Bankruptcy Terminology
The date the BK petition is officially submitted to the court.
What is the Date of Filing?
These are made to help people in hopeless situations get back on to their feet.
What are Bankruptcy laws?
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?
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.
What is Chapter 7?
Length of time of a normal Chapter 13
What is 3-5 years?
Person appointed by the bankruptcy court to sell the assets of a debtor and distribute the proceeds to creditors
What is a Trustee?
These three types of searches should be performed for every bankruptcy filing we receive.
What are the name, address, and social security searches?
Notification that the bankruptcy process has been completed and the customer is no longer liable for the debt.
What is an Order for Discharge?
A reorganization bankruptcy, usually involving a corporation or partnership.
What is a Chapter 11?
Maximum number of days allowed for the proof of claims bar date
What is 70?
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
This is the use of bankruptcy laws to take advantage of others or to make false claims and is a felony.
What is Bankruptcy Fraud?
BONUS: Can you name a customer who we think did this?
Notification that the bankruptcy was not completed. The automatic stay is lifted and the creditor can resume collections.
What is an Order of Dismissal (or Bankruptcy Case Closed without Discharge)?
The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income.
What is Chapter 13?
Length of time of a chapter 7 bankruptcy normally.
What is 90-120 days?
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?
This is property a debtor doesn't have to give up to pay off creditors
What is an exemption?
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.
What is reaffirmation agreement?
This is an example of a debt that cannot be discharged.
What is any of the following: tax debt, student loans, government fines for criminal charges, child support, and spousal support?
How many minimum days past due before we file a motion for relief?
What is greater than 60 days past due - post petition?
A suspension of all judicial proceedings on the occurrence of the bankruptcy filing
What is the Automatic Stay?
A Debtor operating its business while in Chapter 11.
What is a Debtor-in-Possession?
A debtor's detailed description of how the debtor proposes to pay creditors' claims over a fixed period of time.
What is the Plan or Statement of Intent?
To file under this chapter of the Bankruptcy Code you must be a family farmer or fisherman.
What is Chapter 12?
Number of days to review unsecured charged off bankruptcy accounts
What is 90 days?