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Bankruptcy Terms and Glossary
A creditor holding a claim against the debtor who has the right to take and hold or sell certain property of the debtor in satisfaction of some or all of the claim.
A debt when a creditor has a lien.
A counter claim to discharge or reduce the debt.
Detailed lists filed by the debtor along with the petition showing assets, liabilities, and other financial information.
Short Sale (of House)
A sale of an individual’s home where the proceeds fall short of what the owner still owes on the mortgage.
Term applied when not all the proper paperwork for a bankruptcy case has been filed.
Statement of Financial Affairs
A series of questions concerning income, transfers of property, lawsuits by creditors, etc., the debtor needs to answer in writing before a bankruptcy is filed.
Statement of Intention
A declaration made by a Chapter 7 debtor regarding plans for dealing with consumer debts that are secured by property of the estate.
Taking frequent requests regarding an individual debtor to file a bankruptcy petition.
Putting the assets and liabilities of two or more related debtors into a single pool to pay creditors.