New here? Start with these articles to learn about US bankruptcy, debtor bankruptcy
alternatives like debt consolidation, debt settlement, debt negotiation, and debt management.
You'll also learn the causes of debts that can lead you to file bankruptcy and how to recover
from it.Definition of Debtor Bankruptcy Terms
Bankruptcy has its own language. This glossary of bankruptcy terminology provides a brief definition of the legal terms used in this site and in cases filed under the US Bankruptcy Code.
adversary proceeding
A separate lawsuit filed in the bankruptcy court which arises to the debtor’s bankruptcy case. One example is a complaint to find out the dischargeability of a debt or legality of liens.
automatic stay
The injunction issued automatically upon filing of a bankruptcy case which stops all collection actions against the debtor, the debtor’s property or the property of the estate. Some examples of collection actions are foreclosures, garnishments, attachments, lawsuits, collection calls and letters, and even monthly bills. Creditors may be liable for damages if they violate the automatic stay. It is the automatic stay that stops a sheriff’s sale of the debtor’s property after filing the bankruptcy petition.
Today's HOT Bankruptcy News!
BusinessWeek - 1 hour ago
By DAVID KOENIG The US arm of chemical giant LyondellBasell Industries has filed for bankruptcy as the recession continues to weaken demand for its products ...
Bloomberg - 2 hours ago
By Pierre Paulden and Jonathan Keehner Jan. 6 (Bloomberg) -- Apollo Management LP, the private- equity firm led by Leon Black, is among the largest ...
WalletPop, VA - 2 hours ago
US consumer bankruptcy filings jumped by 33% in 2008, rising to 1064927 last year from 801840 in 2007, according to data from the National Bankruptcy ...
