Relief From Stay Definition

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.

2021-03-02T22:40:45+00:00February 1st, 2014|Glossary|

Redemption Definition

Redemption - this is the procedure in a Chapter 7 bankruptcy where the Debtor pays the replacement value of property to the creditor (not the amount due on the account). A redemption is required to be made in a lump sum payment, and not under installments. The debtor must bring a motion and obtain a [...]

2021-01-13T19:30:18+00:00February 1st, 2014|Glossary|

Reaffirmation Agreement Definition

Reaffirmation agreement - this is an agreement entered into between the Debtor and creditor in a Chapter 7 bankruptcy where the Debtor agrees to continue to be legally liable for the debt even after the bankruptcy discharge. Reaffirmations are required where a Debtor wants to keep a secured item, such as a car.

2021-06-08T20:29:21+00:00February 1st, 2014|Glossary|

Property of the Estate Definition

Property of the Estate - when a bankruptcy is filed, an estate is created. Property that is not exempt is property of the estate. In specific circumstances, property acquired after the Petition is filed may be the property of the estate (unless it can be exempted in some way.) There are rules in every [...]

2021-01-13T19:35:21+00:00February 1st, 2014|Glossary|

Projected Disposable Income Definition

Projected disposable income - term used that essentially means how much money is available to pay general, unsecured creditors. Considerations include how much a Debtor will earn in the future less reasonable and necessary expenses.

2021-03-02T22:41:15+00:00February 1st, 2014|Glossary|

Priority Debt Definition

Priority Debt - a specific category of certain types of debt. Priority debt is paid before other types of debt, such as unsecured debt. Domestic support obligations and certain tax debt may be priority debt.

2021-01-13T19:37:27+00:00February 1st, 2014|Glossary|
Go to Top