Good Faith - The state of possessing an honest intention to act fairly and forthrightly with another party.
Homestead - The exemption provided, if any, to equity in a person's home, most commonly the physical structure and real estate associated with it but sometimes refers to a mobile home or lease interest in property.
Involuntary Bankruptcy - A rarely used proceeding where creditors of a debtor join together to petition the bankruptcy court to determing the debtor is not paying its debts as they come due in order to allow the court to take control of the debtor's property for the benefit of creditors.
Judgment - A court order determining an issue, most commonly determining if one party owes another a sum of money, any interest, or costs associated with the debt.
Lien - A right a party can grant to a creditor in property they have or are acquiring which secures -- protects -- the creditor's right to payment. A default in the payment arrangements will typically give rise to the creditor's right to take possession of the property and sell it to collect their obligation.
Liquidated - A fixed or relatively easily calculated amount.
Meeting of Creditors - The initial hearing in a bankruptcy case which is attended by the debtor, any trustee appointed in the case, and creditors who wish to attend. An opportunity for the parties to a case to ask the debtor questions about their financial condition, income, assets, liabilities and past transactions.
No-Asset - The typical status of a Chapter 7 consumer bankruptcy, it refers to the fact that the trustee has discovered no assets of the debtor worth selling to pay the claims of creditors.
Non-dischargeable - The status of some debts which are not subject to a bankruptcy discharge either by operation of law (e.g. child support obligations) or because of a ruling by the court (e.g. debts incurred through fraud).
Oversecured - A creditor who holds a lien on property which is worth more than the debt they are owed.
Payday Loan - A short-term very high interest loan, typically made on the security of a post-dated check most commonly to be repaid on or near the next payday.
Homestead - The exemption provided, if any, to equity in a person's home, most commonly the physical structure and real estate associated with it but sometimes refers to a mobile home or lease interest in property.
Involuntary Bankruptcy - A rarely used proceeding where creditors of a debtor join together to petition the bankruptcy court to determing the debtor is not paying its debts as they come due in order to allow the court to take control of the debtor's property for the benefit of creditors.
Judgment - A court order determining an issue, most commonly determining if one party owes another a sum of money, any interest, or costs associated with the debt.
Lien - A right a party can grant to a creditor in property they have or are acquiring which secures -- protects -- the creditor's right to payment. A default in the payment arrangements will typically give rise to the creditor's right to take possession of the property and sell it to collect their obligation.
Liquidated - A fixed or relatively easily calculated amount.
Meeting of Creditors - The initial hearing in a bankruptcy case which is attended by the debtor, any trustee appointed in the case, and creditors who wish to attend. An opportunity for the parties to a case to ask the debtor questions about their financial condition, income, assets, liabilities and past transactions.
No-Asset - The typical status of a Chapter 7 consumer bankruptcy, it refers to the fact that the trustee has discovered no assets of the debtor worth selling to pay the claims of creditors.
Non-dischargeable - The status of some debts which are not subject to a bankruptcy discharge either by operation of law (e.g. child support obligations) or because of a ruling by the court (e.g. debts incurred through fraud).
Oversecured - A creditor who holds a lien on property which is worth more than the debt they are owed.
Payday Loan - A short-term very high interest loan, typically made on the security of a post-dated check most commonly to be repaid on or near the next payday.
8/07
