Glossary

Pre-petition claims - where a debt is incurred or owed before the bankruptcy is filed.

Post-petition - after the bankruptcy is filed.

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 - person or entity bringing a lawsuit.

Personal Property - any property that is not “real property.” Real property is typically land or mineral rights.

Perfection of lien - particular action which may be required for a creditor to be able to enforce a security interest.

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 - means by which the Bankruptcy Judge directs the actions of the parties and/or awards relief, including an award of damages.

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?

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 [...]