Learning The ABCs of Bankruptcy
Bankruptcy is a highly complicated and intricate area of federal law that can easily intimidate a person who is not familiar with the terminology. However, it doesn't have to be that way. This website is designed to provide you the ABCs of bankruptcy so you can better understand the language used by bankruptcy lawyers and courts. If you commit these terms to memory, you will have a leg up when reading the laws of bankruptcy or talking to a bankruptcy attorney.
These terms are useful to know when talking to a Portland bankruptcy attorney or when in bankruptcy court.
Automatic Stay - an injunction that takes affect the moment a bankruptcy petition is filed and automatically stops collections practices by debt collectors, including lawsuits, garnishments, foreclosures and most other debt collection activity against the debtor.
Bankruptcy - a federal legal procedure for obtaining debt relief by individuals and businesses based on title 11 of the United States Code.
Bankruptcy Estate - all property interests of the debtor at the time of bankruptcy filing.
Chapter 7 Bankruptcy - liquidation bankruptcy wherein the debtor agrees to the sale of his or her nonexempt property to pay off a portion of his or her debts in exchange for discharge of those debts.
Chapter 11 Bankruptcy - reorganization bankruptcy designed to keep a business, partnership or high earning individual out of chapter 7 bankruptcy by paying creditors over time.
Chapter 12 Bankruptcy - reorganization bankruptcy specially tailored for family farmers and family fishermen.
Chapter 13 Bankruptcy - individual reorganization bankruptcy wherein a debtor uses his or her regular income to pay down debts over three to five years in exchange for a discharge of that debt at the end of the repayment plan.
Claim - a creditor's claim to be owed an obligation by a debtor.
Confirmation - approval of a bankruptcy case by a bankruptcy judge.
Consumer Debt - debts incurred for personal use (not business use).
Creditor - a person or entity owed money by the debtor.
Credit Counseling - required informational course required of a debtor requesting relief under bankruptcy code.
If you need more advice or help you need to remember four words: bankruptcy attorney Portland Oregon. Those four words can help you track down an expert who can answer all of your questions, negotiate on your behalf, file then necessary paperwork and appear for you before the bankruptcy court. There is no substitute for a seasoned Portland bankruptcy lawyer, because he or she can save you money while obtaining the debt-relief that only bankruptcy can provide.
These terms are useful to know when talking to a Portland bankruptcy attorney or when in bankruptcy court.
Automatic Stay - an injunction that takes affect the moment a bankruptcy petition is filed and automatically stops collections practices by debt collectors, including lawsuits, garnishments, foreclosures and most other debt collection activity against the debtor.
Bankruptcy - a federal legal procedure for obtaining debt relief by individuals and businesses based on title 11 of the United States Code.
Bankruptcy Estate - all property interests of the debtor at the time of bankruptcy filing.
Chapter 7 Bankruptcy - liquidation bankruptcy wherein the debtor agrees to the sale of his or her nonexempt property to pay off a portion of his or her debts in exchange for discharge of those debts.
Chapter 11 Bankruptcy - reorganization bankruptcy designed to keep a business, partnership or high earning individual out of chapter 7 bankruptcy by paying creditors over time.
Chapter 12 Bankruptcy - reorganization bankruptcy specially tailored for family farmers and family fishermen.
Chapter 13 Bankruptcy - individual reorganization bankruptcy wherein a debtor uses his or her regular income to pay down debts over three to five years in exchange for a discharge of that debt at the end of the repayment plan.
Claim - a creditor's claim to be owed an obligation by a debtor.
Confirmation - approval of a bankruptcy case by a bankruptcy judge.
Consumer Debt - debts incurred for personal use (not business use).
Creditor - a person or entity owed money by the debtor.
Credit Counseling - required informational course required of a debtor requesting relief under bankruptcy code.
If you need more advice or help you need to remember four words: bankruptcy attorney Portland Oregon. Those four words can help you track down an expert who can answer all of your questions, negotiate on your behalf, file then necessary paperwork and appear for you before the bankruptcy court. There is no substitute for a seasoned Portland bankruptcy lawyer, because he or she can save you money while obtaining the debt-relief that only bankruptcy can provide.
