Legal & Social Environment of Business

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

The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership.

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.

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.

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.

An agreement to pay a debt that would otherwise be discharged in bankruptcy.

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.

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.