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Casual Articles - Bankruptcy Information - Common Courtroom Terms
If you have little or no capital but you want to do big international business; if your small business is not doing so well; or your capital is low, why don’t you turn to the Internet? The Internet is the fastest and most efficient method for the newcomer and the struggling businessperson to become an international broker of goods and services.To start, you may order directories of importers; but they are not absolutely necessary: importers can be found on the business portals too.My favourite importer’s directories are Interdata’s International Directory of Importers, and of Agents, Distributors and Wholesalers. (Visit Interdata online: http://www.export-leads.com). Both feature firms worldwide with company information, contact person, telephone and fax numbers, email address, products handled, bank reference, and much more. With the purchase of a directory, you receive a year’s free subscription to an internet site giving you access to global export sales leads.Since you will conduct your business on the Internet, an em
Liquidated Claim –
A creditor’s claim for a fixed amount of money.
No-Asset Case –
A chapter 7 case where there are no assets available to satisfy any portion of the creditor’s unsecured claims.
Non Dischargeable Debt –
A debt that cannot be eliminated in bankruptcy.
Objection to Discharge –
A trustee’s or creditor’s objection to the debtor’s being released from personal liability for certain dischargeable debts.
Objection to Exemptions –
A trustee’s or a creditor’s objection to a debtor’s attempt to claim certain property as exempt, i.e., not liable for any prepetition debt of the debtor.
Party in Interest –
A party who is actually and substantially interested in the subject matter, as distinguished from one who has only a nominal or technical interest in it.
Plan –
A debtor’s detailed description of how the debtor proposes to pay creditors’ claims over a fixed period of time.
Plaintiff –
A person or business that files a formal complaint with the court.
Preferential Debt Payment –
A debt p
BUYING ART ON EBAY and other internet sites.Do you want information to help you purchase art on eBay and other auction venues? Do you want to purchase art that you like a great deal and ensure that your transaction is an excellent one?There are many wonderful artists who sell their art online and are honest and trustworthy.One group of professional artists who are established and trustworthy is The Electronic Museum of Established Artists (EMOEA). EMOEA is a group of artists who consistently create high quality artwork in a wide variety of subjects.We are artists who take a great deal of pride in the artwork we create. We create our own original and authentic artwork. We are very proud of the art we create and sign our names on each of our paintings.We are dedicated to creating high quality artwork and to providing excellent customer service, as well.In an excellent transaction: the buyer receives the work of art that is repres
Many debtors and creditors know little of the bankruptcy process. These terms are to help assist individuals in understanding bankruptcy. The terms provided are as defined from the Public Information Series of the Bankruptcy Judges Division.
TERMS & DEFINITIONS
Adversary Proceeding –
A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the bankruptcy court.
Automatic Stay –
An injunction that automatically stops lawsuits, foreclosure, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed.
Bankruptcy –
A legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 on the United States Code (the Bankruptcy Code).
Bankruptcy Judge –
A judicial officer of the United States district court who is the court official with the decision-making power over federal bankruptcy cases.
Bankruptcy Mill –
A business not authorized to practice law that provides bankruptcy counseling and prepares bankruptcy petitions.
Bankruptcy Petition –
A formal request for the protection of the federal bankruptcy laws. (There is an official form for bankruptcy petitions.)
Bankruptcy Trustee –
A private individual or corporation appointed in all chapter 7, chapter 12, and chapter 13 cases to represent the interests of the bankruptcy estate and the debtor’s creditors.
Chapter 7 –
The chapter of the Bankruptcy Code providing for “liquidation,” i.e., the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors.
Chapter 7 Trustee –
A person appointed in a chapter 7 case to represent the interests of the bankruptcy estate and the unsecured creditors. (The trustee’s responsibilities include reviewing the debtor’s petition and schedules, liquidating the property of the estate, and making distributions to the creditors. The trustee may also bring actions against creditors or the debtor to recover property of the bankruptcy estate.)
Chapter 13 –
The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debt over time, usually three to five years.)
Exempt –
A description of any property that a debtor may prevent creditors from recovering.
Exemption –
Property that the Bankruptcy Code or applicable state law permits a debtor to keep from creditors.
Exempt Property –
Property or value in property that a debtor is allowed to retain, free from the claims of creditors who do not have liens.
