A| B| C| D| E| F| G| H| I| J| K| L| M| N| O| P| Q| R| S| T| U| V| W| X| Y| ZA
adversary proceeding
A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court. A nonexclusive list of adversary proceedings is set forth in Fed. R. Bankr. P. 7001.
assume
An agreement to continue performing duties under a contract or lease.
automatic stay
An injunction that automatically stops lawsuits, foreclosures, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed.
bankruptcy
A legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code).
bankruptcy administrator
An officer of the judiciary serving in the judicial districts of Alabama and North Carolina who, like the U.S. trustee, is responsible for supervising the administration of bankruptcy cases, estates, and trustees; monitoring plans and disclosure statements; monitoring creditors' committees; monitoring fee applications; and performing other statutory duties. Compare U.S. trustee.
Bankruptcy Code
The informal name for title 11 of the United States Code (11 U.S.C. 101-1330), the federal bankruptcy law.
bankruptcy court
The bankruptcy judges in regular active service in each district; a unit of the district court.
bankruptcy estate
All legal or equitable interests of the debtor in property at the time of the bankruptcy filing. (The estate includes all property in which the debtor has an interest, even if it is owned or held by another person.)
bankruptcy judge
A judicial officer of the United States district court who is the court official with decision-making power over federal bankruptcy cases.
bankruptcy petition
The document filed by the debtor (in a voluntary case) or by creditors (in an involuntary case) by which opens the bankruptcy case. (There are official forms for bankruptcy petitions.)
Return to Top
chapter 7
The chapter of the Bankruptcy Code providing for "liquidation,"(i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.)
chapter 9
The chapter of the Bankruptcy Code providing for reorganization of municipalities (which includes cities and towns, as well as villages, counties, taxing districts, municipal utilities, and school districts).
chapter 11
The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.)
chapter 12
The chapter of the Bankruptcy Code providing for adjustment of debts of a "family farmer," or a "family fisherman" as those terms are defined in the Bankruptcy Code.
chapter 13
The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.)
chapter 15
The chapter of the Bankruptcy Code dealing with cases of cross-border insolvency.
claim
A creditor's assertion of a right to payment from the debtor or the debtor's property.
confirmation
Bankruptcy judges's approval of a plan of reorganization or liquidation in chapter 11, or payment plan in chapter 12 or 13.
consumer debtor
A debtor whose debts are primarily consumer debts.
consumer debts
Debts incurred for personal, as opposed to business, needs.
contested matter
Those matters, other than objections to claims, that are disputed but are not within the definition of adversary proceeding contained in Rule 7001.
contingent claim
A claim that may be owed by the debtor under certain circumstances, e.g., where the debtor is a cosigner on another person's loan and that person fails to pay.
creditor
One to whom the debtor owes money or who claims to be owed money by the debtor.
credit counseling
Generally refers to two events in individual bankruptcy cases: (1) the "individual or group briefing" from a nonprofit budget and credit counseling agency that individual debtors must attend prior to filing under any chapter of the Bankruptcy Code; and (2) the "instructional course in personal financial management" in chapters 7 and 13 that an individual debtor must complete before a discharge is entered. There are exceptions to both requirements for certain categories of debtors, exigent circumstances, or if the U.S. trustee or bankruptcy administrator have determined that there are insufficient approved credit counseling agencies available to provide the necessary counseling.
creditors' meeting
see 341 meeting
current monthly income
The average monthly income received by the debtor over the six calendar months before commencement of the bankruptcy case, including regular contributions to household expenses from nondebtors and income from the debtor's spouse if the petition is a joint petition, but not including social security income and certain other payments made because the debtor is the victim of certain crimes. 11 U.S.C. 101(10A).
Return to Top
debtor
A person who has filed a petition for relief under the Bankruptcy Code.
debtor education
see credit counseling
defendant
An individual (or business) against whom a lawsuit is filed.
discharge
A release of a debtor from personal liability for certain dischargeable debts set forth in the Bankruptcy Code. (A discharge releases a debtor from personal liability for certain debts known as dischargeable debts and prevents the creditors owed those debts from taking any action against the debtor to collect the debts. The discharge also prohibits creditors from communicating with the debtor regarding the debt, including telephone calls, letters, and personal contact.)
dischargeable debt
A debt for which the Bankruptcy Code allows the debtor's personal liability to be eliminated.
disclosure statement
A written document prepared by the chapter 11 debtor or other plan proponent that is designed to provide "adequate information" to creditors to enable them to evaluate the chapter 11 plan of reorganization.
