Objection to dischargeability - action filed by creditor or trustee to contest whether a Debtor can discharge a particular debt. If the creditor or trustee wins the action, the debt they are objecting to will still be owed after bankruptcy. These are usually filed against you in bankruptcy if the creditor claims you have committed [...]
Nonconsumer Debt - debt that is not primarily for personal, family, or household expenses, such as business and tax debt.
No-asset case - describes a case where all of the Debtor’s property is protected or exempt from sale, and there is no property to be liquidated.
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.