Definitions of Legal Terms and Concepts

Learn about the financial documents you'll send the bankruptcy trustee before the 341 meeting of creditors.

Learn what a levy on a bank account is and how a judgment creditor can use a bank account levy to withdraw the funds in your bank account to pay down a debt.

When you file for bankruptcy, your property goes into an estate that's managed by the bankruptcy trustee.

Learn the definition of bankruptcy fraud, including the differences between civil and criminal bankruptcy fraud, what bankruptcy fraud is in Chapters 7 and 13, and whether you can go to jail for filing a fraudulent bankruptcy action.

A Chapter 7 and Chapter 13 bankruptcy begins by filing a "bankruptcy petition," which consists of many official forms, schedules, and statements. The petition itself acts as a cover document and includes basic identifying information, such as your name, address, the bankruptcy chapter you intend to file, and if you've filed for bankruptcy before. Learn more about the official form you'll file to start a bankruptcy case.

Learn about the court order that wipes out your debt in bankruptcy.

When filing for bankruptcy, an individual must take a bankruptcy credit counseling course before filing bankruptcy and a debtor education class after filing. Learn about the certificates an individual must file to prove the bankruptcy credit counseling course requirement was met and the consequences of failing to comply with the requirement.

Learn how the law allows you to protect certain property from creditors.

If a borrower falls behind on a mortgage payment, the bank can take steps to sell the home at a foreclosure sale.

Find out about assets that you won't be able to exempt (protect) in bankruptcy.

Bankruptcy debts are paid in a particular order. Learn about the debts the trustee will pay first when money is available.

Learn about the form a secured creditor must submit to receive payment in bankruptcy.

Learn about secured debts and how creditors can collect them.

Find out how a creditor with a debt that isn't guaranteed by property requests payment in bankruptcy.

Learn about unsecured debts, including what they are and how creditors can collect on them.

Learn about secured debts and how creditors can collect them.

Some property transfers will be undone if you later file a bankruptcy case.