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Motion to Lift Automatic Stay - action by Creditor to remove the protection of the bankruptcy court so that it can foreclose or in some way take back its security and/or proceed against a co-debtor.

Meeting of Creditors - hearing where creditors and trustees have the opportunity to appear and question the Debtor regarding income, assets, or other matters.

Means test - a formula that aids in the initial determination of whether an individual is eligible for Chapter 7 bankruptcy.

Liquidation - sale of property. In Chapter 7 bankruptcy, the Chapter 7 trustee will sell property that you cannot protect through exemptions. He will divide the money up among your creditors. Chapter 7 bankruptcy is also called a liquidation bankruptcy.

Lien - a legal term describing when a creditor's interest in property that is secured.

Joint Petition - a term used to describe a bankruptcy filed by a couple, husband and wife.

Involuntary transfer - where a Debtor transfers a property interest, but the transfer is not of his own free will so to speak. Examples: wage garnishment or bank levy.

Insider (of individual) - defined by law as a person or business that debtor has a special relationship with, such as a business associate, or family member.

Fresh start - the goal of bankruptcy is to permit an honest, but unfortunate Debtor to begin again without overwhelming debt.

Exemption - specific protection of certain types of property from liquidation or sale in a bankruptcy case. There are state exemptions and federal exemptions. How these apply is complex and varies depending on the facts of the case. For more information about exemptions in Texas, read Holding On to Your Property in Bankruptcy. [...]