Lien –
A charge upon specific property designed to secure payment of a debt or a performance obligation.
Liquidation –
A sale of a debtor’s property with the proceeds to be used for the benefit of the creditors.
Claim –
A creditor’s assertion of a right to payment from a debtor or the debtor’s property.
Complaint –
The first or initiatory document in a lawsuit that notifies the court and the defendant of the grounds claimed by the plaintiff for an award of money or other relief against the defendant.
Confirmation –
Approval of a plan of reorganization by a bankruptcy judge.
Consumer Debts –
Debt incurred for personal, as opposed to business, needs.
Contingent Claim –
A claim that may be owed by the debtor under certain circumstances, for example, where the debtor is a cosigner on another person’s loan and that person fails to pay.
Creditor –
A person to whom or business to which the debtor owes money or that claims to be owed money by the debtor.
Debtor –
A person who has filed a petition for relief under the bankruptcy laws.
Defendant –
An individual (or business) against whom a lawsuit is filed.
Discharge –
A release of a debtor from personal liability for certain dischargeable debts. (A discharge releases a debtor form personal liability for certain debts known as dischargeable debts (defined below) and prevents the creditors owed those debts from taking any action against the debtor or the debtor’s property to collect the debts. The discharge also prohibits creditors from communicating with the debtor regarding their debt, including telephone calls, letters, and personal contact.)
Dischargeable Debt –
A debt for which the Bankruptcy Code allows the debtor’s personal liability to be eliminated.
Disclosure Statement –
A written document prepared by the chapter 11 debtor or other plan proponent that is designed to provide “adequate information” to creditors to enable them to evaluate the chapter 11 plan of reorganization.
Equity –
The value of a debtor’s interest in property that remains after liens and other creditors’ interests are considered. (Example: If a house valued at $60,000 is subject to a $30,000 mortgage, there is $30,000 of equity.)
Liquidated Claim –
A creditor’s claim for a fixed amount of money.
No-Asset Case –
A chapter 7 case where there are no assets available to satisfy any portion of the creditor’s unsecured claims.
Non Dischargeable Debt –
A debt that cannot be eliminated in bankruptcy.
Objection to Discharge –
A trustee’s or creditor’s objection to the debtor’s being released from personal liability for certain dischargeable debts.
Objection to Exemptions –
A trustee’s or a creditor’s objection to a debtor’s attempt to claim certain property as exempt, i.e., not liable for any prepetition debt of the debtor.
Party in Interest –
A party who is actually and substantially interested in the subject matter, as distinguished from one who has only a nominal or technical interest in it.
Plan –
A debtor’s detailed description of how the debtor proposes to pay creditors’ claims over a fixed period of time.
Plaintiff –
A person or business that files a formal complaint with the court.
Preferential Debt Payment –
A debt p
The Easy Chair Millionaire is the latest get-rich-quick-online ebook to hit the internet, with the eponymous author of the title telling us he has earned a truckload of cash in 12 months without even running a website.As an internet marketer always on the lookout for new income stream methods, I decided to give this ebook a look. So what does the book deliver?Chapter 1 -- Sifting Through The Affiliate TrashA neat chapter telling you how to effectively browse the affiliate programs available at the likes of Clickbank. This is a subject often overlooked by wannabe affiliate marketers. If you wish to make money through promotion, it is absolutely essential to pick the right products otherwise you will be flogging the proverbial dead horse. The Easy Chair Millionaire does a fine job of explaining how to identify a winning product.Chapter 2 -- Before You Get Going, There Is Keyword Research To DoA fairly comprehensive chapter telling you how to select a top keyword list. There is no fluff here whatsoe
Bankruptcy Trustee –
A private individual or corporation appointed in all chapter 7, chapter 12, and chapter 13 cases to represent the interests of the bankruptcy estate and the debtor’s creditors.
Chapter 7 –
The chapter of the Bankruptcy Code providing for “liquidation,” i.e., the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors.
Chapter 7 Trustee –
A person appointed in a chapter 7 case to represent the interests of the bankruptcy estate and the unsecured creditors. (The trustee’s responsibilities include reviewing the debtor’s petition and schedules, liquidating the property of the estate, and making distributions to the creditors. The trustee may also bring actions against creditors or the debtor to recover property of the bankruptcy estate.)
