Phrases you will hear over and over again in your bankruptcy practice

Automatic Stay

This is the stay of any action against the debtor that goes into effect immediately upon the filing of a case, WHETHER OR NOT THE CREDITOR HAS NOTICE OF THE STAY. Punitive and compensatory damages are available for intentional violation of the stay.

The negation of a transfer of an interest in property of the debtor. Done by the trustee or the debtor, depending on the circumstances. Includes preferences and fraudulent transfers.

Any right to payment or right to an equitable remedy existing as of the bankruptcy; defined BROADLY.

Debt that is incurred primarily for family, personal or household use

A remedy that provides an injunction against any in personam efforts to collect against a pre-bankruptcy debt.

The right of a debtor to keep property even though creditors are not being paid in full.

The calculation to determine whether a client whose income exceeds the Median income for their state and family size can qualify for Chapter 7.

The income, identified by the Office of the United States Trustee, above which a debtor will need to take the Means Test to determine whether they qualify for Chapter 7.

This is the petition that is filed by (voluntary) or against (involuntary) a debtor to commence a bankruptcy case.

The estate’s right to recover payments made by the debtor prior to the bankruptcy filing.

The document that is actually filed to evidence a claim. Entitled to prima facie validity unless challenged.

The Chapter 7, Chapter 11, Chapter 13 or United States Trustee.

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