Definitions of Legal Terms and Concepts

What Are 521 Documents in Bankruptcy?

Learn about the information you'll send to the bankruptcy trustee before the 341 meeting of creditors.

What Is a Bank Account Levy?

Learn how a judgment creditor can get to the funds in your bank account to pay down a debt.

What Is a Bankruptcy Estate?

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

What Is Bankruptcy Fraud?

Committing fraud before or during bankruptcy can result in serious consequences, including a denial of discharge, a fine, or even a criminal conviction.

What Is a Bankruptcy Petition?

Learn about the official form you'll file to start a bankruptcy case.

What Is a Codebtor in Bankruptcy?

You'll list anyone responsible for paying your debt in your bankruptcy paperwork.

What Is a Bankruptcy Discharge?

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

What Is Consumer Debt in Bankruptcy?

Learn about the differences between consumer debt and business debt.

What Is Credit and Debt Counseling in Bankruptcy?

Learn about the courses an individual must take when filing for bankruptcy.

What Is a Debtor in Bankruptcy?

The debtor is the filer who initiates a bankruptcy case.

What Is Exempt Property?

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

What Is a Foreclosure Sale?

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

What Is Wage Garnishment?

Learn how a creditor can force your employer to take money out of your check.

What Is a Lien?

A lien can help a creditor recover money when a borrower stops paying a bill.

What Is Nonexempt Property in Bankruptcy?

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

What Is a Nonpriority Unsecured Claim in Bankruptcy?

Find out which debts get paid last in bankruptcy.

What Is a Priority Claim in Bankruptcy?

Learn about debts that the trustee will pay first in a bankruptcy case.

What Does Replacement Cost Mean in Bankruptcy?

Learn how to determine the current value of your property in bankruptcy.

What Is a Secured Claim in Bankruptcy?

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

What Is a Secured Debt?

Learn about secured debts and how creditors can collect them.

What Is an Unsecured Claim in Bankruptcy?

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

What is an Unsecured Debt?

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

What Is a Secured Debt?

Learn about secured debts and how creditors can collect them.

What Is a Disputed Debt in Bankruptcy?

Find out whether you should check the "disputed claim" box on your bankruptcy paperwork.

What Is an Abusive Bankruptcy Filing?

Find out what the term "abuse" means in bankruptcy.

What Is a Contingent Bankruptcy Claim?

Learn how a contingent claim can slow down creditor payments in a bankruptcy case.

What Is a Bankruptcy Adversary Proceeding?

When a complicated dispute arises in a bankruptcy case, the parties will file a separate lawsuit to resolve it.

What Is a Fraudulent Transfer in Bankruptcy?

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