Credit Card Glossary

Puzzled by credit card jargon? Browse the glossary for the definitions of common and confusing credit card terms.

Chapter 7 bankruptcy

A bankruptcy process that usually involves the liquidation of all unprotected assets in return for a debtor's release from obligation to repay debt. Some assets, such as personal property and household goods, are usually exempt from bankruptcy liquidation. The bankrupt person's house or vehicle may also be exempt, depending on the laws of the state in which he or she declares bankruptcy.