341 Meeting - The meeting of creditors required by section 341 of the Bankruptcy Code at which the debtor is questioned under oath by creditors, a trustee, examiner, or the U.S. trustee about the creditor’s financial affairs. Also called a creditors' meeting.
Adversary Proceeding - A lawsuit arising in or related to a bankruptcy case that is begun by filing a complaint with the court.
Assume - An agreement to continue performing duties under
a contract or lease.
Automatic Stay - An injunction that automatically stops lawsuits, foreclosures, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed.
Bankruptcy - A legal procedure filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code) for dealing with debt problems of individuals and businesses.
Bankruptcy Administrator - An officer of the judiciary serving in the judicial districts of Alabama and North Carolina who, like the U.S. 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. Compare U.S. trustee.
Bankruptcy Code - The informal name for title 11 of the United States Code (11 U.S.C. §§ 101-1330), the federal bankruptcy law.
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.)
Bankruptcy Petition - The document filed by the debtor (in a voluntary case) or by creditors (in an involuntary case) and which opens the bankruptcy case. (There are official forms for bankruptcy petitions.)
Chapter 7 Bankruptcy - The chapter of the Bankruptcy Code providing for "liquidation," that is the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.
Chapter 11 Bankruptcy - Although people in business or individuals can see relief under this chapter of the Bankruptcy Code, it provides (generally) for reorganization of a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time.
Chapter 12 Bankruptcy - The chapter of the Bankruptcy Code providing for adjustment of debts of a "family farmer," or a "family fisherman" -- an individual, individual and spouse, corporation, or partnership engaged in a farming or fishing operation that meets certain debt limits and other statutory criteria for filing a petition under Chapter 12.
Chapter 13 Bankruptcy - The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. It allows a debtor to keep property and pay debts over time -- usually three to five years.
Chapter 15 Bankruptcy - The chapter of the Bankruptcy Code dealing with cases of cross-border insolvency.