Palm Beach County Office

4400 Northcorp Parkway
Palm Beach Gardens, FL 33410
Phone: 561.626.7561
Fax: 561.626.7561

Martin County Office

8902 S.E. Bridge Road
Hobe Sound, FL. 33455
Phone: 772.408.6969
Fax: 772.781.8969

St. Lucie Information

2400 SE Veterans Memorial Parkway
Port St. Lucie, FL 34952
Phone: 772.408.6969
Fax: 772.781.8969

Wednesday 02 Dec 2015

Bankruptcy Terms

There are 51 entries in this glossary.
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Term Definition
Chapter 11

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 the claims of creditors will be paid in whole or in part by the debtor.

Chapter 12

A simplified reorganization plan for family farmers whose debts fall within certain limits. Chapter 12 was not renewed when it expired this session of Congress.

Chapter 13

Chapter 13 is an interest-free debt repayment plan through which you consolidate your debts and make a payment on your debt over a 3 to 5 year period. This type of bankruptcy is often used to save a house from foreclosure or to save a car from repossession.

Chapter 7

Chapter 7 bankruptcy is a process provided for under United States federal law by which you are entitled to a fresh start. Chapter 7 may eliminate most kinds of unsecured debt. It is usually designed for someone with no assets.


The property that is subject to a lien as for payment of a debt or performance of a contract. A creditor with rights in collateral is a secured creditor and has additional protections in the Bankruptcy Code for the claim secured by collateral.


The process by which the Bankruptcy Judge approves a plan of reorganization of a debtor in a Chapter 13 case.


Cases under the Bankruptcy Code may be converted from one chapter to another chapter; for example, a Chapter 7 case may be converted to a case under Chapter 13 if the debtor is eligible for Chapter 13. Even though the Chapter of the Code that governs it changes, it remains the same case as originally filed.

Credit Report

A report outlining an individual’s credit history, public records and credit worthiness.


Any person or business that a debtor owes money to.

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