There are currently 61 names in this directory
a meeting of creditors at which the debtor is questioned under oath by creditors, a trustee, examiner, or the United States trustee about his/her financial affairs.
This is an injunction that occurs at the time that a bankruptcy petition is filed. It stops lawsuits, foreclosures, garnishments, letters, telephone calls or any other type of collection activity from going forward.
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.
Part of the Federal court system, it is the court that hears bankruptcy cases and matters related to bankruptcy.
All of the property of a debtor, or that the debtor has an interest in at the time of the bankruptcy filing.
a private individual or corporation appointed in all chapter 7, chapter 12, and chapter 13 cases to represent the interests of the bankruptcy estate and the debtor's creditors.
a bankruptcy case in which the debtor is a business or an individual involved in business and the debts are for business purposes.
the chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and 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.)
the chapter of the Bankruptcy Code providing for "liquidation," i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.
Chapter 7 trustee
a person appointed in a chapter 7 case to represent the interests of the bankruptcy estate and the unsecured 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.)
1) a creditor's assertion of a right to payment from a debtor or the debtor's property; 2) the first or initiatory document in a lawsuit that notifies the court and the defendant of the grounds claimed by the plaintiff for an award of money or other relief against the defendant.
a bankruptcy case filed to reduce or eliminate debts that are primarily consumer debts.
a claim that may be owed by the debtor under certain circumstances, for example, where the debtor is a cosigner on another person's loan and that person fails to pay.
refers to two events in a bankruptcy case: -Credit Counseling required before filing for bankruptcy -A Personal Financial Management that is required before a debtor can obtain a discharge in bankruptcy.
a person to whom or business to which the debtor owes money or that claims to be owed money by the debtor.
Current Monthly Income
A calculation that in fact does not use current monthly income to determine whether or not a debtor must be in a Chapter 13 bankruptcy. The calculation uses the average monthly income received by a debtor over the six calendar months before commencement of the bankruptcy.
1) a release of a debtor from personal liability for certain dischargeable debts. (A discharge releases a debtor from personal liability for certain 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 telephone calls, letters, and personal contact.); 2) a debt for which the Bankruptcy Code allows the debtor's personal liability to be eliminated.
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.)
Executory contract or lease
generally includes 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 or reject it.)
property of a debtor that is not available to be used (sold) to pay his unsecured creditors.
property that the Bankruptcy Code or applicable state law permits a debtor to keep from creditors.
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.
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.)
Insider (of individual debtor)
any relative of the debtor or of a general partner of the debtor; partnership in which 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.
A procedure used to determine whether a person must be in a Chapter 13 bankruptcy. If a person “has the means” to pay some of his debt to unsecured creditors but tries to file a Chapter 7 bankruptcy, then their is a presumption under the bankruptcy law that the debtor is attempting to “abuse” the bankruptcy system. If the “over means” debtor wants to still file a Chapter 7 bankruptcy, he must show that there is a justifiable reason (known as “special circumstances”) why the debtor should be permitted to file under Chapter 7.
Motion To Lift The Automatic Stay
a request by a creditor to allow the creditor to take an action against a debtor or the debtor's property that would otherwise be prohibited by the automatic stay.
a chapter 7 case where there are no assets available to satisfy any portion of the creditors' unsecured claims.
Objection to discharge
a trustee's or creditor's objection to the debtor's being released from personal liability for certain dischargeable debts.
a debtor's detailed description of how the debtor proposes to pay creditors' claims over a fixed period of time.
Preferential debt payment
1) 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; 2) 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.)
Proof Of Claim
a written statement describing the reason a debtor owes a creditor money. (There is an official form for this purpose.)
Property Of The Estate
all legal or equitable interests of the debtor in property as of the commencement of the case.
an agreement by a chapter 7 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.
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.)
an individual or business holding a claim against the debtor that is secured by a lien on property of the estate or that is subject to a right of setoff.
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.
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. (Official Form #7) A declaration made by a chapter 7 debtor concerning plans for dealing with consumer debts that are secured by property of the estate.
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 his or her debts.
The person appointed to represent the bankruptcy estate. In a Chapter 7 case, it is his job is to determine if there are any assets of the debtor that may be used to pay creditors. In a Chapter 13 case, the trustee oversees the debtor’s plan, receives payments for the benefit of creditors, and disburses those payments to the creditors.
an officer of the Justice Department 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.
1) a debt that should have been listed by a debtor in the schedules filed with the court but was not (Depending on the circumstances, an unscheduled debt may or may not be discharged.); 2) a claim or debt for which a creditor holds no special assurance of payment, such as a mortgage or lien; 3) a debt for which credit was extended based solely upon the creditor's assessment of the debtor's future ability to pay.