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Bankruptcy Terms and Glossary

P

Party in Interest
A party who has standing in a matter dealing with a bankruptcy case to be heard by the court.

Petition
The document that once filed commences a bankruptcy proceeding.

Petition Preparer
A non-legal organization where bankruptcy petitions are arranged.

Personal Property
All personal effects other than the land attached to the estate.

Plan
The debtor's detailed proposal to pay creditors' claims over a fixed period of time.

Plaintiff
A person or business that files a formal complaint with the court.

Post-Petition Transfer
A transfer of the debtor's property made after the commencement of the case.

Pre-Bankruptcy Planning
The arrangement of a debtor's property to take maximum advantage of exemptions.

Preference or Preferential Debt Payment
A debt payment made to a creditor in the 90-day period before a debtor files bankruptcy that provides the creditor with more than they would receive in the debtor's Chapter 7 Bankruptcy case.

Principal
The person who appoints an attorney to represent them when creating a legal document or action.

Priority
The Bankruptcy Code's statutory ranking of unsecured claims that determines the order in which those will be paid when there is not enough money to pay all unsecured claims in full.

Priority Claim
An unsecured claim that is entitled to be paid ahead of other unsecured claims that are not entitled to priority status.

Proceeds for Damaged Exempt Property
Money collected to pay for exempt property that is no longer exempt because it has been damaged or destroyed.

Proof of Claim
The written statement and other documentation filed by a creditor that describes the issues with the debtor.

Property (of the Estate)
All legal or equitable interests in property of the debtor at the time the case begins.