Return to Top
equity
The value of a debtor's interest in property that remains after liens and other creditors' interests are considered. (Example: If a house valued at $100,000 is subject to a $80,000 mortgage, there is $20,000 of equity.)
executory contract or lease
Generally includes contracts or leases under which both parties to the agreement have duties remaining to be performed. (If a contract or lease is executory, a debtor may assume it or reject it.)
exemptions, exempt property
Certain property owned by an individual debtor that the Bankruptcy Code or applicable state law permits the debtor to keep from unsecured creditors. For example, in some states the debtor may be able to exempt all or a portion of the equity in the debtor's primary residence (homestead exemption), or some or all "tools of the trade" used by the debtor to make a living (i.e., auto tools for an auto mechanic or dental tools for a dentist). The availability and amount of property the debtor may exempt depends on the state the debtor lives in.
Return to Top
insider (of individual debtor)
Any relative of the debtor or of a general partner of the debtor; partnership in which the debtor is a general partner; general partner of the debtor; or a corporation of which the debtor is a director, officer, or person in control.
insider (of corporate debtor)
A director, officer, or person in control of the debtor; a partnership in which the debtor is a general partner; a general partner of the debtor; or a relative of a general partner, director, officer, or person in control of the debtor.
Return to Top
joint administration
A court-approved mechanism under which two or more cases can be administered together. (Assuming no conflicts of interest, these separate businesses or individuals can pool their resources, hire the same professionals, etc.)
joint petition
One bankruptcy petition filed by a husband and wife together.
Return to Top
lien
The right to take and hold or sell the property of a debtor as security or payment for a debt or duty.
liquidation
A sale of a debtor's property with the proceeds to be used for the benefit of creditors.
liquidated claim
A creditor's claim for a fixed amount of money.
Return to Top
means test
Section 707(b)(2) of the Bankruptcy Code applies a "means test" to determine whether an individual debtor's chapter 7 filing is presumed to be an abuse of the Bankruptcy Code requiring dismissal or conversion of the case (generally to chapter 13). Abuse is presumed if the debtor's aggregate current monthly income (see definition above) over 5 years, net of certain statutorily allowed expenses is more than (i) $12,850, or (ii) 25% of the debtor's nonpriority unsecured debt, as long as that amount is at least $7,700. The debtor may rebut a presumption of abuse only by a showing of special circumstances that justify additional expenses or adjustments of current monthly income.
motion to lift the automatic stay
A request by a creditor to allow the creditor to take action against the debtor or the debtor's property that would otherwise be prohibited by the automatic stay.
Return to Top
no-asset case
A chapter 7 case where there are no assets available to satisfy any portion of the creditors' unsecured claims.
nondischargeable debt
View original post here:
Bankruptcy Basics Glossary | United States Courts
- A Slow Bankruptcy Process Stops Locale-Reviving Jobs - Wall Street Journal (subscription) [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Alitalia Files for Bankruptcy, but Italy Balks at a Third Bailout - New York Times [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Bankruptcy auction for property of NASCAR artist Sam Bass ... - Charlotte Observer [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Pennsylvania Toy Seller Files For Bankruptcy - Wall Street Journal (subscription) [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Obamacare helped make a 50% dent in personal bankruptcies ... - MarketWatch [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Puerto Rico Enters Bankruptcy - Wall Street Journal (subscription) [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Puerto Rico Declares a Form of Bankruptcy - New York Times [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Bankruptcy Basics | United States Courts [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- The Truth About Bankruptcy | DaveRamsey.com [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Filing for Bankruptcy: What to Know | Consumer Information [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Bankruptcy - Wikipedia [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Bankruptcy | United States Courts [Last Updated On: May 3rd, 2017] [Originally Added On: May 3rd, 2017]
- Central Grocers files for bankruptcy, will sell Joliet warehouse - Chicago Tribune [Last Updated On: May 4th, 2017] [Originally Added On: May 4th, 2017]
