GULF COAST FLORIDA DEBT RELIEF AND
Listed below are some
of the most common words and legal terms you
will hear throughout the
A U.S. Bankruptcy Court
hearing to address a lawsuit or complaint a
creditor may file in response to a
Automatic Stay, Motion to Lift the
A legal injunction that
will automatically stop all creditor
collection actions against the individual
filing bankruptcy, including lawsuits,
foreclosures, lien actions and garnishments.
If certain conditions are met, a creditor
may file a legal motion to lift an automatic
stay and resume collections activities.
A legal procedure
available to individuals, married couples
and business owners for eliminating or
reorganizing debt. See also Chapter 7 debt
elimination and Chapter 13 debt
An officer of the
federal bankruptcy court system, responsible
for supervising and administering U.S.
Bankruptcy Court cases, including overseeing
estate administration, debt reorganization
plans, creditors' committees, court fees and
other statutory duties.
The informal name for
title 11 of the United States Code (11 U.S.C.
§§ 101-1330), the federal bankruptcy law.
The federal district
court and judges responsible for handling
all matters related to the U.S. Bankruptcy
All legal or equitable
property interests of the debtor listed in
the bankruptcy filing, even if owned or held
in control by another party.
The U.S. federal
district judge who serves as the court
official over bankruptcy cases that come
before the court.
The legal term for the
bankruptcy filing documents. Filed by the
individual or by creditors forcing the
debtor into bankruptcy.
The chapter of the U.S.
Bankruptcy Code that allows for the
liquidation and/or elimination of the
petitioner's debt obligations to creditors.
bankruptcy petition usually reserved for a
corporation or partnership. Most commonly
referred to as business bankruptcy.
The chapter of the
Bankruptcy Code providing for reorganizing
debt under a structured, court-supervised
repayment plan, generally three or five
years. Debt may be eliminated under Chapter
13, as well.
A creditor's assertion
that a particular debt should not be
included as part of a bankruptcy petition.
The bankruptcy judge's
approval of a debt elimination or
reorganization in a bankruptcy petition.
Consumer Debtor, Consumer Debts
A debtor whose debts
are primarily consumer debts.
A claim that may be
owed by the debtor under certain
circumstances, e.g., where the debtor is a
co-signer on another person's loan and that
person fails to pay.
The party to whom debt
Credit Counseling, Debtor Education
A consumer debt and
financial management class generally
required for individuals and/or parties,
prior to the discharge or reorganization of
debts in a Chapter 7 or Chapter 13
Creditors' Meeting, 341 Meeting
The meeting of
creditors required by section 341 of the
Bankruptcy Code. The debtor will be
questioned under oath regarding the estate
of debt and finances.
Current Monthly Income
The average monthly
income received by the debtor over the six
calendar months before commencement of the
bankruptcy case. Often referred to as the 6-month
The party who has filed
the bankruptcy petition.
A release from debt,
per provisions of the U.S. Bankruptcy Code.
A debt for which the
Bankruptcy Code allows the debtor's personal
liability to be eliminated. Debts which may
not be discharged, such as student loans,
are considered non-dischargeable debt and may
not be eliminated under Chapter 7bankruptcy.
The actual share of
financial value a bankruptcy petitioner owns
in a property listed as debt.
Property that the U.S.
Bankruptcy Code allows the debtor to exclude
from liquidation in a Chapter 7 or Chapter
Joint Administration, Joint Petition
A bankruptcy petition
allowing two or more petitions to be
administered together. A husband and wife
may file together under this type of
petition and administration.
The right of a creditor
to assume control of a debtor's property
until the debt related to the property has
been satisfied in full or legal arrangements
have been made to satisfy the creditor's
Liquidation, Liquidation Claim
A sale of a debtor's
property, which the creditor may collect to
satisfy a claim.
Means Test, Presumption of Abuse
A formula including
inputting assets, debts and income to
determine whether the ratio of debt to
income qualifies the petitioner for Chapter
A Chapter 7 petition in
which the petitioner lists no assets to
satisfy any portion of the creditors'
Objection to Dischargeability,
Objections to Exemptions
Creditors may file a
formal petition objecting to a discharged
debt or exemption allowed by the bankruptcy
A court-supervised debt
repayment plan required as part of a Chapter
13 or Chapter 11 debt restructuring
petition. The plan is usually restricted to
a three- or five-year repayment period. See
The party who files a
formal complaint with the court.
A transfer of the
debtor's property, completed only after
confirmation of the bankruptcy.
Preferential Debt Payment
The petitioner may work
out a special arrangement to repay all or
part of a debt during a 90-day period prior
to filing bankruptcy. Typically, the
creditor accepts special terms for a reduced
repayment amount in exchange for exemption
from the list of debts.
Priority, Priority Claim
The Bankruptcy Code's
statutory ranking of unsecured claims that
determine the order in which debts will be
An agreement by a
Chapter 7 debtor to continue paying a
dischargeable debt, typically regarding a home
mortgage and a car
List of the
petitioner's assets, liabilities and other
Secured Creditor, Secured Debt
A bank or financial
institution issuing a loan that holds
ownership of the purchased property as
collateral for repayment. Any loan requiring
collateral attached to repayment is known as
secured debt. Car loans are the most common
type of secured loan.
Statement of Financial Affairs
Questions a petitioner
must answer in writing concerning sources of
income and assets.
Statement of Intention
A declaration made by a
Chapter 7 petitioner to answer questions
regarding handling consumer debts that are
secured by property of the estate.
The representative of
the bankruptcy estate who exercises
statutory powers over the bankruptcy
petition and discharge.
A claim for which a
specific value has not been determined.
A debt not listed on
the schedule. It is up to the discretion of
the bankruptcy judge whether any unscheduled
debts may be discharged.
A debt for which a
creditor holds no special assurance of
payment. Credit card debt is a typical
example of unsecured debt.
A transfer of a
debtor's property with the debtor's consent.
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families and business owners in bankruptcy
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communities throughout the Florida Gulf
Coast region. If you are over your head in
debt and don't know where to turn for
relief, turn to us. Contact
us today for a free, no-obligation