Fremont Bankruptcy: The Language of Bankruptcy, the Letter R
Bankruptcy can be overwhelming. Especially when you are faced with a list of terms you aren't used to seeing. Here are some bankruptcy terms beginning with the letter "R":
Reaffirmation Agreement After debts have been discharged in bankruptcy, the filer agrees to repay a debt anyway, possibly in order to protect one’s secured property or to “make things right.”
Reorganization One of two main types of bankruptcy (the other is Liquidation). The debtor follows a realistic repayment plan for debts under the discretion of the bankruptcy court. Any debts above and beyond those included generally are discharged, and the filer no longer is held responsible for their payment.
Restructuring An attempt to rearrange finances and settle debts out of court.
For more bankruptcy glossary terms, check out the Fremont Bankruptcy Topics Library!
Reaffirmation Agreement After debts have been discharged in bankruptcy, the filer agrees to repay a debt anyway, possibly in order to protect one’s secured property or to “make things right.”
Reorganization One of two main types of bankruptcy (the other is Liquidation). The debtor follows a realistic repayment plan for debts under the discretion of the bankruptcy court. Any debts above and beyond those included generally are discharged, and the filer no longer is held responsible for their payment.
Restructuring An attempt to rearrange finances and settle debts out of court.
For more bankruptcy glossary terms, check out the Fremont Bankruptcy Topics Library!
