Repossession - The act of a lender on personal property taking control and possession of collateral for the purpose of selling it to recover part or all of the debt owed.
Schedules - The lists of assets, liabilities, income, expenses, and recent transactional history of the debtor in a bankruptcy case. Typically filed in the case at or near the beginning of the case and maintained as a public record by the court.
Secured - To be possessed of a right to share in the proceeds of the sale of an asset prior to the original owner due to a debt owed by the owner.
Security Agreement - A contract term by which a debtor grants a creditor right to receive payment from the sale of certain collateral and typically giving the creditor the right to take and sell that collateral upon failure to perform some part of the contract.
Setoff - The act by which a creditor applies any obligation it owes to a debtor on one transaction to satisfy in whole or part an obligation the debtor owes to the creditor in another transaction.
Signature Loan - A debt owed by a party to another which is not secured by any collateral other than the party's promise to pay.
Summons - A court notice which advises a party that a court proceeding is occuring, a hearing may be scheduled and certain rights of the party may be adjudicated.
Subpoena - A court order compelling a party to appear and give evidence in a court proceeding and/or produce records or allow them to be examined.
Title Loan - A debt typically secured by the title to a motor vehicle.
Trustee - A private party appointed most commonly by the U.S. Trustee to oversee a banrkuptcy proceeding. A trustee can also be elected by creditors.
Undersecured - A creditor who holds a lien on property which is worth less than the amount owed to the creditor.
Undue Hardship - A burden which is unreasonably harsh under the circumstances, for example resulting in a debtor being unable to maintain a minimal standard of living for which the debtor should not be held responsible.
Unsecured - A personal obligation of a debtor which is not legally attached to any collateral.
U.S. Trustee - A division of the federal Department of Justice which acts as a watch dog over the integrity of the bankruptcy system.
Schedules - The lists of assets, liabilities, income, expenses, and recent transactional history of the debtor in a bankruptcy case. Typically filed in the case at or near the beginning of the case and maintained as a public record by the court.
Secured - To be possessed of a right to share in the proceeds of the sale of an asset prior to the original owner due to a debt owed by the owner.
Security Agreement - A contract term by which a debtor grants a creditor right to receive payment from the sale of certain collateral and typically giving the creditor the right to take and sell that collateral upon failure to perform some part of the contract.
Setoff - The act by which a creditor applies any obligation it owes to a debtor on one transaction to satisfy in whole or part an obligation the debtor owes to the creditor in another transaction.
Signature Loan - A debt owed by a party to another which is not secured by any collateral other than the party's promise to pay.
Summons - A court notice which advises a party that a court proceeding is occuring, a hearing may be scheduled and certain rights of the party may be adjudicated.
Subpoena - A court order compelling a party to appear and give evidence in a court proceeding and/or produce records or allow them to be examined.
Title Loan - A debt typically secured by the title to a motor vehicle.
Trustee - A private party appointed most commonly by the U.S. Trustee to oversee a banrkuptcy proceeding. A trustee can also be elected by creditors.
Undersecured - A creditor who holds a lien on property which is worth less than the amount owed to the creditor.
Undue Hardship - A burden which is unreasonably harsh under the circumstances, for example resulting in a debtor being unable to maintain a minimal standard of living for which the debtor should not be held responsible.
Unsecured - A personal obligation of a debtor which is not legally attached to any collateral.
U.S. Trustee - A division of the federal Department of Justice which acts as a watch dog over the integrity of the bankruptcy system.
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