- How Obamacare Helped Slash Personal Bankruptcy by 50% - Money Magazine [Last Updated On: May 4th, 2017] [Originally Added On: May 4th, 2017]
- Morning Agenda: Puerto Rico Declares a Form of Bankruptcy - New York Times [Last Updated On: May 4th, 2017] [Originally Added On: May 4th, 2017]
- Why you can't ignore Puerto Rico's bankruptcy - USA TODAY [Last Updated On: May 4th, 2017] [Originally Added On: May 4th, 2017]
- Goodman Networks Bankruptcy Plan Confirmed - Bankrupt Company News (press release) (blog) [Last Updated On: May 6th, 2017] [Originally Added On: May 6th, 2017]
- RBI Gets More Power Over Indian Bank NPAs - Bankruptcy An Essential Part Of Market System - Forbes [Last Updated On: May 6th, 2017] [Originally Added On: May 6th, 2017]
- Caesars: Poised For A Takeoff Or A Rocky Post-Bankruptcy Landing This Summer? - Seeking Alpha [Last Updated On: May 8th, 2017] [Originally Added On: May 8th, 2017]
- Puerto Rico's bankruptcy is the next step in its slow dance of default - The Hill (blog) [Last Updated On: May 8th, 2017] [Originally Added On: May 8th, 2017]
- This is the No. 1 reason Americans file for bankruptcy - USA TODAY [Last Updated On: May 8th, 2017] [Originally Added On: May 8th, 2017]
- Hartford Moves Closer to Bankruptcy, Soliciting Proposals From Law Firms - Hartford Courant [Last Updated On: May 9th, 2017] [Originally Added On: May 9th, 2017]
- Former 'Dance Moms' star Abby Lee Miller sentenced to prison for bankruptcy fraud - Los Angeles Times [Last Updated On: May 9th, 2017] [Originally Added On: May 9th, 2017]
- Largest US Solar Panel Maker Files For Bankruptcy After Receiving $206 Million In Subsidies - The Daily Caller [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
- NephroGenex Bankruptcy Plan Confirmed - Bankrupt Company News (press release) (blog) [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
- Food co-op's bankruptcy signals trouble for independent grocers - Chicago Tribune [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
- Puerto Rico's first bankruptcy hearing set for May 17 - Reuters [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
- Puerto Rico's Bankruptcy Fight Is About to Plunge Into the Unknown - Bloomberg [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
- Bankruptcy - Debt.org [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
- Bankruptcy - All You Need to Know | Bankruptcy HQ [Last Updated On: May 11th, 2017] [Originally Added On: May 11th, 2017]
- Archdiocese bankruptcy reorganization plan rejected by sex-abuse survivors - TwinCities.com-Pioneer Press [Last Updated On: May 13th, 2017] [Originally Added On: May 13th, 2017]
- Toshiba said to be preparing for bankruptcy as Southern faces Vogtle deadline - Utility Dive [Last Updated On: May 13th, 2017] [Originally Added On: May 13th, 2017]
- High debts, competitive investments sent Marsh to bankruptcy - Supermarket News [Last Updated On: May 14th, 2017] [Originally Added On: May 14th, 2017]
- Burlington dentist takes bankruptcy to U.S. Supreme Court - Burlington Times News [Last Updated On: May 14th, 2017] [Originally Added On: May 14th, 2017]
- Mountain Creek files for Chapter 11 bankruptcy; plan would allow debt restructuring - New Jersey Herald [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- Supreme Court Backs Bids to Collect Outdated Debt in Bankruptcy - Bloomberg [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- New Jersey Ski Resort Files for Bankruptcy - Wall Street Journal (subscription) [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- Westinghouse inches closer to rejecting construction contracts in bankruptcy - Pittsburgh Post-Gazette [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- Teen Retailer Rue21 Files for Chapter 11 Bankruptcy - Wall Street Journal (subscription) [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- Puerto Rico's bankruptcy hearing marks reset of asset scramble - Reuters [Last Updated On: May 17th, 2017] [Originally Added On: May 17th, 2017]
- N.C. questions Duke Energy's plans following Westinghouse bankruptcy - Charlotte Observer [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- Frontier Communications: Bankruptcy Looms In 2020 - Seeking Alpha [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- Bankruptcy Should Be A Last Resort For Struggling Hartford, Conn ... - Seeking Alpha [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- GulfMark Offshore to file for bankruptcy - WorkBoat (blog) [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- South Bay man sentenced to 56 months for bankruptcy fraud - The Mercury News [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- The biggest lesson of Puerto Rico's bankruptcy - CNN [Last Updated On: May 18th, 2017] [Originally Added On: May 18th, 2017]
- Judge laments $15M in legal fees in St. Paul-Minneapolis archdiocese bankruptcy - Minneapolis Star Tribune [Last Updated On: May 20th, 2017] [Originally Added On: May 20th, 2017]
