Collateral Estoppel - A legal principle which prevents a party to a legal proceeding from re-arguing issues already decided by a court. Similar to "res judicata."
Confirmation - A bankruptcy proceeding which approves a reorganization plan under Chapter 11, 12, or 13. It binds all parties to it including the debtor and creditors, whether or not they consent.
Conversion - In bankruptcy, the transfer of a case from a proceeding under one Chapter to a proceeding under another Chapter. Can also refer to the taking of someone else's property for one's own use without the consent of the rightful owner.
Cramdown - In consumer cases, the process of reducing the payment to which a secured creditor is entitled, typically to the fair market value of its collateral.
Creditor - A party owed money by a debtor.
Credit Card - A tool for accessing a credit line provided by a creditor either at a point of sale or through other electronic connection.
Credit Report - A compilation of information about a consumer about their use of consumer credit to be used typically by those considering the extension of credit to the consumer, or a few other approved uses (i.e. employment and collection purposes). Reports are maintained by credit reporting agencies, the best known being Equifax, Experian and TransUnion. A free copy of your credit report must be provided on demand to a consumer once per year, for example through the Annual Credit Report website.
Current Monthly Income - A bankruptcy debtor's average gross income, based on the last six completed months, including certain contributions from third-parties but excluding certain exceptions like Social Security benefits.
Debtor - A party who owes or is alleged to owe money to another.
Debtor-in-Possession - A debtor in a Chapter 11 proceeding who remains in control of the property of the estate, so long as the bankruptcy court has not appointed a trustee.
Default - A failure to perform an obligation under a contract.
Deficiency - The amount still owed on a loan after application of the proceeds from the sale of any collateral.
Discharge - A bankruptcy court order which eliminates the legal obligation to repay an obligation.
Confirmation - A bankruptcy proceeding which approves a reorganization plan under Chapter 11, 12, or 13. It binds all parties to it including the debtor and creditors, whether or not they consent.
Conversion - In bankruptcy, the transfer of a case from a proceeding under one Chapter to a proceeding under another Chapter. Can also refer to the taking of someone else's property for one's own use without the consent of the rightful owner.
Cramdown - In consumer cases, the process of reducing the payment to which a secured creditor is entitled, typically to the fair market value of its collateral.
Creditor - A party owed money by a debtor.
Credit Card - A tool for accessing a credit line provided by a creditor either at a point of sale or through other electronic connection.
Credit Report - A compilation of information about a consumer about their use of consumer credit to be used typically by those considering the extension of credit to the consumer, or a few other approved uses (i.e. employment and collection purposes). Reports are maintained by credit reporting agencies, the best known being Equifax, Experian and TransUnion. A free copy of your credit report must be provided on demand to a consumer once per year, for example through the Annual Credit Report website.
Current Monthly Income - A bankruptcy debtor's average gross income, based on the last six completed months, including certain contributions from third-parties but excluding certain exceptions like Social Security benefits.
Debtor - A party who owes or is alleged to owe money to another.
Debtor-in-Possession - A debtor in a Chapter 11 proceeding who remains in control of the property of the estate, so long as the bankruptcy court has not appointed a trustee.
Default - A failure to perform an obligation under a contract.
Deficiency - The amount still owed on a loan after application of the proceeds from the sale of any collateral.
Discharge - A bankruptcy court order which eliminates the legal obligation to repay an obligation.
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