Chapter Numbers
What Chapter Is Liquidation?
Chapter 7
What are stops collection actions
Automatic Stay
The legal release from liability for certain debts
Discharge
Used to determine eligibility for Chapter 7
Means Test
The court-appointed party who manages the estate in Chapter 7
Trustee
Repayment Plan for Individuals
Chapter 13
Liquidation
Debt settlement process
The sale of a debtor's nonexempt assets
All of your Debts (or Creditors)
These loans are rarely discharged without proving undue hardship
Student Loans
The mandatory gathering where the Trustee questions the debtor under oath.
The 341 Meeting
The Chapter primarily used for the reorganization of large corporations or businesses.
Chapter 11
A non-debtor's property that is shielded from the claims of the estate by law.
What are Exempt Assets
Debts for alimony, child support, and certain tax liabilities are always classified as this.
Nondischargeable Debts
The legal name for the test that determines if a debtor's income is too high to qualify for Chapter 7.
Means Test
The required document a creditor must file with the court to establish the amount owed by the debtor.
Proof of Claim
The Chapter of the Code specifically reserved for the reorganization of municipalities (cities, towns, etc.)
What is Chapter 9
The legal action filed by a creditor, trustee, or other interested party to object to the debtor receiving a discharge.
Adversary Proceeding
The maximum length, in years, that a Chapter 13 repayment plan can run.
5 yrs
While the Chapter 7 Trustee liquidates assets, the Chapter 13 Trustee primarily performs this role with respect to the repayment plan.
Collect and disburse payments
The officer of the Department of Justice who supervises the administration of bankruptcy cases and trustees
U.S. Trustee
This Chapter is used for "liquidation" and is generally the fastest form of bankruptcy for individuals.
Chapter 7
The term for property that secures a debt, such as a home for a mortgage or a car for a loan
Collateral
The legal principle that dictates that a valid security interest (lien) on property usually "survives" the bankruptcy case
The Lien Passes Through
This chapter offers a super discharge, allowing the debtor to eliminate certain debts that would be nondischargeable in Chapter 7
Chapter 13
What the debtor does to their non-exempt assets after the trustee sells them in Chapter 7
Distribution of the proceeds (or funds) to creditors