Receivership Definition

Receivership - If you are sued and end up with a judgment against you, a debt collector may try to collect through a receivership. This is where the debt collector asks the state court judge to appoint a receiver to assist in collecting the money owed on the judgment. Under Texas law, the receiver may [...]

2021-03-04T00:25:43+00:00January 19th, 2021|Glossary|

United States Trustee Definition

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 [...]

2021-01-13T19:10:48+00:00February 1st, 2014|Glossary|

Trustee Definition

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 [...]

2021-01-13T19:16:51+00:00February 1st, 2014|Glossary|

Transfer Definition

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.    

2021-01-13T19:18:40+00:00February 1st, 2014|Glossary|

Statement of Intention Definition

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.

2021-03-02T22:39:49+00:00February 1st, 2014|Glossary|
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