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

Sunday 29 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
Page:  1 2 3 4 Next »


Term Definition
Adversary Proceeding

A lawsuit filed in the bankruptcy court which is related to the debtor's bankruptcy case. Examples are complaints to determine the discharge ability of a debt and complaints to determine the extent and validity of liens.


The amount that is unpaid and overdue as of the date the bankruptcy case is filed. The word "arrears" is usually used when referring to back child support, back alimony owed, or the amount that is past due on mortgage payments (including interest and penalties).


Personal possessions of value, including cash, real estate, vehicles and investments.

Automatic Stay

An injunction that stops lawsuits, foreclosure, garnishments and all collection activity against the debtor the exact date a bankruptcy petition is filed Bankruptcy: By filing bankruptcy in federal court, an individual or individuals can restructure or relieve themselves of debts and liabilities.


The Bankruptcy Code permits the debtor to eliminate (avoid) some kinds of liens that interfere with (or impair) an exemption claimed in the bankruptcy. Most judgment liens that have attached to the debtor's home can be avoided if the total of the liens (mortgages, judgment liens and statutory liens) is greater than the value of the property in which the exemption is claimed. This is sometimes called "lien stripping."

Avoidance Powers

Rights given to the bankruptcy trustee or the debtor in possession to recover certain transfers of property such as preferences or fraudulent transfers or to void liens created before the commencement of a bankruptcy case.

Bankruptcy Code

Title 11 of the United States Code governs bankruptcy proceedings. Bankruptcy is a matter of federal law and is, with the exception of exemptions, the same in every state. When federal bankruptcy law conflicts with state law, federal law controls.

Bankruptcy Estate

The estate is all of the legal and equitable interests of the debtor as of the commencement of the case. From the estate, an individual debtor can claim certain property exempt; the balance of the estate is liquidated in a Chapter 7 to pay the administrative costs of the proceeding and the claims of creditors according to their priority.

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.

Page:  1 2 3 4 Next »
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