Bankruptcy Definitions and Lingo

Tax Lien

Lawyers and the courts use a lot of legalese, confusing words, and lingo during the bankruptcy process. The following is a brief definition of some of the words we use during a bankruptcy. Debtor The “Debtor” this is the person or company who owes money, can’t afford to pay his/her debts, and who files bankruptcy. Creditor […]

What is the difference between chapter 7 and chapter 13 bankruptcy?

chapter 7 bankruptcy

Chapter 7 is the traditional bankruptcy everyone thinks about. Chapter 7 eliminates – discharges – all of your unsecured debts. By unsecured debts, we mean credit cards, medical bills, deficiencies – amounts remaining due – on vehicles that have already been repossessed, etc. Secured debts include vehicle loans and home loans – or any other […]