Common Terms Associated With Bankruptcy
The decision to file bankruptcy is not one that can be made lightly. There are many things that you need to be clear about before you decide to file for Chapter 7 or Chapter 13 bankruptcy in Chicago. So, here is a list of common terms associated with bankruptcy:
€ 341 meeting: This is the First Meeting of Creditors in which the debtor is questioned under oath by the creditors, the trustee, examiner and/or the United States Trustee about his or her financial affairs.
€ Discharge: A release issued by the court relieving the debtor from personal liability of all dischargeable debts.
€ Dischargeable debt: A type of debt from which the debtor can be released based on the Bankruptcy Code.
€ Exemptions: This refers to assets or properties owned by the debtor that cannot be recovered by creditors.
€ Homestead: The principle place of residence of a debtor whether a house, apartment, condo or any other.
€ Joint Petition: A bankruptcy petition filed jointly by husband and wife.
€ Liquidation: The process of selling a debtor's property and assets for cash to help repay creditors.
€ Nondischargeable debt: A debt that cannot be discharged by filing for bankruptcy. It must be repaid in full.
€ Plan: A debtor's detailed report on how he plans to pay the creditors over a period of time.
€ Stalking horse: According Chang and Carlin, LLP's Chicago bankruptcy lawyers, this is the name given to the party submitting the first bid to purchase assets. The stalking horse bid can be used to solicit interest from other bidders and also acts as an indicator for what will be realized on the auction floor.
€ Secured creditor: An individual or a business holding a claim against the debtor that is secured by collateral or a lien.
€ Secured debt: Debt backed by mortgage, collateral or other lien.
€ Trustee: A court appointed official who acts as a liaison officer between the debtor and the creditor. Their primary function is to act as a disbursement officer. They collect payments from the debtor and distribute the money amongst creditors. In some cases the trustee may even help in valuing assets or creating repayment schedules.
€ Unsecured claim: A debt secured by property that is worth less than the amount of debt.
These are a few common bankruptcy terms that will help you understand the bankruptcy process better. Getting legal assistance is crucial in any bankruptcy proceeding. Chang and Carlin, LLP's experienced Chapter 7 and Chapter 13 bankruptcy lawyers Chicago have been helping individuals to secure a better financial future in Chicago. They can answer all the common Bankruptcy related queries that people have in mind before filing for bankruptcy in Chicago.
With years of experience and thousands of happy customers, Chang and Carlin, LLP has been successfully helping the people to attain peace of mind.
Reasonable Fees for Bankruptcy Help for Illinois Residents + Initial Free Consultation
The bankruptcy lawyers at Chang and Carlin, LLP are sensitive to the difficult time you may be facing and offer Chapter 7 Bankruptcy and Chapter 13 Bankruptcy filing services to help you through this tough personal time in your life. Let us help you determine what your options are and create a road map to help you get out of debt. We offer reasonable fees for Illinois residents and we'll work hard to meet all your legal needs while filing for bankruptcy.
Our goal at Chang and Carlin, LLP is to change your financial future. To book your appointment or for more information about Chapter 13 and Chapter 7 Bankruptcy in Chicago, contact us at 1-866-790-8601 or Request a Free No Obligation Bankruptcy Filing Consultation Today.
For more details visit their website: http://www.changandcarlin.com/
Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg, Joliet, and Warrenville.
€ 341 meeting: This is the First Meeting of Creditors in which the debtor is questioned under oath by the creditors, the trustee, examiner and/or the United States Trustee about his or her financial affairs.
€ Discharge: A release issued by the court relieving the debtor from personal liability of all dischargeable debts.
€ Dischargeable debt: A type of debt from which the debtor can be released based on the Bankruptcy Code.
€ Exemptions: This refers to assets or properties owned by the debtor that cannot be recovered by creditors.
€ Homestead: The principle place of residence of a debtor whether a house, apartment, condo or any other.
€ Joint Petition: A bankruptcy petition filed jointly by husband and wife.
€ Liquidation: The process of selling a debtor's property and assets for cash to help repay creditors.
€ Nondischargeable debt: A debt that cannot be discharged by filing for bankruptcy. It must be repaid in full.
€ Plan: A debtor's detailed report on how he plans to pay the creditors over a period of time.
€ Stalking horse: According Chang and Carlin, LLP's Chicago bankruptcy lawyers, this is the name given to the party submitting the first bid to purchase assets. The stalking horse bid can be used to solicit interest from other bidders and also acts as an indicator for what will be realized on the auction floor.
€ Secured creditor: An individual or a business holding a claim against the debtor that is secured by collateral or a lien.
€ Secured debt: Debt backed by mortgage, collateral or other lien.
€ Trustee: A court appointed official who acts as a liaison officer between the debtor and the creditor. Their primary function is to act as a disbursement officer. They collect payments from the debtor and distribute the money amongst creditors. In some cases the trustee may even help in valuing assets or creating repayment schedules.
€ Unsecured claim: A debt secured by property that is worth less than the amount of debt.
These are a few common bankruptcy terms that will help you understand the bankruptcy process better. Getting legal assistance is crucial in any bankruptcy proceeding. Chang and Carlin, LLP's experienced Chapter 7 and Chapter 13 bankruptcy lawyers Chicago have been helping individuals to secure a better financial future in Chicago. They can answer all the common Bankruptcy related queries that people have in mind before filing for bankruptcy in Chicago.
With years of experience and thousands of happy customers, Chang and Carlin, LLP has been successfully helping the people to attain peace of mind.
Reasonable Fees for Bankruptcy Help for Illinois Residents + Initial Free Consultation
The bankruptcy lawyers at Chang and Carlin, LLP are sensitive to the difficult time you may be facing and offer Chapter 7 Bankruptcy and Chapter 13 Bankruptcy filing services to help you through this tough personal time in your life. Let us help you determine what your options are and create a road map to help you get out of debt. We offer reasonable fees for Illinois residents and we'll work hard to meet all your legal needs while filing for bankruptcy.
Our goal at Chang and Carlin, LLP is to change your financial future. To book your appointment or for more information about Chapter 13 and Chapter 7 Bankruptcy in Chicago, contact us at 1-866-790-8601 or Request a Free No Obligation Bankruptcy Filing Consultation Today.
For more details visit their website: http://www.changandcarlin.com/
Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg, Joliet, and Warrenville.
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