Bankruptcy Terminology
The date the Bankruptcy Petition is officially submitted to the court.
What is the Date of Filing?
Notice of a meeting between the bankruptcy trustee and the debtor. Creditors are invited to the meeting, though most creditors don't come.
What is a "Meeting of the Creditors" or 341 Notice?
A chapter 7 case where there are no assets available to satisfy any portion of the creditors' unsecured claims.
no-asset case
The chapter of the Bankruptcy Code providing for "liquidation," i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.
chapter 7
This tab tells you whether a vehicle has ever been assigned to a recovery agent.
What is the Repo tab?
The bankruptcy was not approved. The automatic stay is lifted, companies may resume collections efforts and the customer is once again responsible for all debts.
What is a dismissal?
Notification that the bankruptcy process has been completed and the customer is no longer liable for the debt.
What is a Discharge of Debtor?
An agreement by a chapter 7 debtor to continue paying a dischargeable debt after the bankruptcy, usually for the purpose of keeping collateral or mortgaged property that would otherwise be subject to repossession.
reaffirmation agreement
The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.)
chapter 13
This tab will show you the Contract/Maturity Date
What is Customer Servicing tab?
A court appointed administrator of a bankruptcy.
What is a Trustee?
A debtor's detailed description of how the debtor proposes to pay creditors' claims over a fixed period of time.
plan
The chapter of the Bankruptcy Code providing for adjustment of debts of a "family farmer," as that term is defined in the Bankruptcy Code.
chapter 12
This "Icon" will alert you that an account is in a Legal or Bankruptcy status.
What is the gavel or hammer?
The debt or balance accrued up to and including the date filing. This is the portion of a debt or balance we would credit when working a bankruptcy.
What is the pre-petition balance?
Confirmation of a plan of reorganization over the objections of one or more classes of creditors. Also, debtor paying less than the full amount of the claim
cram down
A reorganization bankruptcy, usually involving a corporation or partnership.
chapter 11
When updating a customers demographics you must be on this tab.
What is Customer Centric tab or page?
When a company is legally bound to cease all collections efforts due to a bankruptcy filing.
What is the Automatic Stay?
A reduction or rebate in proceeds claimed by a party arising from the same transaction with another party, as opposed to a “set off” which arises from a transaction that is collateral or somehow related to the same transaction..
What is a RECOUPMENT?
The chapter of the Bankruptcy Code providing for reorganization of municipalities (which includes cities and towns, as well as villages, counties, taxing districts, municipal utilities, and school districts).
What is a chapter 9?
This hyperlink will show you the Per Diem on an account.
What is the Additional General Information Hyperlink.