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Bankruptcy B

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Automatic stay
A court order that automatically stops lawsuits, foreclosures, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed.
A person who owes money or who has filed a petition for relief under the Bankruptcy Code.
The legal process by which a lender auctions off property secured by a mortgage.
Failure to repay a debt or otherwise comply with the terms of a promissory note
Chapter 11
The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership.
Secured creditor
A creditor who has the right to take or sell property of the debtor if a debt is not paid.
To make the entire balance of a loan payable immediately after a debtor has defaulted.
Chapter 13
The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income and allowing a debtor to keep property and pay debts over time, usually three to five years.
Bankruptcy trustee
A person selected by the court to manage a debtor’s funds.
A creditor's assertion of a right to payment from the debtor or the debtor's property.
A debtor's detailed description of how creditors' claims will be paid over a fixed period of time.
Reaffirmation agreement
An agreement to pay a debt that would otherwise be discharged in bankruptcy.
Debtor education
The "instructional course in personal financial management" that an individual debtor must complete before a discharge is entered.
A claim against property to secure payment of a debt.
Judicial lien
Security interest in property owned by a debtor resulting from a court judgment.
Bankruptcy judge's approval of a plan of reorganization, liquidation, or repayment.
The value of a debtor's interest in property that remains after liens and other creditors' interests are considered.