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Bankruptcy Terms and Glossary
An amount of money, service, or an item of property that is owed to somebody or some business entity.
A person who works with the collections' department of an original creditor to track down debtors who get them to pay what they owe.
A person who owes money and has filed a petition for relief under the Bankruptcy Code.
A failure to perform a legal duty like neglecting to make a mortgage or car loan payment on time.
An individual (or business) a lawsuit is filed against.
Failure to make payments when they are due.
Discharge (of Debts)
A release of a debtor from personal liability for certain dischargeable debts set forth in the Bankruptcy Code.
An amount of money, service, or an item of property that can be eliminated through the Bankruptcy Code.
A written document prepared by the Chapter 11 debtor in order to provide "adequate information" for creditors to evaluate the Chapter 11 plan of reorganization.