Automatic Stay - Precludes and halts all collection activities from creditors and collection agencies. You may even be able to get back a repossessed automobile by filing bankruptcy.

Assets - Assets are generally anything of value. For example: property, real estate, cash, notes, stocks, bonds, accounts receivables and securities.

Chapter 7 Bankruptcy - This is the most common form of bankruptcy filed by people in debt, in order to eliminate their debts in order to obtain a “fresh start.” Chapter 7 bankruptcy is most often used to eliminate credit card debts, pay day loans and medical bills.

Chapter 13 Bankruptcy - Simply put, is the reorganization of consumer debts with a new payment schedule. It is often filed to stop home foreclosures, stop auto repossessions and to pay IRS taxes over a 60 month period.

Creditor - A person or entity to whom money is due.

Discharge - What you wish to obtain by filing bankruptcy so your debts are eliminated.

Exemption - Assets that cannot be touched by creditors during bankruptcy proceedings.

Insolvent - Unable to pay ones debts.

Secured Debt - Debt that is backed by collateral. For example: mortgage or a car loan.

Trustee - Person appointed to oversee the completion of a bankruptcy filing.

Unsecured Debt - debt that is not backed by collateral. For example: credit card debts, pay day loans and medical bills.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.