Foreclosures
A procedure by which the holder of a mortgage (an interest in land providing security for the performance of a duty or the payment of a debt) sells the property upon the failure of the debtor to pay the mortgage debt and, thereby, terminates his or her rights in the property.
Repossessions
The taking back of an item that has been sold on credit and delivered to the purchaser because the payments have not been made on it.
For example, if an individual fails to make scheduled payments on a new car, the car might be subject to repossession by the finance company, which has extended the credit.
Claim and Deliveries
this is usually used to obtain possession of property that is security for a debt in default or to recover property whose ownership is in dispute.
Bankruptcies
A bankruptcy is a federally authorized procedure by which a debtor(an individual, corporation, or municipality) is relieved of total liability for its debts by making court-approved arrangements for their partial repayment.
The goal of modern bankruptcy is to allow the debtor to have a "fresh start," and the creditor to be repaid. Through bankruptcy, debtors liquidate their assets or restructure their finances to fund their debts. Bankruptcy law provides that individual debtors may keep certain exempt assets, such as a home, a car, and common household goods, thus maintaining a basic standard of living while working to repay creditors. Debtors are then better able to emerge productive members of society, albeit with significantly flawed credit records.
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