Bankruptcy Flashcards
The application which is filed y a debtor to begin a bankruptcy case under federal law
Petition
A prohibition for any creditor to take any action against the debtor without the Bankruptcy Courts permission
Automatic Stay
Any right to payment of any type by any creditor against and debtor
Claim
A person (or business) that has a claim which was owed by the debtor prior to the filing of a bankruptcy petition
Creditor
A person (or business) that has filed a petition with the Bankruptcy Court and is protected by that action.
Debtor
The value of all the assets of the debtor which may be used in bankruptcy court to pay off creditors
Debtor’s Estate
Any debt that the Bankruptcy Court cancels under confirmation (municipal debt cannot be cancelled)
Dischargeable debt
An order granted by the Bankruptcy Court which allows a creditor to pursue (attempt to collect) the debt.
Order of Relief
The debtors proposal or plan under Chapter 11 or 13 that designates the classification and proposed payment of claims
Plan of Reorganization
Debt which occurred before the filing of bankruptcy and is included in the action
Pre-petition Debt
Debt which occurs after the filing of the bankruptcy and are not included in the plan
Post-petition debt
An official affidavit from the creditor which supports the financial claim of the creditor and is submitted to the Babkruptcy Court in a timely fashion
Proof of Claim
Liquidation can be converted to Chapter 11 or 13
Chapter 7 Bankruptcy
Reorganization (business) - 5 year
Chapter 11 Bankruptcy
Family Farmer or Family Fisherman-3 years
Chapter 12 Bankruptcy
