Perfection - The public recording of a lien by a secured creditor, like recording a mortgage with the deed's office or placing a lien on a car title. Perfection puts the public at large on notice of the creditor's rights in property.
Personal Property - A party's non-real estate assets. Also called "personalty." Includes all tangible non-real estate things and sometimes includes intangible rights, like copyrights and patents.
Petition - The document used to open a bankruptcy case and seek the protection of the bankruptcy court and relief from the immediate payment of debts.
Preference - The repayment of a debt to the exclusion of or in a more advantageous way than the repayment of other obligations. Certain preferential payments or transfers can be recovered by the bankruptcy estate for repayment of all creditors.
Pre-petition - Events occuring prior to the filing of a petition in bankruptcy.
Presumption of Abuse - The status that arises if a Chapter 7 debtor appears to "fail" the means test. It arises where a debtor appears to have disposable monthly income in excess of amounts allowed by law.
Priority - The system of determining in which order creditors are repaid from the estate. Certain creditors are granted favored treatment to partial or complete repayment prior to payment of lower "priority" claims.
Proof of Claim - A document that is normally filed by a creditor identifying the amount owed by the debtor, the type and priority of the debt, and any evidence supporting the alleged right to payment.
Reaffirmation - A complex transaction where a debtor, normally in Chapter 7, agrees to remain personally responsible for a debt which may otherwise be discharged at the conclusion of the case.
Redemption - The satisfaction of a secured creditor's lien on the debtor's personal property through a lump sum payment of the fair market value of the collateral in lieu of surrendering the collateral itself to the creditor.
Relief from Stay - Permission granted to a creditor to proceed with an act which might otherwise violate the automatic stay created at the beginning of a bankruptcy case. It is normally granted by the court only upon motion and hearing, upon a showing of good cause based on the bankruptcy law. It is granted automatically after certain time periods elapse or at the conclusion of a case by discharge, dismissal or closing without discharge.
Personal Property - A party's non-real estate assets. Also called "personalty." Includes all tangible non-real estate things and sometimes includes intangible rights, like copyrights and patents.
Petition - The document used to open a bankruptcy case and seek the protection of the bankruptcy court and relief from the immediate payment of debts.
Preference - The repayment of a debt to the exclusion of or in a more advantageous way than the repayment of other obligations. Certain preferential payments or transfers can be recovered by the bankruptcy estate for repayment of all creditors.
Pre-petition - Events occuring prior to the filing of a petition in bankruptcy.
Presumption of Abuse - The status that arises if a Chapter 7 debtor appears to "fail" the means test. It arises where a debtor appears to have disposable monthly income in excess of amounts allowed by law.
Priority - The system of determining in which order creditors are repaid from the estate. Certain creditors are granted favored treatment to partial or complete repayment prior to payment of lower "priority" claims.
Proof of Claim - A document that is normally filed by a creditor identifying the amount owed by the debtor, the type and priority of the debt, and any evidence supporting the alleged right to payment.
Reaffirmation - A complex transaction where a debtor, normally in Chapter 7, agrees to remain personally responsible for a debt which may otherwise be discharged at the conclusion of the case.
Redemption - The satisfaction of a secured creditor's lien on the debtor's personal property through a lump sum payment of the fair market value of the collateral in lieu of surrendering the collateral itself to the creditor.
Relief from Stay - Permission granted to a creditor to proceed with an act which might otherwise violate the automatic stay created at the beginning of a bankruptcy case. It is normally granted by the court only upon motion and hearing, upon a showing of good cause based on the bankruptcy law. It is granted automatically after certain time periods elapse or at the conclusion of a case by discharge, dismissal or closing without discharge.
8/07
