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
List 3 common types of non-dischargeable debts
1. Student loans
2. Child Support
3. Recent Taxes
4. Fines, restitution
Paperwork that is filed once a year to disclose all income made, all taxes paid and balance of taxes owed or refunds due.
What is a tax return.
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 or fail to report on credit report
reaffirmation agreement
The process that a mortgage company uses to take back a house is called
paper that discloses how much a client made at their job, what money was taken to pay taxes and insurance and what remains to be sent to the client
what is a pay stub
A court appointed administrator of a bankruptcy.
What is a Trustee?
Notification that the bankruptcy was not completed in accordance with the requirements set by the bankruptcy court. The automatic stay is lifted and the customer is now responsible for all debts included in the bankruptcy filing.
What is an Order of Dismissal (or Bankruptcy Case Closed without Discharge)?
A chapter 13 debtor's detailed description of how the debtor proposes to pay creditors' claims over a fixed period of time.
plan
The process that a vehicle lender uses to take back a vehicle
paper that shows how much money a client has saved and what transactions have occurred.
what is a bank statement.
When a company is legally bound to cease all collections efforts due to a bankruptcy filing.
What is the Automatic Stay?
Notification that a bankruptcy case has been changed from one chapter to another, usually from a Chapter 13 to Chapter 7.
What is a Notice of Conversion?
A chapter 13 debtor paying less than the full amount of the claim in a chapter 13 plan
cram down
When a creditor takes 25% of a client's pay check. This is called.
wage garnishment.
paper that shows who owns a car
what is a title
The action a creditor takes to make their debt declared non-dischargeable in bankruptcy
What is an adversary proceeding.
Notification of changes in a bankruptcy, such as adding a tax refund amount or new vehicle
What is an Amendment?
A secured creditor will file this in bankruptcy when they are not getting payments
Motion for relief from the automatic stay
When a creditor freezes a bank account. This is called.
What is a bank levy.
paper that shows who owns a house
what is a deed or certificate of title.