Chapters and Schedules more terms

Question 0

Chapter 11 Bankruptcy

Answer 0

a reorganization proceeding in which the debtor may continue in business or in possession of its property as a fiduciary. A confirmed chapter 11 plan provides for the manner in which creditors will be paid in whole or in part by the debtor.

Question 1

Chapter 7 Bankruptcy

Answer 1

a liquidation proceeding in which the debtors non-exempt assets, if any, are sold by the chapter 7 trustee and the proceeds distributed to creditors according to the priorities established in the code

Question 2

Schedule A

Answer 2

Real Property

Question 3

Chapter 12 Bankruptcy

Answer 3

a simplified reorganization plan for family farmers who’s debts fall within certain limits.

Question 4

Chapter 13 Bankruptcy

Answer 4

a repayment plan for individuals with debts falling below statutory levels which provides for repayment of some or all of the debts out of future income over 3-5 years.

Question 5

Charged off

Answer 5

the creditor does not expect to collect the debt however, the debt is still legally enforceable.

Question 6

Collateral

Answer 6

property which is subject to a lien

Question 7

Confirmation

Answer 7

the court order making the repayment plan binding. the terms of the confirmed plan replace the prepetition rights of the debtor and creditor

Question 8

Consumer Debt

Answer 8

Debts incurred by an individual for personal family or household purposes. The means test only applies to those with primarily consumer debt.

Question 9

Debtor in possession

Answer 9

in chapter 11 the debtor remains in possession of assets and assumes the duties of a trustee. The debtor in possession is a fiduciary for the creditors of the estate and owes them the highest duty of care and loyalty.

Question 10

Denial of discharge

Answer 10

penalty for debtor misconduct with respect to the bankruptcy case as a whole 11 U.S.C. 727

Question 11

Discharge

Answer 11

the legal elimination of debt through a bankruptcy case. Liens which secure the debt may survive the bankruptcy case.

Question 12

Fiduciary

Answer 12

one who is entrusted with duties on behalf of another

Question 13

General, unsecured claim

Answer 13

Creditors claim without a priority for payment for which the creditor holds no security.

Question 14

Indemnify

Answer 14

to guarantee against any loss which another might suffer. in bankruptcy it is used to describe the undertaking of one spouse in a divorce to assume certain debts of the marriage and to see that the other spouse is not forced to pay. (hold harmless clause)

Question 15

Lien

Answer 15

an interest in real or personal property which secures a debt, they can be voluntary (mortgage) or involuntary (judgment lien, tax lien)

Question 16

Liquidated debt

Answer 16

a debt with a known number of dollars

Question 17

unliquidated debt

Answer 17

where debtor has liability, but the exact monetary measure of that liability is unknown

Question 18

Means Test

Answer 18

found in official form B22a it is intended to screen out those who are filing chapter 7 who could supposedly repay some part of their debts.

Schedule I - Schedule J

Question 19

Perfection

Answer 19

when a secured creditor has taken the required steps to perfect his lien, the lien is senior to any liens that arise after perfection. if a lien is unperfected and followed by a perfected lien the perfected lien has seniority

Question 20

Petition

Answer 20

the document that initiates a bankruptcy case.

Question 21

Pre-petition

Answer 21

claims or events arising before the commencement of the bankruptcy case, generally only pre-petition debts may be discharged in a bankruptcy case.

Question 22

Priority

Answer 22

Order in which claims are paid from the bankruptcy estate. Higher priority claims must be paid in full before lower priority claims get anything. All claims with the same priority share pro rata
1. cost of administration 2. priority claims 3. general unsecured claims

Question 23

Priority claims.

Answer 23

Certain debts such as unpaid wages, spousal or child support, and taxes are elevated in the hierarchy under the code

Question 24

Schedule B

Answer 24

Personal property

Question 25

Schedule C

Answer 25

Exemptions

Question 26

Schedule D

Answer 26

Secured Claims

Question 27

Schedule E

Answer 27

unsecured priority claims

Question 28

Schedule F

Answer 28

unsecured non-priority claims

Question 29

Schedule G

Answer 29

Executory contracts and unexpired leases

Question 30

Schedule H

Answer 30

Co-Debtors

Question 31

Schedule I

Answer 31

Income

Question 32

Schedule J

Answer 32

Expenses

Question 33

Statement of Financial Affairs

Answer 33

Last item in the Schedules before declarations
includes a summary of your financial history before you filed
Income from employment and or operation of a business
investments
any payments made to creditors
property held but not owned etc.