United States Trustee - The United States Trustees are under the Department of Justice and are responsible for fulfilling certain duties in bankruptcy cases. In Chapter 7 cases, the US Trustee's office will review the case to verify that the Debtor is entitled to be in a Chapter 7 bankruptcy, rather than in Chapter 13 [...]
Undersecured claim - a debt where the amount owed is more than the value of the collateral.
Trustee - the bankruptcy process involves different types of “trustees.” The role of the trustees varies depending on what chapter bankruptcy is filed. United States Trustee - the United States Trustee is on every case. His job is to oversee the cases. In Chapter 7 bankruptcy, they are responsible for challenging a case where [...]
Transfer - this can be the transfer of property or the creation of a lien. Special rules apply to transfers. You should not transfer property before filing bankruptcy without checking with your bankruptcy attorney. Example: Deeding real estate or taking a mortgage out on real estate.
What does it mean to surrender property in bankruptcy?
Statement of intention - this is a form filed in a Chapter 7 bankruptcy where the Debtor declares how he intends to handle secured debt or an executory contract. For example, the debtor may reaffirm, retain and pay, redeem or surrender in a chapter 7 bankruptcy.
Statement of financial affairs - this is a bankruptcy form that a Debtor is required to answer. The questions asked pertain to Debtor's assets and income among other things.
Secured Debt - this is debt where the creditor has a lien. The type of lien varies depending on the type of property securing the debt.
Schedules - these are documents filed as part of the bankruptcy process where the Debtor lists all assets and all debts.
Relief from Stay - when a Creditor is permitted by the Court to take action to collect debt or regain collateral. The stay may also be lifted to permit other litigation to proceed, such as a divorce proceeding. Many times, relief from the stay is conditional depending on the performance of the debtor.