Understanding bankruptcy terms
and definitions, written in plain English, is the first step toward reducing or
eliminating consumer debt.
Whether you need information on personal or business bankruptcy or the bankruptcy discharge process, this page spells out the duties of the bankruptcy trustee, gives simple-to-understand bankruptcy definitions and bankruptcy terms plus a description of the bankruptcy petition and explains what an automatic stay is according to the United States Bankruptcy Code.
Bankruptcy Terms and Definitions
Bankruptcy code terms and bankruptcy definitions
The following information covers everything from chapter 13 trustees and their duties under code to 341 meetings and the bankruptcy discharge. Under the united states code of bankruptcy, chapter 7 and chapter 13 are the most common forms a debt relief!
Up 1. ADVERSARY PROCEEDING
A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the bankruptcy court.
Up 2. ASSUME:
An agreement to continue performing duties under a contract or lease.
Up 3. AUTOMATIC STAY:
An injunction that automatically stops lawsuits, foreclosure, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed.
Up 4. BANKRUPTCY:
A legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code).
Up 5. BANKRUPTCY ADMINISTRATOR:
An officer of the judiciary serving in the judicial districts of Alabama and North Carolina who, like the United States trustee, is responsible for supervising the administration of bankruptcy cases, estates, and trustees, monitoring plans and disclosure statements, monitoring creditors’ committees, monitoring fee applications, and performing other statutory duties.
Up 6. BANKRUPTCY CODE
The informal name for title 11 of the United States Code (11 U.S.C. §§ 101– 1330), the federal bankruptcy law.
Up 7. BANKRUPTCY COURT
The bankruptcy judges in regular active service in each district; a unit of the district court.
Up 8. BANKRUPTCY ESTATE
All legal or equitable interests of the debtor in property at the time of the bankruptcy filing. (The estate includes all property in which the debtor has an interest, even if it is owned or held by another person.)
Up 9. BANKRUPTCY JUDGE
A judicial officer of the United States district court who is the court official with decision-making power over federal bankruptcy cases.
Up 10. BANKRUPTCY MILL
A business not authorized to practice law that provides bankruptcy counseling and prepares bankruptcy petitions.
70 more bankruptcy terms and definitions!
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