Bankruptcy Code - The main laws that cover the bankruptcy process are listed in Title 11 of the United States Code. Other titles in the United States Code apply in certain cases. There are also bankruptcy rules which govern procedures. The Legal Information Institute offers a list of links to bankruptcy law resources here. State laws [...]
Avoidance powers - the right to avoid transactions, such as liens, or preferences, may be given to the Debtor, the Trustee, or both, depending on the particular fact situation.
Avoidance means to set aside or undo. Example: you have a judgment that has attached to your homestead. The lien must be avoided. In bankruptcy, this requires a motion and court order.
Automatic StayIn most circumstances, a Court Order that goes into effect when the bankruptcy is filed and prohibits most creditors from taking action to attempt to collect a debt from you or your property. If you file multiple bankruptcies, action to obtain the automatic stay may be required.Power of the automatic stayThe automatic stay is [...]
Assumption of lease or contract - Debtor may have the option of rejecting or assuming a lease or contract in both Chapter 13 and Chapter 7 bankruptcy. If the Debtor is permitted to assume a lease or contract, this means he continues to pay and receive the benefits just as he did before he filed [...]
Asset - This is something of value that you own or have an interest in. Assets can be real property or personal property. Real property is land or gas, oil, and mineral interests. Personal property is everything else.
Arrearage - The amount that is past due on a loan.
Adversary proceeding - a lawsuit in a debtor's case either brought by the Debtor or another party, such as a creditor or the Trustee. Certain relief requires the Debtor to file a separate lawsuit against a creditor or other party. This lawsuit is called an adversary proceeding. This case has a Plaintiff (whoever brings [...]
Adequate protection payments - This is a payment made to cover the loss of value of an asset in a Chapter 13 plan. For example, if you are in a Chapter 13 and are paying your car payment through the plan, a certain amount would be paid as a minimum amount until the plan is [...]
Bankruptcy - the process by which a person or business either reorganizes debt or else liquidates all non-exempt assets, if any, to pay debt and then discharges all debt not paid. Certain debts are not dischargeable in bankruptcy.