit that one set of creditors receives, but also the harm that other creditors suffer as a result.)

Summary Judgment

A decision made on the basis of statements and evidence presented for the record without a trial. It is used when it is not necessary to resolve any factual disputes in the case. Summary judgment is granted when — on the undisputed facts in the record — one party is entitled to judgment as a matter of law.

Supervised Release

Term of supervision served after a person is released from prison. The court imposes supervised release during sentencing in addition to the sentence of imprisonment. Unlike parole, supervised release does not replace a portion of the sentence of imprisonment but is in addition to the time spent in prison. U.S. probation officers supervise persons on supervised release.

Temporary Restraining Order

Akin to a preliminary injunction, it is a judge's short-term order forbidding certain actions until a full hearing can be conducted. Often referred to as a TRO.

Testimony

Evidence presented orally by witnesses during trials or before grand juries.

Tort

A civil, not criminal, wrong. A negligent or intentional injury against a person or property, with the exception of breach of contract.

Transfer

Any mode or means by which a debtor disposes of or parts with his/her property.

Transcript

A written, word-for-word record of what was said, either in a proceeding such as a trial, or during some other formal conversation, such as a hearing or oral deposition.

Trustee

The representative of the bankruptcy estate who exercises statutory powers, principally for the benefit of the unsecured creditors, under the general supervision of the court and the direct supervision of the U.S. trustee or bankruptcy administrator. The trustee is a private individual or corporation appointed in all chapter 7, chapter 12, and chapter 13 cases and some chapter 11 cases. The trustee's responsibilities include reviewing the debtor's petition and schedules and bringing actions against creditors or the debtor to recover property of the bankruptcy estate. In chapter 7, the trustee liquidates property of the estate, and makes distributions to creditors. Trustees in chapter 12 and 13 have similar duties to a chapter 7 trustee and the additional responsibilities of overseeing the debtor's plan, receiving payments from debtors, and disbursing plan payments to creditors.

U.S. Attorney

A lawyer appointed by the President in each judicial district to prosecute and defend cases for the federal government. The U.S. Attorney employs a staff of Assistant U.S. Attorneys who appear as the government's attorneys in individual cases.

U.S. Trustee

An officer of the U.S. Department of Justice responsible for supervising the administration of bankruptcy cases, estates, and trustees; monitoring plans and disclosure statements; monitoring creditors' committees; monitoring fee applications; and performing other statutory duties.

Undersecured Claim

A debt secured by property that is worth less than the amount of the debt.

Undue Hardship

The most widely used test for evaluating undue hardship in the dischargeability of a student loan includes three conditions: (1) the debtor cannot maintain--based on current income and expenses--a minimal standard of living if forced to repay the loans; (2) there are indications that the state of affairs is likely to persist for a significant portion of the repayment period; and (3) the debtor made good faith efforts to repay the loans.

Unlawful Detainer Action

A lawsuit brought by a landlord against a tenant to evict the tenant from rental property—usually for nonpayment of rent.

Unliquidated Claim

A claim for which a specific value has not been determined.

Unscheduled Debt

A debt that should have been listed by the debtor in the schedules filed with the court but was not. (Depending on the circumstances, an unscheduled debt may or may not be discharged.)

Unsecured Claim

A claim or debt for which a creditor holds no special assurance of payment, such as a mortgage or lien; a debt for which credit was extended based solely upon the creditor's assessment of the debtor's future ability to pay.

Uphold

The appellate court agrees with the lower court decision and allows it to stand. See "Affirmed.”

Venue

The geographic area in which a court has jurisdiction. A change of venue is a change or transfer of a case from one judicial district to another.

Verdict

The decision of a trial jury or a judge that determines the guilt or innocence of a criminal defendant, or that determines the final outcome of a civil case.

Voir Dire

Jury selection process of questioning prospective jurors, to ascertain their qualifications and determine any basis for challenge.

Voluntary Transfer

A transfer of a debtor's property with the debtor's consent.

Wage Garnishment

A non-bankruptcy legal proceeding whereby a plaintiff or creditor seeks to subject to his or her claim the future wages of a debtor. In other words, the creditor seeks to have part of the debtor's future wages paid to the creditor for a debt owed to the creditor.

Warrant

Court authorization, most often for law enforcement officers, to conduct a search or make an arrest.

Witness

A person called upon by either side in a lawsuit to give testimony before the court or jury.

Writ

A written court order directing a person to take, or refrain from taking, a certain act.

Writ of Certiorari

An order issued by the U.S. Supreme Court directing the lower court to transmit records for a case which it will hear on appeal.