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Bankruptcy Terms and Glossary

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Balloon Payment
A large final payment due at the end of a contract your monthly payments didn’t cover, typically for a car or a home loan.

Ballot Date
The deadline to which all votes on a reorganization plan is accepted.

Bankruptcy
Bankruptcy is a legal proceeding afforded to people who are unable to handle a financial crisis by relieving you of paying off your debts or by providing you with protection while attempting to pay off those debts. Bankruptcy is available so that you can have a fresh start.

Bankruptcy Code
The more common name for title 11 of the United States Code — the federal bankruptcy law.

Bankruptcy Court
The specialized court in where bankruptcy-related matters under the Federal Bankruptcy Act are handled.

Bankruptcy Estate
All legal or equitable interests in property of the debtor at the time of the bankruptcy filing.

Bankruptcy Judge
A judicial officer of the United States district court who is the court official with decision-making power.

Bankruptcy Petition
The official forms filed which opens the bankruptcy case.

Bankruptcy Trustee
A person appointed by the bankruptcy court to oversee the case filed.

Bar Date
The deadline creditors have to file against a debtor.

Bulk Sales Law
A law that regulates the transfer of business assets so business owners cannot dispose of assets that avoid creditors.