Chapter 13 –
The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debt over time, usually three to five years.)
Exempt –
A description of any property that a debtor may prevent creditors from recovering.
Exemption –
Property that the Bankruptcy Code or applicable state law permits a debtor to keep from creditors.
Exempt Property –
Property or value in property that a debtor is allowed to retain, free from the claims of creditors who do not have liens.
Lien –
A charge upon specific property designed to secure payment of a debt or a performance obligation.
Liquidation –
A sale of a debtor’s property with the proceeds to be used for the benefit of the creditors.
Claim –
A creditor’s assertion of a right to payment from a debtor or the debtor’s property.
Complaint –
The first or initiatory document in a lawsuit that notifies the court and the defendant of the grounds claimed by the plaintiff for an award of money or other relief against the defendant.
Confirmation –
Approval of a plan of reorganization by a bankruptcy judge.
Consumer Debts –
Debt incurred for personal, as opposed to business, needs.
Contingent Claim –
A claim that may be owed by the debtor under certain circumstances, for example, where the debtor is a cosigner on another person’s loan and that person fails to pay.
Creditor –
A person to whom or business to which the debtor owes money or that claims to be owed money by the debtor.
Debtor –
A person who has filed a petition for relief under the bankruptcy laws.
Defendant –
An individual (or business) against whom a lawsuit is filed.
Discharge –
A release of a debtor from personal liability for certain dischargeable debts. (A discharge releases a debtor form personal liability for certain debts known as dischargeable debts (defined below) and prevents the creditors owed those debts from taking any action against the debtor or the debtor’s property to collect the debts. The discharge also prohibits creditors from communicating with the debtor regarding their debt, including telephone calls, letters, and personal contact.)
Dischargeable Debt –
A debt for which the Bankruptcy Code allows the debtor’s personal liability to be eliminated.
Disclosure Statement –
A written document prepared by the chapter 11 debtor or other plan proponent that is designed to provide “adequate information” to creditors to enable them to evaluate the chapter 11 plan of reorganization.
Equity –
The value of a debtor’s interest in property that remains after liens and other creditors’ interests are considered. (Example: If a house valued at $60,000 is subject to a $30,000 mortgage, there is $30,000 of equity.)
Liquidated Claim –
A creditor’s claim for a fixed amount of money.
No-Asset Case –
A chapter 7 case where there are no assets available to satisfy any portion of the creditor’s unsecured claims.
Non Dischargeable Debt –
A debt that cannot be eliminated in bankruptcy.
Objection to Discharge –
A trustee’s or creditor’s objection to the debtor’s being released from personal liability for certain dischargeable debts.
Objection to Exemptions –
A trustee’s or a creditor’s objection to a debtor’s attempt to claim certain property as exempt, i.e., not liable for any prepetition debt of the debtor.
Party in Interest –
A party who is actually and substantially interested in the subject matter, as distinguished from one who has only a nominal or technical interest in it.
Plan –
A debtor’s detailed description of how the debtor proposes to pay creditors’ claims over a fixed period of time.
Plaintiff –
A person or business that files a formal complaint with the court.
Preferential Debt Payment –
A debt p
Fundraising is a particularly difficult thing to do in todays world of budget cuts and restrictions, and there is a rising need for finding funds for so many organisations around us. The small organisation which relies on fundraising for much of its funding is fighting a losing battle for the sympathy, and the money, of the general public.That is why fundraising needs to be approached professionally, even if you aren’t a fundraising professional. Whether you are a full time fundraiser for a non profit organisation or someone who has been enlisted to run a small fundraiser for the local scout group, you need to be aware of the importance of a proper fundraising plan.You’ve heard the old saying I’m sure, failing to plan is planning to fail. This is true of fundraising as well. Failing to draw up and execute a proper fundraising plan is one of the main things you can do to increase the likelihood of your fundraiser being a failure.What is a fundraising plan and what does it do? Basically it is a plan of the entire operation of
Exemption –
Property that the Bankruptcy Code or applicable state law permits a debtor to keep from creditors.
Exempt Property –
Property or value in property that a debtor is allowed to retain, free from the claims of creditors who do not have liens.
Lien –
A charge upon specific property designed to secure payment of a debt or a performance obligation.
Liquidation –
A sale of a debtor’s property with the proceeds to be used for the benefit of the creditors.
