Pre-Petition Definition
Pre-petition - before the bankruptcy is filed.
Pre-Petition Claims Definition
Pre-petition claims - where a debt is incurred or owed before the bankruptcy is filed.
Post-Petition Definition
Post-petition - after the bankruptcy is filed.
Plan Definition
Plan - Debtor’s written proposal of how he will pay debt. The Bankruptcy Code sets minimum standards and tests that the Debtor must comply with in order for the Plan to be approved by the Court.
Plaintiff Definition
Plaintiff - person or entity bringing a lawsuit.
Personal Property Definition
Personal Property - any property that is not “real property.” Real property is typically land or mineral rights.
Perfection of Lien Definition
Perfection of lien - particular action which may be required for a creditor to be able to enforce a security interest.
Oversecured Definition
Oversecured - where a debt is secured by property that is worth more than the debt. For example, if you owe $5,000 on a $10,000 car, your car is “oversecured.”
Order Definition
Order - means by which the Bankruptcy Judge directs the actions of the parties and/or awards relief, including an award of damages.
Objection to Exemptions Definition
Objection to exemptions - action filed by creditor or trustee contesting a Debtor’s treatment of property as protected by exemptions. Related reading What Property Can you Keep in Bankruptcy?