Chapter 7 Bankruptcy Definition
Chapter 7 Bankruptcy - Chapter 7 bankruptcy is a liquidation bankruptcy. All of the debtor's nonexempt assets are sold to pay creditors.
Chapter 13 Trustee Definition
Chapter 13 Trustee - The Chapter 13 Trustee is responsible for receiving funds paid by the Debtor under the Chapter 13 plan of reorganization. The trustee also investigates the Debtor’s finances; objects to claims that do not comply with the law; objects to plans and modifications of plans proposed by the Debtor to the Court [...]
Chapter 13 Plan Definition
Chapter 13 Plan - The Chapter 13 Plan is submitted to the Bankruptcy Judge for approval and sets out the Debtor’s proposal for repaying his debts. The Plan must comply with the Bankruptcy Code provisions.
Chapter 13 Bankruptcy Definition
Chapter 13 Bankruptcy - Chapter 13 is a debt reorganization available for individuals. This is where the debtor proposes a plan of repayment of debt according to the laws and rules that govern Chapter 13's. There is a “debt limit” in a Chapter 13 which is currently over 1 million for secured debt and $336,900 [...]
Chapter 12 Bankruptcy Definition
Chapter 12 Bankruptcy - Chapter 12 is the bankruptcy provision for farmers and fisherman. There are special rules that apply to those types of individuals filing under this Chapter. It is similar to a Chapter 13 bankruptcy.
Chapter 11 Bankruptcy Definition
Chapter 11 Bankruptcy - A reorganization proceeding where the debtor may continue in business or in possession of property but is a fiduciary. Chapter 11 may result in a confirmed plan where creditors are paid some or all of their debt.
Bankruptcy Petition Definition
Bankruptcy Petition - this is the bankruptcy form that begins the bankruptcy case. The filing of the bankruptcy petition usually places a stay order in effect which stops most collection activity, with a few exceptions, such as offset.
Bankruptcy Mill Definition
Bankruptcy Mill - this term can be used to describe a law firm that files a very high volume of cases with little attention to the individual case. If you decide to file bankruptcy, find out as much as you can about the law firm. Carefully check reviews on Google, Bing, Facebook, and the [...]
Bankruptcy Judge Definition
Bankruptcy Judge - Bankruptcy Courts are federal courts with various districts. Within each district, there are divisions that cover counties. A Bankruptcy Judge or Judges are appointed for each district and serve a fourteen-year term. The Judge is the Court officer with decision-making power in bankruptcy cases.
Bankruptcy Estate Definition
Bankruptcy Estate - generally, all of the Debtor’s property or interests or right to property or interests on the date of filing. In Chapter 7 bankruptcy, certain property interests, such as an inheritance, lottery winnings, etc., may be part of the estate if acquired within 180 days of the bankruptcy filing. In a Chapter 13 [...]