Bankruptcy Dictionary: Know Your Terminology, E-Z

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Bankruptcy Dictionary: Know Your Terminology, E-Z

Bankruptcy filers everywhere find themselves annoyed when they don’t understand their own paperwork. You aren’t alone. There’s a reason bankruptcy lawyers bring such peace of mind to the table during the proceedings. They know what they’re doing. They know what’s happening and they know what’s going to happen next. Having a good bankruptcy attorney on your side can make all the difference in the world, but in addition to having someone by your side to navigate the legal waters on your behalf, it’s also helpful to know a few key terms. Here’s a few more to add to your repertoire from the previous article on common bankruptcy terms.

More Common Bankruptcy Terms: Your Bankruptcy Dictionary, E-Z

Exemptions: Assets or properties that are owned by the debtor, but that cannot be recovered by creditors.

Liquidated Claim: A creditor’s claim for a specific (fixed) amount of money.

Motion to Lift Automatic Stay: A creditor’s request that they be allowed to take action against the debtor.

Skeleton Filing: Refers to a bankruptcy filing that does not include all the necessary forms. Certain courts will allow a bankruptcy case to begin with only certain forms filed with the agreement that the remaining forms will be turned in during a certain amount of time.

Trustee: The agent of the court who manages the debtor’s property for the benefit of the creditors.

US Trustee: Plays administrative role in all bankruptcy cases.

When it comes time to file for bankruptcy you shouldn’t have any niggling doubts or questions. You should know what you’re getting into. Hopefully, getting a general idea of bankruptcy terminology helped, but if you have additional questions or want more information, consult one of the professionals at Westgate Law.

About the Author

Justin Harelik

Justin has a singular goal: to get people out of financial distress and move them to financial stability and prosperity. He does this by combining 15 years of in-depth experience in bankruptcy, credit management, debt negotiation and student loan modifications, and he does it with both English and Spanish-speaking clients.

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