Fremont Bankruptcy: The Language of Bankruptcy, the Letter C
Bankruptcy glossaries exist for a reason. There are lots of bankruptcy terms, from A-Z that are meant to inform but sometimes confuse. Here is a list from the “C” category:
Case is a file reflecting the Bankruptcy docket number that consists of all documents related to the debtor’s estate, including the Petition, Schedules, Statements, Plans, Claims, Motions, etc.
Chapter 7 is the liquidation bankruptcy for both individuals and businesses.
Chapter 9 is the reorganization bankruptcy for municipalities including cities, counties, and school districts.
Chapter 11 is the reorganization bankruptcy for both individuals and businesses, but usually utilized by businesses.
Chapter 12 is the reorganization bankruptcy for eligible family farmers or fisherman. Generally only a couple hundred such cases are filed every year.
Chapter 13 is the reorganization bankruptcy for individuals. It adjusts the debts of an individual or small proprietary business, and proposes a plan of reorganization to handle their financial affairs.
Claims refer to specific form where Creditors assert that they have aright to repayment or to the debtor’s property. Typically includes substantiating documents.
Confirmation is the approval of a Chapter 13 Plan by the Bankruptcy Judge.
Contested Matter is a dispute among the parties of a bankruptcy case that is filed with the court, but is not a claim or objection.
Conversion means switching from one type of bankruptcy to another.
Court Hearing is when an issue is brought before the Bankruptcy Judge for review, determination, and adjudication.
Cramdown is the turn of phrase for what happens when the Court approves reorganization plan despite the disapproval of one of more creditors.
Credit Counseling is professional advice given to consumers about financial planning, budget management, and methods of debt repayment. It is required for individuals who wish to file Chapter 7 or Chapter 13 bankruptcies. Individuals looking to file must attend or complete the required class and produce a certificate of credit counseling prior to filing with the court.
Creditor is an entity that has a claim against a debtor.
Current Monthly Income is the debtor’s average income for the six months prior to filing bankruptcy.
If you'd like to learn more bankruptcy terms like these, please visit our Fremont Topics Library and click through the additional letters!
Case is a file reflecting the Bankruptcy docket number that consists of all documents related to the debtor’s estate, including the Petition, Schedules, Statements, Plans, Claims, Motions, etc.
Chapter 7 is the liquidation bankruptcy for both individuals and businesses.
Chapter 9 is the reorganization bankruptcy for municipalities including cities, counties, and school districts.
Chapter 11 is the reorganization bankruptcy for both individuals and businesses, but usually utilized by businesses.
Chapter 12 is the reorganization bankruptcy for eligible family farmers or fisherman. Generally only a couple hundred such cases are filed every year.
Chapter 13 is the reorganization bankruptcy for individuals. It adjusts the debts of an individual or small proprietary business, and proposes a plan of reorganization to handle their financial affairs.
Claims refer to specific form where Creditors assert that they have aright to repayment or to the debtor’s property. Typically includes substantiating documents.
Confirmation is the approval of a Chapter 13 Plan by the Bankruptcy Judge.
Contested Matter is a dispute among the parties of a bankruptcy case that is filed with the court, but is not a claim or objection.
Conversion means switching from one type of bankruptcy to another.
Court Hearing is when an issue is brought before the Bankruptcy Judge for review, determination, and adjudication.
Cramdown is the turn of phrase for what happens when the Court approves reorganization plan despite the disapproval of one of more creditors.
Credit Counseling is professional advice given to consumers about financial planning, budget management, and methods of debt repayment. It is required for individuals who wish to file Chapter 7 or Chapter 13 bankruptcies. Individuals looking to file must attend or complete the required class and produce a certificate of credit counseling prior to filing with the court.
Creditor is an entity that has a claim against a debtor.
Current Monthly Income is the debtor’s average income for the six months prior to filing bankruptcy.
If you'd like to learn more bankruptcy terms like these, please visit our Fremont Topics Library and click through the additional letters!
