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Bankruptcy Terminology INFO02 - Tennessee
| Bankruptcy Terminology Form. This is a Tennessee form and can be used in USBC Western Federal . |
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BANKRUPTCY BASICS Public Information Series Bankruptcy Judges Division Administrative Office of the United States Courts August, 1998 While the information presented in this pamphlet is accurate as of the date of publication, it should not be cited or relied upon as legal authority. It should not be used as a substitute for reference to the United States Bankruptcy Code (title 11 United States Code) and the Federal Rules of Bankruptcy Procedure, both of which may be reviewed at local law libraries, or to local rules of practice adopted by each bankruptcy court. Finally, this pamphlet should not substitute for the advice of competent legal counsel. For additional copies, please contact the Bankruptcy Judges Division, Administrative Office of the United States Courts, (202) 273-1900. American LegalNet, Inc. www.USCourtForms.com BANKRUPTCY TERMINOLOGY (Public Information Series, Bankruptcy Judges Division, Administrative office of the U. S. Courts) 1. Adversary proceeding A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the bankruptcy court. 2. Assume An agreement to continue performing duties under a contract or lease. 3. Automatic stay An injunction that automatically stops lawsuits, foreclosure, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed. 4. Bankruptcy A legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code). 5. Bankruptcy administrator An officer of the judiciary serving in the judicial districts of Alabama and North Carolina who, like the United States trustee, is responsible for supervising the administration of bankruptcy cases, estates, and trustees, monitoring plans and disclosure statements, monitoring creditors' committees, monitoring fee applications, and performing other statutory duties. 6. Bankruptcy code The informal name for title 11 of the United States Code (11 U.S.C. ยงยง 1011330), the federal bankruptcy law. 7. Bankruptcy court the district court. The bankruptcy judges in regular active service in each district; a unit of 8. Bankruptcy estate All legal or equitable interests of the debtor in property at the time of the bankruptcy filing. (The estate includes all property in which the debtor has an interest, even if it is owned or held by another person.) 9. Bankruptcy judge A judicial officer of the United States district court who is the court official with decision-making power over federal bankruptcy cases. 10. Bankruptcy mill A business not authorized to practice law that provides bankruptcy counseling and prepares bankruptcy petitions. 11. Bankruptcy petition A formal request for the protection of the federal bankruptcy laws. (There is an official form for bankruptcy petitions.) 12. Bankruptcy trustee A private individual or corporation appointed in all chapter 7, chapter 1 American LegalNet, Inc. www.USCourtForms.com 12, and chapter 13 cases to represent the interests of the bankruptcy estate and the debtor's creditors. 13. Business bankruptcy A bankruptcy case in which the debtor is a business or an individual involved in business and the debts are for business purposes. 14. Chapter 7 The chapter of the Bankruptcy Code providing for "liquidation," i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors. 15. Chapter 7 trustee A person appointed in a chapter 7 case to represent the interests of the bankruptcy estate and the unsecured creditors. (The trustee's responsibilities include reviewing the debtor's petition and schedules, liquidating the property of the estate, and making distributions to creditors. The trustee may also bring actions against creditors or the debtor to recover property of the bankruptcy estate.) 16. Chapter 11 A reorganization bankruptcy, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.) 17. Chapter 12 The chapter of the Bankruptcy Code providing for adjustment of debts of a "family farmer," as that term is defined in the Bankruptcy Code. 18. Chapter 13 The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.) 19. Chapter 13 trustee A person appointed to administer a chapter 13 case. (A chapter 13 trustee's responsibilities are similar to those of a chapter 7 trustee; however, a chapter 13 trustee has the additional responsibilities of overseeing the debtor's plan, receiving payments from debtors, and disbursing plan payments to creditors.) 20. Claim A creditor's assertion of a right to payment from a debtor or the debtor's property. 21. Complaint The first or initiatory document in a lawsuit that notifies the court and the defendant of the grounds claimed by the plaintiff for an award of money or other relief against the defendant. 22. Confirmation Approval of a plan of reorganization by a bankruptcy judge. 23. Consumer bankruptcy A bankruptcy case filed to reduce or eliminate debts that are primarily consumer debts. 24. Consumer debts Debts incurred for personal, as opposed to business, needs. 2 American LegalNet, Inc. www.USCourtForms.com 25. Contingent claim A claim that may be owed by the debtor under certain circumstances, for example, where the debtor is a cosigner on another person's loan and that person fails to pay. 26. Creditor A person to whom or business to which the debtor owes money or that claims to be owed money by the debtor. 27. Debtor A person who has filed a petition for relief under the bankruptcy laws. 28. Defendant An individual (or business) against whom a lawsuit is filed. 29. Discharge A release of a debtor from personal liability for certain dischargeable debts. (A discharge releases a debtor from personal liability for certain debts known as dischargeable debts (defined below) and prevents the creditors owed those debts from taking any action against the debtor or the debtor's property to collect the debts. The discharge also prohibits creditors from communicating with the debtor regarding the debt, including telephone calls, letters, and personal contact.) 30. Dischargeable debt liability
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