Contract - An agreement between two or more people that creates an obligation to do or not to do a particular thing.⏎
Consumer debts - Debts incurred for personal, as opposed to business, needs.⏎
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.)⏎
Exclusionary rule - Doctrine that says evidence obtained in violation of a criminal defendant's constitutional or statutory rights is not admissible at trial.⏎
Claim - A creditor's assertion of a right to payment from a debtor or the debtor's property.⏎