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Level 23

Bankruptcy A


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Mechanic’s lien
Security interest in land that secures payment for improvements to that land.
Mortgage
A document that gives a creditor a lien on the debtor’s house or land as security for payment of a debt.
Unsecured debt
A debt that is not secured by collateral.
Promissory note
A written promise to pay a debt.
Homestead exemption
State law that allows a debtor to retain a home free from the claims of creditors.
Discharge
Relief from the obligation to pay a debt.
Garnishment
Method of collecting a debt that allows a creditor to seize funds of the debtor held by a third party.
Artisan’s lien
A possessory lien that allows a creditor to keep and sell personal property when the debtor has not paid for repairs or improvement to the property.
Nondischargeable debt
A debt that cannot be eliminated in bankruptcy.
Cram down
A bankruptcy court’s confirmation of a plan or modification of loan terms against the wishes of a creditor.
Bankruptcy estate
All property of the debtor at the time of the bankruptcy filing.
Collateral
Property pledged to secure a debt.
Statutory right of redemption
The right of the debtor to re-purchase property for a time after foreclosure.
Credit counseling
The "individual or group briefing" from a nonprofit agency that individual debtors must attend prior to filing under any chapter of the Bankruptcy Code.
Bankruptcy petition
The document filed by the debtor or by creditors which begins the bankruptcy case.
Creditor
One who is owed money.
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.)
Liquidation
A sale of a debtor's property to pay creditors.