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  • More Bankruptcy Terms

    Adversary Proceeding – Any separate lawsuit that occurs and is filed within the bankruptcy case

    Arrears – Unpaid or overdue debt

    Complaint (Adversary Complaint) – Petition filed with the bankruptcy court in order bring a lawsuit for any type of violation within the bankruptcy

    Confirmation – Official approval of a payment plan by the bankruptcy courts in a Chapter 13 bankruptcy

    Confirmation Hearing – Court hearing in which the judge determines whether or not the Chapter 13 payment plan proposed is officially approved

    Cram-Down – A change in the terms of a secure loan so that the balance is equal to the value of the property

    Default – Failure to pay back a debt

    Default Judgment – A lawsuit against you whenever you fail to respond to a legal complaint

    Dismissal – The rejection of your bankruptcy case from the bankruptcy court

    Dismissal with Prejudice – The rejection of your bankruptcy case from the bankruptcy courts which prevents you from filing bankruptcy again

    Docket – A calender for the list of cases at the bankruptcy court

    Equity – The value of the property minus the amount of money owed on the property

    Insolvency – The inability to pay back your debts

    Lien – The right to the property belonging to another person until a debt is paid such as car loans and mortgages

    Mailing Matrix (List of Creditors) – A list of all your creditors and their mailing addresses

    No-Asset Case- A special type of Chapter 7 bankruptcy where you do no have any assets to sell off or liquidate to pay unsecured debts

    Petition Preparer- People and businesses that practice law illegally by preparing bankruptcy petitions

    Preference (Preferential Debt Payment)- A debt payment made to a creditor in the 90 days prior to filing a bankruptcy petition

    Priority – The ranking of importance of unsecured debts by the bankruptcy courts

    Priority Debt – Unsecured debt that will be paid before paying other unsecured debts

    Reaffirmation (Reaffirmation Agreement) – An agreement made between you and a creditor to repay some or all of your debt after the bankruptcy process

    Section 362 Proceeding (Motion to Lift Automatic Stay) – A formal request by a creditor to take actions normally prevented by the automatic stay

    Surrender – To give back a property that you owe to your creditor

    If you have questions about any bankruptcy terms you want defined, feel free to give us a call at 214.748.4848. Otherwise, just call us at 214.748.4848 to schedule an appointment to come in for a FREE consultation.

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