Term
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Definition
| applies to individuals or businesses |
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Term
| Chapter 11: Reorganization |
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Definition
| applies to most businesses |
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Term
| Chapter 12: Wage Earner Plan |
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Definition
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Term
| Chapter 13: Joint Filings |
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Definition
| Spouses may file proceedings together under 7 or 13 |
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Term
| *Commencement of the Case |
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Definition
| the filing of a petition begins jurisdiction in the bankruptcy court. |
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Term
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Definition
| available to any debtor even if solvent; consumer debtor must receive credit counseling before filing. |
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Term
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Definition
| may be filed only under Chapter 7 or 11 if the debtor is generally not paying his debts as they become due; debtor may answer the petition. |
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Term
| Chapter 12: Reorganization |
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Definition
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Term
| (1)Petitions Must Include the Following Information: |
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Definition
| Identification of the debtor (including related entities) |
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Term
| (2)Petitions Must Include the Following Information: |
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Definition
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Term
| (3)Petitions Must Include the Following Information: |
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Definition
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Term
| (4)Petitions Must Include the Following Information: |
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Definition
| Identification of creditors (persons or entities to whom the debts are owed) |
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Term
| Failure To Disclose This Information May Result in |
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Definition
No or Incomplete Relief
*Dismissal or Conversion |
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Term
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Definition
| the court may dismiss a case for cause after notice and a hearing. |
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Term
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Definition
| a Chapter 7 case may be converted to a Chapter 11 or 13 case in certain circumstances. |
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Term
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Definition
| upon the filing of a petition and giving notice in other proceedings, it prevents attempts by creditors to recover on claims outside of the bankruptcy court; freezes even pending litigation in state courts; |
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Term
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Definition
| if assets exist, creditors given opportunity to file claim. |
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Term
| *Meeting of Creditors (a/k/a § 341 Meeting) |
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Definition
| debtor must appear and submit to an examination of her financial situation. |
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Term
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Definition
| any entity that has a claim against the debtor. |
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Term
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Definition
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Term
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Definition
| the right of certain claims to be paid before claims of lesser rank. |
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Term
| *Domestic support obligations |
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Definition
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Term
| *Expenses of administration of debtor’s estate |
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Definition
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Term
| *Gap creditors (incurred between filing of claim and order for relief) |
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Definition
Up to $10,000 for wages, salaries or commissions
Contributions to employee benefit plans
Up to $4,925 for grain or fish producers against a storage facility
Up to $2,225 for consumer deposits |
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Term
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Definition
| Claims arising from DUI convictions |
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Term
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Definition
| relief from liability for all debts except those the Bankruptcy Code specifies as not dischargeable. |
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Term
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Definition
| When a bankruptcy case is filed, all legal and equitable interests of the debtor in nonexempt property become property of the “estate.” |
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Term
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Definition
| a third party that supervises the bankruptcy case and can control disposition of assets |
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Term
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Definition
| Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from the debtor to favored creditors. |
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Term
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Definition
| *Trustee may avoid “fraudulent” transfers made on or within one year before the date of bankruptcy. |
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Term
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Definition
| involves terminating the business of the debtor (if applicable), distributing his nonexempt assets, and, discharging all dischargeable debts. |
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Term
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Definition
| Abuse may be found if the debtor filed in bad faith or if the debtor’s income is greater than the state median income |
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Term
| (1) Distribution of Estate |
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Definition
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Term
| (2) Distribution of Estate |
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Definition
| creditors entitled to a priority |
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Term
| (3) Distribution of Estate |
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Definition
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Term
| (4) Distribution of Estate |
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Definition
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Term
| (5) Distribution of Estate |
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Definition
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Term
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Definition
| granted unless the debtor has committed an offense under the Bankruptcy Code or has received a discharge within past eight years. |
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Term
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Definition
| to preserve a distressed entity and its value as a going concern. |
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Term
| (1)Confirmation of Plan requires |
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Definition
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Term
| (2)Confirmation of Plan requires |
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Definition
| (2) that the value of property distributed to creditors be not less than the amount to be paid them under Chapter 7 |
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Term
| (3)Confirmation of Plan requires |
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Definition
| (3) that secured creditors accept the plan |
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Term
| (4)Confirmation of Plan requires |
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Definition
| (4) that the debtor be able to make all payments and comply with the plan. |
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Term
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Definition
| gives the debtor more time to pay, either in full or reduced. |
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Term
| *Assignment for Benefit of Creditors |
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Definition
| voluntary transfer by the debtor of some or all of his property to a trustee, who applies the property to the payment of all the debtor's debts |
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