Claim –
A creditor’s assertion of a right to payment from a debtor or the debtor’s property.
Complaint –
The first or initiatory document in a lawsuit that notifies the court and the defendant of the grounds claimed by the plaintiff for an award of money or other relief against the defendant.
Confirmation –
Approval of a plan of reorganization by a bankruptcy judge.
Consumer Debts –
Debt incurred for personal, as opposed to business, needs.
Contingent Claim –
A claim that may be owed by the debtor under certain circumstances, for example, where the debtor is a cosigner on another person’s loan and that person fails to pay.
Creditor –
A person to whom or business to which the debtor owes money or that claims to be owed money by the debtor.
Debtor –
A person who has filed a petition for relief under the bankruptcy laws.
Defendant –
An individual (or business) against whom a lawsuit is filed.
Discharge –
A release of a debtor from personal liability for certain dischargeable debts. (A discharge releases a debtor form personal liability for certain debts known as dischargeable debts (defined below) and prevents the creditors owed those debts from taking any action against the debtor or the debtor’s property to collect the debts. The discharge also prohibits creditors from communicating with the debtor regarding their debt, including telephone calls, letters, and personal contact.)
Dischargeable Debt –
A debt for which the Bankruptcy Code allows the debtor’s personal liability to be eliminated.
Disclosure Statement –
A written document prepared by the chapter 11 debtor or other plan proponent that is designed to provide “adequate information” to creditors to enable them to evaluate the chapter 11 plan of reorganization.
Equity –
The value of a debtor’s interest in property that remains after liens and other creditors’ interests are considered. (Example: If a house valued at $60,000 is subject to a $30,000 mortgage, there is $30,000 of equity.)
Liquidated Claim –
A creditor’s claim for a fixed amount of money.
No-Asset Case –
A chapter 7 case where there are no assets available to satisfy any portion of the creditor’s unsecured claims.
Non Dischargeable Debt –
A debt that cannot be eliminated in bankruptcy.
Objection to Discharge –
A trustee’s or creditor’s objection to the debtor’s being released from personal liability for certain dischargeable debts.
Objection to Exemptions –
A trustee’s or a creditor’s objection to a debtor’s attempt to claim certain property as exempt, i.e., not liable for any prepetition debt of the debtor.
Party in Interest –
A party who is actually and substantially interested in the subject matter, as distinguished from one who has only a nominal or technical interest in it.
Plan –
A debtor’s detailed description of how the debtor proposes to pay creditors’ claims over a fixed period of time.
Plaintiff –
A person or business that files a formal complaint with the court.
Preferential Debt Payment –
A debt p
Did you know that almost 9 out of 10 business owners start a business based off of their personal credit! They use their own saving to invest as start up capital then they personally guarantee business loans and lines of credit.If you know how to separate your personal credit from your business credit you can separate the personal liability from the business. There is a simply and proven path to establishing business credit that must be followed if you are a business owner.By establishing business credit, your chances of obtaining business financing will increase by over 250%!As an expert in building business credit and the business credit industry, it has been my experience that less then 5% of entrepreneurs or business owners truly know what business credit is and how to establish business credit.Last month I was speaking at a real estate investment seminar and was not surprised by how many business owners in the room came up to me afterwards and expressed their concern for starting a business incorrectly by not se
Debtor –
A person who has filed a petition for relief under the bankruptcy laws.
Defendant –
An individual (or business) against whom a lawsuit is filed.
Discharge –
A release of a debtor from personal liability for certain dischargeable debts. (A discharge releases a debtor form personal liability for certain debts known as dischargeable debts (defined below) and prevents the creditors owed those debts from taking any action against the debtor or the debtor’s property to collect the debts. The discharge also prohibits creditors from communicating with the debtor regarding their debt, including telephone calls, letters, and personal contact.)
Dischargeable Debt –
A debt for which the Bankruptcy Code allows the debtor’s personal liability to be eliminated.
Disclosure Statement –
A written document prepared by the chapter 11 debtor or other plan proponent that is designed to provide “adequate information” to creditors to enable them to evaluate the chapter 11 plan of reorganization.
Equity –
The value of a debtor’s interest in property that remains after liens and other creditors’ interests are considered. (Example: If a house valued at $60,000 is subject to a $30,000 mortgage, there is $30,000 of equity.)
