Bankruptcy Glossary: US Bankruptcy Code
The “US Bankruptcy Code” is the informal name used by lawyers and judges to describe the sections of federal law that govern the bankruptcy process. Regardless of whether the case is a chapter 7, 9,...
View ArticleBankruptcy Glossary: Claims Against the Estate
A “claim” against a debtor’s bankruptcy estate is creditor’s allegation that it has a bona fide legal right to payment from the debtor or the debtor-in-possession (if the case is filed under chapter...
View ArticleBankruptcy Glossary: Consumer Debtor
According to the US Bankruptcy Code, a “consumer debtor” is a person whose debts are primarily consumer debts. “Consumer debts” are those incurred for personal needs – as opposed to business purchases....
View ArticleBankruptcy Glossary: Bankruptcy Estate
A person or company’s bankruptcy “estate” is composed of all legal or equitable “interests in property” at the time of the bankruptcy filing – even if the property is owned or held by another person....
View ArticleBankruptcy Glossary: Assume
When you “assume” a contract in bankruptcy, you are agreeing to continue performing your duties under the contract even though you could have cancelled it during your bankruptcy case. If you currently...
View ArticleBankruptcy Glossary: Automatic Stay
When you file for bankruptcy, an “automatic stay” takes effect. The automatic stay is like a shield that protects you from banks, credit cards and collection agencies. To be more precise, for residents...
View ArticleBankruptcy Glossary: Adversary Proceeding
An “adversary proceeding” is a lawsuit filed by a third party or the bankruptcy trustee to resolve a legal dispute relating to a debtor’s bankruptcy case. In both Oregon and Colorado, this term is used...
View ArticleWhat is a Bankruptcy Trustee? Who are the Bankruptcy Trustees in Colorado?
The US Trustee Program is a component of the Department of Justice that oversees the federal Bankruptcy system. The Attorney General is responsible for appointing US Trustees and Assistant US Trustees...
View ArticleWhat is a Bankruptcy Trustee? Who are the Bankruptcy Trustees in Oregon?
The US Trustee Program is a component of the Department of Justice that oversees the federal Bankruptcy system. The Attorney General is responsible for appointing US Trustees and Assistant US Trustees...
View ArticleWhat Is Unsecured Debt?
An “unsecured” debt is any debt for which you haven’t pledged collateral and for which your lender has not obtained a lien against you. If your debt is unsecured, your lender cannot repossess or seize...
View ArticleWhat Is Secured Debt?
A debt is “secured” if you stand to lose a specific piece of property if you stop paying the bill. Secured debt is secured by “collateral,” which is the property you pledged to give up by signing your...
View ArticleBankruptcy 101: What is Chapter 7 Bankruptcy?
Filing chapter 7 bankruptcy doesn’t involve the filing of a repayment plan like chapter 13 bankruptcy. Instead, the chapter 7 trustee sells your nonexempt assets and uses the proceeds of the sales to...
View ArticleWhat Will Happen to My Home and Car If I File for Bankruptcy?
Like most states, both Oregon and Colorado provide a set of bankruptcy exemptions that allow debtors to keep certain property (up to certain dollar amounts in value) out of the bankruptcy estate. In...
View ArticleRepossession 101: What Creditors Can and Can’t Take
If you fall behind on your loan payments, you may be worried that the creditor can repossess something you own, such as your car, your home, or even your new refrigerator. Repossession happens when a...
View ArticleBankruptcy Glossary: Discharge
A bankruptcy debtor’s “discharge” is the court-ordered forgiveness of his or her debt obligations. Obtaining a discharge is the primary reason people file for bankruptcy. Creditors are required by...
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