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Bankruptcy Terms and Glossary

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Absolute Priority
The order of payment to the different classes of creditors mandated by the Bankruptcy Code.

Accord and Satisfaction
An agreement to settle a contract dispute by accepting less than what's due.

Adequate Protection
The right of a party with an interest in the debtor's property to assurances its interest will not be diminished during the individual’s bankruptcy proceedings.

Adjustable Rate Mortgage
A mortgage loan with an interest rate that goes up and down in accordance with a designated market indicator.

Administration Claim
The debt incurred by the debtor after the bankruptcy commences with court approval.

Adversary Proceeding
A lawsuit arising related to a bankruptcy case.

Appraisal
A professional and legitimate determination of the value of some property or assets like a house or a car.

Arrangement
The agreements worked out concerning the conditions under which a bankrupt entity may operate.

Assume
An agreement to continue the guidelines laid out in a contract or lease.

Automatic Stay
An injunction effective immediately after a bankruptcy petition is filed that stops lawsuits, foreclosures, wage garnishments, and all other collection activities against the debtor/filer.

Avoidance Power
When the court negates certain transactions a debtor has prior to the bankruptcy filing.