Liquidated Claim –
A creditor’s claim for a fixed amount of money.
No-Asset Case –
A chapter 7 case where there are no assets available to satisfy any portion of the creditor’s unsecured claims.
Non Dischargeable Debt –
A debt that cannot be eliminated in bankruptcy.
Objection to Discharge –
A trustee’s or creditor’s objection to the debtor’s being released from personal liability for certain dischargeable debts.
Objection to Exemptions –
A trustee’s or a creditor’s objection to a debtor’s attempt to claim certain property as exempt, i.e., not liable for any prepetition debt of the debtor.
Party in Interest –
A party who is actually and substantially interested in the subject matter, as distinguished from one who has only a nominal or technical interest in it.
Plan –
A debtor’s detailed description of how the debtor proposes to pay creditors’ claims over a fixed period of time.
Plaintiff –
A person or business that files a formal complaint with the court.
Preferential Debt Payment –
A debt p
An effective way to increase your profits and sales is to bundle many products or services together into one package. This gives people more reasons to buy your products and services. People also have come to believe package deals are a better value. You want all the products or services to be closely related. For example: if you're selling a computer you could add in software, hardware, computer furniture, etc.There are many ways to go about choosing the right products or services to bundle into one package. You could survey your customers and see what products or services they would like you to offer in the future. Spy on your competition and see what products and services they're offering or not offering. If you would like to, bundle unrelated products or services together, ask your customers which ones would be of interest to them.Bundling can also increase your target markets which in return would give you a larger audience to sell your products and services. For example: if you're selling a baseball
Liquidated Claim –
A creditor’s claim for a fixed amount of money.
No-Asset Case –
A chapter 7 case where there are no assets available to satisfy any portion of the creditor’s unsecured claims.
Non Dischargeable Debt –
A debt that cannot be eliminated in bankruptcy.
Objection to Discharge –
A trustee’s or creditor’s objection to the debtor’s being released from personal liability for certain dischargeable debts.
Objection to Exemptions –
A trustee’s or a creditor’s objection to a debtor’s attempt to claim certain property as exempt, i.e., not liable for any prepetition debt of the debtor.
Party in Interest –
A party who is actually and substantially interested in the subject matter, as distinguished from one who has only a nominal or technical interest in it.
Plan –
A debtor’s detailed description of how the debtor proposes to pay creditors’ claims over a fixed period of time.
Plaintiff –
A person or business that files a formal complaint with the court.
Preferential Debt Payment –
A debt payment made to a creditor in the 90-day period before a debtor files bankruptcy (or within one year if the creditor was an insider) that gives the creditor more than the creditor would receive in a chapter 7 case.
Priority –
The Bankruptcy Code’s statutory ranking of unsecured claims that determines the order in which unsecured claims will be paid if there is not enough money to pay all unsecured claims in full.
Proof of Claim –
A written statement describing the reason a debtor owes a creditor money. (There is an official form for this purpose.)
Reaffirmation Agreement –
An agreement by a chapter 7 debtor to continue paying a dischargeable debt after the bankruptcy, usually for the purpose of keeping the collateral or mortgaged property that would otherwise be subject to repossession.
Secured Creditor –
An individual or business holding a claim against the debtor that is secured by a lien on the property of the estate or that is subject to a right of setoff.
Secured Debt –
Debt backed by a mortgage, pledge of collateral, or other lien; debt for which the creditor has the right to pursue specific pledged property upon default.
341 Meeting –
A meeting of creditors at which the debtor is questioned under oath by creditors, a trustee, examiner, or the United States trustee about his/her financial affairs.
Typing Service –
A business not authorized to practice law that prepares bankruptcy petitions.
United States Trustee –
An officer of the Justice Department responsible for supervising the administration of bankruptcy cases, estates, and trustees, monitoring plans and disclosure statements, monitoring creditors’ committees, monitoring fee applications, and performing other statutory duties.
Unscheduled Debt –
A debt that should have been listed by a debtor in the schedules filed with the court but was not. (Depending on the circumstances, an unscheduled debt may or may not be discharged.)
These terms are for the general public to have a better understanding of bankruptcy and the terminology that accompanies the filing or inquiry of a bankruptcy.
Article written by Rick Munster
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