- Caesars Plans New Las Vegas Developments After Bankruptcy Exit - National Real Estate Investor [Last Updated On: May 20th, 2017] [Originally Added On: May 20th, 2017]
- Can Student Loans Be Discharged In Bankruptcy? - Forbes [Last Updated On: May 20th, 2017] [Originally Added On: May 20th, 2017]
- Q&A: How an energy company dodged bankruptcy in oil bust - Houston Chronicle [Last Updated On: May 20th, 2017] [Originally Added On: May 20th, 2017]
- Puerto Rico retirees will get bankruptcy committee: US Trustee - Reuters [Last Updated On: May 20th, 2017] [Originally Added On: May 20th, 2017]
- Caesars Plans New Las Vegas Developments After Bankruptcy Exit - Bloomberg [Last Updated On: May 22nd, 2017] [Originally Added On: May 22nd, 2017]
- Retail bankruptcies are exploding; here are the sectors where it's happening - USA TODAY [Last Updated On: May 22nd, 2017] [Originally Added On: May 22nd, 2017]
- ScanSource Sales Suffer Due to Avaya Chapter 11 Bankruptcy - CommsTrader [Last Updated On: May 22nd, 2017] [Originally Added On: May 22nd, 2017]
- Latest: Coal giant emerges from bankruptcy - High Country News [Last Updated On: May 23rd, 2017] [Originally Added On: May 23rd, 2017]
- Seadrill: Bankruptcy Looming - Seeking Alpha [Last Updated On: May 23rd, 2017] [Originally Added On: May 23rd, 2017]
- How brokers are making bank from retail bankruptcies - The Real Deal Magazine [Last Updated On: May 23rd, 2017] [Originally Added On: May 23rd, 2017]
- Puerto Rico's bankruptcy will only prolong its economic meltdown - Fox News [Last Updated On: May 23rd, 2017] [Originally Added On: May 23rd, 2017]
- More Puerto Rico agencies enter bankruptcy - MarketWatch [Last Updated On: May 23rd, 2017] [Originally Added On: May 23rd, 2017]
- Westinghouse reaches deal for $800 million U.S. bankruptcy loan ... - Reuters [Last Updated On: May 23rd, 2017] [Originally Added On: May 23rd, 2017]
- Avaya Bankruptcy: Hearing on Reorganization Plan Delayed - No Jitter [Last Updated On: May 26th, 2017] [Originally Added On: May 26th, 2017]
- Cancer treatment firm 21st Century Oncology files for bankruptcy - Reuters [Last Updated On: May 26th, 2017] [Originally Added On: May 26th, 2017]
- 21st Century Oncology Files for Chapter 11 Bankruptcy - WSJ - Wall Street Journal (subscription) [Last Updated On: May 28th, 2017] [Originally Added On: May 28th, 2017]
- DOJ Bankruptcy Fee Overhaul Would Hike Chapter 11 Costs - TheStreet.com [Last Updated On: May 28th, 2017] [Originally Added On: May 28th, 2017]
- Bankruptcy Attorneys | Chapter 7 & 13 Bankruptcy | Debt ... [Last Updated On: May 28th, 2017] [Originally Added On: May 28th, 2017]
- How this Harvard undergrad wound up in Brooklyn making a bankruptcy startup - Technical.ly Brooklyn [Last Updated On: May 30th, 2017] [Originally Added On: May 30th, 2017]
- Why two attorneys are appealing San Bernardino's bankruptcy ... - San Bernardino County Sun [Last Updated On: May 30th, 2017] [Originally Added On: May 30th, 2017]
- 21st Century Oncology files for bankruptcy - Sarasota Herald-Tribune [Last Updated On: May 30th, 2017] [Originally Added On: May 30th, 2017]
- Novation Companies Bankruptcy Objections Filed - Bankrupt Company News (press release) (blog) [Last Updated On: May 30th, 2017] [Originally Added On: May 30th, 2017]
- City turns to insurers to help stave off bankruptcy - Insurance Business America [Last Updated On: May 30th, 2017] [Originally Added On: May 30th, 2017]
- Struggling Pittsburgh Athletic Association files for bankruptcy - Pittsburgh Post-Gazette [Last Updated On: May 30th, 2017] [Originally Added On: May 30th, 2017]
- Rickmers Group to file for bankruptcy - JOC.com [Last Updated On: June 1st, 2017] [Originally Added On: June 1st, 2017]
- Delaware Sports Complex in Middletown files for bankruptcy - The News Journal [Last Updated On: June 1st, 2017] [Originally Added On: June 1st, 2017]
- Payless Shoes Wants to Close 800 Stores This Year - Money Magazine [Last Updated On: June 1st, 2017] [Originally Added On: June 1st, 2017]
- Mavericks Surf Contest Organizers Call Off Bankruptcy Auction - Wall Street Journal (subscription) [Last Updated On: June 1st, 2017] [Originally Added On: June 1st, 2017]
- Supervalu CEO sees opportunity in Marsh bankruptcy - Supermarket News [Last Updated On: June 1st, 2017] [Originally Added On: June 1st, 2017]
- Catholic Crosiers Order Files for Bankruptcy - Wall Street Journal (subscription) [Last Updated On: June 1st, 2017] [Originally Added On: June 1st, 2017]
- Canada's Stelco Seeks US Bankruptcy Court Protection - Wall Street Journal (subscription) [Last Updated On: June 3rd, 2017] [Originally Added On: June 3rd, 2017]
- Surf contest pulled from auction: Cartel postpones Mavericks sale, remains in bankruptcy - San Mateo Daily Journal [Last Updated On: June 3rd, 2017] [Originally Added On: June 3rd, 2017]
- EXCLUSIVE: Township Nine owners file for bankruptcy - Sacramento Business Journal [Last Updated On: June 3rd, 2017] [Originally Added On: June 3rd, 2017]