Glossary of Bankruptcy Terms

Bankruptcy terms can be difficult to understand.  Below are brief definitions of the terms used in this site and in the Bankruptcy Code. If you have any questions, please feel free to contact us. 410-766-4044. Adequate protection:Payment to a secured creditor to protect the value of the creditor's lien during the bankruptcy proceeding from loss due to depreciation or non payment of a senior lien. Adversary proceeding: A lawsuit filed in the bankruptcy court which is related to the debtor's bankruptcy case. Examples are complaints to determine the dischargeability of a debt and complaints to determine the extent and validity of liens. Assets:Assets are every form of property that the debtor owns.  They include such intangible things as business goodwill; the right to sue someone; or stock options.  The debtor must disclose all of his assets in the bankruptcy schedules; exemptions remove the exempt assets from property of the estate. Automatic stay: The injunction issued … [Read more...]