Bankruptcy Legal Terms
Bankruptcy law terminology including Chapter 7, Chapter 13, discharge, exemptions, and debt relief legal concepts.
5 terms in this category
Automatic Stay
An injunction that takes effect immediately upon filing bankruptcy, stopping most creditor collection actions including lawsuits, wage garnishment, and foreclosure.
Bankruptcy
A legal proceeding that provides relief for individuals or businesses unable to pay their debts, allowing them to eliminate or restructure debt under court protection.
Chapter 13 Bankruptcy
A reorganization bankruptcy where debtors propose a 3-5 year repayment plan to pay off all or part of their debts while keeping their property.
Chapter 7 Bankruptcy
A liquidation bankruptcy where non-exempt assets are sold to pay creditors, and remaining eligible debts are discharged, giving the debtor a fresh start.
Discharge (Bankruptcy)
The court order that eliminates a debtor's personal liability for certain debts, meaning the debtor is no longer legally required to pay them.
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