Learning the language of bankruptcy is no easy task.  That's why we have categorized some bankruptcy terms for you here, beginning with the letter "P":

Petition The official paperwork and declaration filed with a bankruptcy court to begin bankruptcy proceedings.

Plan is the formal document that sets forth the method by which the debtor is proposing to deal with the creditors and reorganize their financial affairs.

Post-Petition refers to events after filing Chapter 13.

Pre-Petition refers to events before filing Chapter 13.

Priority refers to a specific creditor that is treated in a preferred manner as defined in the Bankruptcy Code.

Pro Rata is an equal share of funds available for distribution to be paid proportionately, to the total debts owed.

Proof of Claim An official document filed by a creditor that outlines claims against the debtor in bankruptcy proceedings.

Our Fremont Bankruptcy Topics Library has more bankruptcy terms for you to learn, use and share, simply click here.