Glossary

Denial of discharge - when a debtor seeking to obtain relief in bankruptcy is not permitted to be released from his debts.

Defendant - person or company who is sued in a lawsuit.

Deed of Trust - legal document securing mortgage.

Deed - legal document transferring an interest in real property.

Debtor - person or entity who files bankruptcy.

Current monthly income - this is a mathematical calculation based on all of the income of the Debtor in the 6 months before the bankruptcy is filed. The calculation does not count the month the bankruptcy is filed. Certain types of income are excluded, such as social security benefits. This current monthly income is [...]

Creditor - the person or entity to whom the Debtor owes money.

Credit Counseling - Under the BAPCPA, a new requirement for credit counseling was enacted. Every individual debtor must take credit counseling from an approved agency before they file bankruptcy. After they file for bankruptcy, they must take a 2nd course called personal financial management. Part 1 must be taken in the 180 days before filing [...]

Cramdown - reduction of a claim from the amount owed to the value of the collateral securing the claim.

Conversion - the process by which a Debtor changes from one bankruptcy chapter to another.