Plan Definition

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.

2021-01-13T19:42:10+00:00February 1st, 2014|Glossary|

Oversecured Definition

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.”

2021-01-13T19:46:58+00:00February 1st, 2014|Glossary|

Objection to Dischargeability Definition

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 [...]

2021-03-02T22:43:14+00:00February 1st, 2014|Glossary|
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