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

Thursday 26 Nov 2015

Bankruptcy Terms

There are 51 entries in this glossary.
Search for glossary terms (regular expression allowed)
Begins with Contains Exact term Sounds like
All | A | B | C | D | E | F | G | L | N | P | R | S | T | U


Term Definition

The debtor can choose to reaffirm debts that would otherwise be discharged by the bankruptcy. Generally, when a debt is reaffirmed, the parties to the reaffirmed debt have the same rights and liabilities that each had prior to the bankruptcy filing: the debtor is obligated to pay and the creditor can sue or repossess if the debtor doesn't pay.

Relief from Stay

A creditor can ask the judge to lift the automatic stay and permit some action against the debtor or the property of the estate. If the motion is granted, the moving party (but no one else) is free to take whatever action the court permits. Relief can be absolute, for example, permitting the creditor to foreclose on property, or limited, as for example, allowing the recordation of a notice of default.


Once in default, as defined by the creditor in the security agreement, occurs, the creditor can: repossess the collateral by self-help (depending on state law) or with the aid of a court order, dispose of the collateral by public or private foreclosure sale, retain the collateral in satisfaction of the debt, terminate the debtor's right of redemption, add the costs of repossession and foreclosure to the unpaid balance of the debt, and pursue the debtor for any remaining unpaid balance or deficiency.

Glossary 2.60 is technology by Guru PHP

E-Service Address

Follow Us!

Contact Us Today

Our Florida lawyer offices take great pride in servicing the following areas.

Palm Beach County
Phone: 561-626-7561

Martin County
Phone: 772-408-6969   

St. Lucie County
Phone: 772-408-6969

Economic News