Orange County Chapter 7 Lawyer – Anaheim Chapter 7 Attorney – Santa Ana Bankruptcy
Adversary Proceeding – this is a lawsuit that is filed in relation to either a Chapter 7 or Chapter 13 bankruptcy petition. The complaint is filed separate from the petition. The most common adversary proceeding is brought by the United States trustee due to a fraudulent transfer.
Arrearage – the total amount you are behind on a certain debt. For example, if you have a $2000/month mortgage and you are three months behind, the total arrearage is $6000.00. The arrearage can be cured in a Chapter 13 bankruptcy and wiped out in a Chapter 7 bankruptcy.
Automatic Stay – an order issued by the district court preventing your creditors from further collection and harassment.
Bankruptcy – the legal method of debt relief supported by the Bankruptcy Code and The Constitution.
Bankruptcy Court – as part of the Federal District Court system the legal body that administers and adjudicates bankruptcy cases under all 11 Chapters of the code.
Bankruptcy Estate – any interest your creditors have in property that may be liquidated.
Bankruptcy Trustee – a branch of the United States Trustee’s office, the bankruptcy trustee administers the bankruptcy estate on behalf of creditors.
Chapter 7 Bankruptcy – a personal chapter of the code which allows for the liquidation of a consumers assets in order to satisfy the claims of creditors.
Chapter 13 Bankruptcy – a personal chapter of the code which allows for the reorganization of a consumers debts in order that the consumer can pay back his or her creditors over a period of three to five years.
Creditor – someone to who you owe a debt
Creditor’s Meeting – approximately one month after the filing of your Chapter 7 or Chapter 13 bankruptcy your creditors will have an opportunity to object to your bankruptcy plan.
Discharge – after the completion of either a Chapter 7 or Chapter 13 you are released from all obligation from certain debts.
Exemptions – real or personal property that does not become part of the debt relief estate and cannot be used to satisfy your obligations to unsecured creditors
Fraudulent Transfer - a transfer of property with the intent of defrauding your creditors
Fresh Start – the public policy behind all debt relief filings. The idea that consumers can be free from debt.
Lien Stripping – the process by which the bankruptcy court can remove a lien from encumbering property.
Means Test – the test the code lays out to determine if you can qualify for a Chapter 7 bankruptcy. The purpose is to prevent abuse of the bankruptcy code.
Personal Bankruptcy – a debt relief filing where the debts are not related to a business. The most common personal bankruptcies are the Chapter 7 and Chapter 13.
Priority – the order by which the bankruptcy code says certain debts are to be satisfied.
Secured Debt – a debt that is backed by real property or other type of security.
Undue Hardship - generally related to student loans. The bankruptcy code sets out a level of financial distress that must be met in order to discharge student loans in a Chapter 7 or Chapter 13 bankruptcy.
Unsecured Debt – a debt that carries with it no assurance of payment. The credit was granted based soley on the creditor’s assessment of the debtor’s credit risk.
As Orange County Bankruptcy Lawyers helping people with Chapter 7 & Chapter 13 debt relief we are proud to serve the following areas: Aliso Viejo, Anaheim, Brea, Buena Park, Costa Mesa, Cypress, Dana Point, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, La Habra, La Palma, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Forest, Los Alamitos, Mission Viejo, Newport Beach, Orange, Placentia, Rancho Santa Margarita, San Clemente, San Juan Capistrano, Santa Ana, Seal Beach, Stanton, Tustin, Villa Park, Westminster, Yorba Linda
If you need further information please visit our other websites at San Diego Bankruptcy Lawyers or San Diego Mold Lawyer Blog or Riverside Bankruptcy Lawyers.