Bankruptcy, Debt and Consumer Law Glossary Terms

The annual payment of an allowance or income. Commercial annuities are usually issued by an insurance company or investment company in exchange for an initial monetary deposit. They can also be issued by a charity, in exchange for a donation. The purchase of an annuity can be part of an estate plan or could be part of the monetary settlement from an injury or malpractice claim.

The process by which federal bankruptcy courts help consumers and businesses in financial trouble to eliminate some debts or repay them under the protection of bankruptcy courts.

A trial held before a judge only. The judge will listen to the facts of the case and make a determination of guilt or innocence as well as setting appropriate penalties. For most states, in a criminal trial, a bench trial may happen if the defendant has waived his or her rights to a jury trial. In a civil trial, both parties in the dispute must agree to waive their rights to a jury.

(BBB) is an organization that helps to settle disputes between consumers and businesses; provides “business reliability reports”; reviews charities; and provides consumer and business education.

(FDCPA), is a law within the Consumer Credit Protection Act, related to protecting consumers from debt collection abuse or mistaken debt information. The act provides rules that collection agents must follow when attempting to collect a debt and gives consumers rights related to the collection of debts.

(FTC) is an agency of the United States government whose mission is to promote the protection of consumers against deceptive or unfair business practices and to stop or prevent anti-competitive business practices.

A document which gives someone the power to act on a person’s behalf with respect to certain situiations and transactions. Power of Attorney may be granted for medical, financial, or transactional purposes.

A court order which protects the petitioning party or their minor children if they are in danger of physical abuse and need immediate protection. Orders can be obtained against a family or household member, which includes a spouse or former spouse, person who lives or lived with the petitioner as a spouse; brother or sister; parent or child; family member related by blood or marriage; current or former sexual or intimate partner; and someone with whom the petitioner has a child in common. The order typically instructs the defendant not to abuse, harass, or stalk the plaintiff, their relatives or minor children. It will also order the defendant to be removed from the home where both parties live and grant the plaintiff possession of the home. The order may also address temporary custody arrangements for minor children as well.