Bankruptcy Dictionary

Personal Bankruptcy – Business Bankruptcy – Chapter 7 – Chapter 13 Attorneys serving clients in Bedford, Dallas, Fort Worth, Arlington, Grand Prairie, Irving, Weatherford, Mesquite, Plano TX

Debtors who file a bankruptcy petition often know little or nothing about the about the bankruptcy process. Creditors are also lacking in knowledge about the proceedings and how payments are distributed among creditors. Having a resource to define legal terms involved in bankruptcy may help to familiarize clients with bankruptcy and shed some light regarding the process.

Legal terms used in cases filed under the Bankruptcy Code include the following:

A
adversary proceeding
arrears
assets
assume
automatic stay
avoidance
avoidance powers

B
bankruptcy
bankruptcy administrator
bankruptcy code
bankruptcy court
bankruptcy estate
bankruptcy judge
bankruptcy petition

C
chapter 7
chapter 9
chapter 11
chapter 12
chapter 1
chapter 15
claim
collateral
confirmation
confirmation consumer debtor
consumer debts
contested matter
contingent claim
conversion
credit report
creditor
credit counseling
creditors’ meeting current monthly income

D
debtor
debtor education
defendant
delinquency
denial of discharge
discharge
dischargeable debt
disclosure statement

E
equity
executory contract or lease
exemptions, exempt property

F
family farmer or family fisherman
fiduciary
fair market value
foreclosure
fraudulent transfer
fresh start

G
garnishment
general unsecured claim

I
insider (of individual debtor)
insider (of corporate debtor)

J
joint administration
joint petition

L
lien
liquidation
liquidated claim

M
41 meetingmeans test
motion to lift the automatic stay

N
no-asset case
non-dischargeable debt

O
objection to dischargeability
objection to exemptions

P
party in interest
perfection
personal property
petition
petition preparer
plan
plaintiff
post petition transfer
pre-bankruptcy planning
preference or preferential debt payment
pre-petition
presumption of abuse
priority
priority claim
proof of claim
property of the estate

R
reaffirm
relief from stay
repossession
reaffirmation agreement

S
secured creditor
secured debt
schedules
small business case
statement of financial affairs
statement of intention
substantive consolidation

T
transfer
trustee

U
U.S. trustee
undersecured claim
unliquidated claim
unsecured claim

V
voluntary transfer