Bankruptcy Terminology

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Most debtors who file bankruptcy and many of their creditors, know very little about the bankruptcy process. Understanding the process and different ways of filing is extremely important. Often the terminology serves as a hurdle many people have to get over. This section on bankruptcy terminology explains, in layman's terms, many of the legal terms that are used in cases filed under the Bankruptcy Code.

Use the navigation bar above to quickly navigate to the term you are looking for. For your convenience, we also list all of the terms below with hyperlinks to their definitions:

A
Adversary Proceeding
Assume
Automatic Stay

B
Bankruptcy
Bankruptcy Administrator
Bankruptcy Code
Bankruptcy Court
BankRUptcy Estate
Bankruptcy Judge
Bankrupcty Mill
Bankruptcy Petition
Bankruptcy Trustee
Business Bankruptcy

C
Chapter 7
Chapter 7 Trustee
Chapter 11
Chapter 12
Chapter 13
Chapter 13 Trustee
Claim
Complaint
Confirmation
Consumer Bankruptcy
Consumer Debts
Contingent Claim
Creditor

D
Debtor
Defendant
Discharge
Dischargeable Debt
Disclosure Statement

E
Equity
Executory Contract or Lease
Exempt
Exemption
Exempt Property

F
Face Sheet Filing
Family Farmer
Fraudulent Transfer
Fresh Start

I
Insider (of individual debtor)
Insider (of corporate debtor)

J
Joint Administration
Joint Petition

L
Lien
Liquidation
Liquidated Claim

M
Motion to Lift the Automatic Stay
No-Asset Case

N
Non-dischargeable Debt

O
Objection to Discharge
Objection to Exemptions

P
Party in Interest
Plan
Plaintiff
Postpetition Transfer
Pre-Bankruptcy Planning
Preferential Debt Payment
Priority
Priority Claim
Proof of Claim
Property of the Estate

R
Re-affirmation Agreement

S
Secured Creditor
Secured Debt
Schedules
Statement of Financial Affairs
Statement of Intention
Substantial Abuse
Substantive Consolidation
341 Meeting

T
Transfer
Trustee
Typing Service

U
United States Trustee
Undersecured Claim
Unlawful Detainer Action
Unliquidated Claim
Unscheduled Debt
Unsecured Claim

V
Voluntary Transfer

SOURCE: "Bankruptcy Basics", Administrative Office of the United States Courts

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