0
Here is a brief glossary of legal terms associated with bankruptcy and debts which can help readers understand some of the common legal terms associated with the bankruptcy process.
A: Automatic Stay: An automatic stay is the court order issued by a bankruptcy court that stops debt collection attempts which are made against someone who files for bankruptcy protection.
Avoidance: Avoidance is a legal term that describes the ability of debtors to avoid certain types of liens that make it difficult for the debtor to claim an exemption used in the bankruptcy process.
B: Bankruptcy Code: The Bankruptcy Code is the set of state and Federal Laws which govern the bankruptcy process. Debtors use certain chapters, or sections, of the Bankruptcy Code to petition for bankruptcy relief.
C: Chapter 7: Chapter 7 is the section of the Bankruptcy Code which allows consumers to sell everything that is legally allowed to be sold to satisfy creditors’ claims.
Chapter 13: Chapter 13 is the section of the Bankruptcy Code which allows individuals to set up payment plans to pay back at least a part of their debts back to their creditors over a 3 to 5 year period.
Collateral: The property that is used to satisfy a lien is called collateral.
Confirmation: The legal process by which debtors agree to repay a debt that is dischargeable in a bankruptcy is called confirmation.
D: (To) Discharge: The discharge process is the legal process that is used to eliminate a debt during the bankruptcy process.
E:
Exemptions: Exemptions are special concessions that debtors can use to protect various personal items from their creditors.
L: Lien: A lien is a legal interest in a piece of real estate or personal property that is used to secure a debt.
M: Means Test: The means test is an initial process used to determine if a consumer qualifies for bankruptcy relief. Some debtors may be excused from taking the means test if they meet certain requirements.
Meeting of Creditors: A meeting of creditors is a formal legal proceeding that is used to review the debtor’s petition for bankruptcy relief.
P: Petition: A petition is the formal legal process by which debtors ask for bankruptcy relief. A petition is also the set of formal documents used to process a bankruptcy case.
S: Schedules: Schedules are the formal documents that list all of the debtor’s assets and liabilities.
What else can I help you with?
Does legal aid cover bankruptcy?
unfortunately Legal Aid i not available for bankruptcy
What is the Citibank-Best Buy bankruptcy notice address?
The bankruptcy notice address for Citibank and Best Buy is typically associated with their corporate or legal departments. For the most accurate and current address, it's recommended to refer to official bankruptcy filings or the companies' websites. If you need the specific address for a legal purpose, consulting court documents or a legal professional can provide the necessary information.
What is the bankruptcy mailing address for TMOBILE?
The bankruptcy mailing address for T-Mobile is typically associated with its parent company, Deutsche Telekom AG. While the specific address can vary based on the nature of the bankruptcy proceedings, you can generally find the most accurate information by checking T-Mobile's official website or legal filings related to the bankruptcy. For precise details, it’s advisable to consult legal documents or official communications from T-Mobile.
Can a Legal alien file for bankruptcy?
Yes.
What is the legal term for going broke?
bankruptcy
What company can someone contact when they need legal help from bankruptcy?
When someone needs legal help from bankruptcy they can contact their local legal aid office. They will assign you someone to speak to about your options.
Can bankruptcy discharge legal fines or penalties?
No, it does not discharge legal fines and/or penalties.
When you file bankruptcy are you always in bankruptcy?
Bankruptcy is a legal proceeding in which a person can get a fresh financial start. Bankruptcy can be very useful and effective in resolving financial problems in certain cases.
What if had bankruptcy?
Bankruptcy is a legal proceeding in which a person can get a fresh financial start. Bankruptcy can be very useful and effective in resolving financial problems in certain cases.
What if the debt is incurred after the bankruptcy filing but before the bankruptcy discharge?
When an individual files for bankruptcy, he/she must list down all the creditors and debts that they have. If the bankruptcy has already been filed and the individual has incurred new debt but has not yet been discharged by bankruptcy, that new debt is not included in the bankruptcy discharge. For an official opinion, it is advised you seek legal counsel. It is really important to seek legal advice from the expert about filing for bankruptcy.
What are some newer problems addressed by employee assistance programs?
but now counselors are being trained to deal with gambling addiction and related problems. A number of companies also have EAPs that offer financial and legal referrals to employees with consumer credit or bankruptcy problems and legal concerns.
What is the Mailing address centurylink bankruptcy notice?
The mailing address for CenturyLink's bankruptcy notice is typically provided in official court documents or filings related to the bankruptcy case. To obtain the most accurate and current information, it is recommended to visit the website of the U.S. Bankruptcy Court or consult legal documents associated with the case. If you're looking for specific details, please provide more context or check CenturyLink's official communications.
