| A | B |
|---|
| Automatic Stay | Prohibits creditors from initiating or continuing any collection activity. |
| Trustee | Court appointed individual responsible for administering and/or monitoring activity of the bankruptcy. |
| Debtor | Person who files a bankruptcy petition. |
| Petition | Forms filed with the court that list all debts, income, expenses and asset details. |
| Exemptions | Protect your property in a bankruptcy. |
| Dismissal | All parties to the bankruptcy return to their original positions as if the bankruptcy never occurred. |
| Surrender | When a debtor opts to give back the property after discharge. |
| Bar Date | Date by which the POC must be filed in order to receive payment from the trustee on any pre-petition or BK debt. |
| Motion of Relief | Allows the creditor to request that their account be removed from bankruptcy protection. |
| Cramdown | Court ordered modification |
| Post-Petition | Payments made to the trustee after the confirmation. |
| Discharge | An order entered by the bankruptcy court that relieves the Debtor of personal responsibility as to the debts in the bankruptcy case. |
| Proof of Claim | Document that is filed with the court to indicate the amount of debt owed by the debtor on the date that the bankruptcy is filed. |
| Creditor | One to whom the debtor owes money or who claims to be owed money by the debtor. |
| Pro Se | When a debtor does not retain an attorney, and represents themselves in the bankruptcy case. |
| Arrears | Obligation or liability that has not received payment by its due dates. |
| Lien Strip | Servicer required to remove the lien. |
| Reaffirmation | A binding agreement where the debtor recommits to pay a debt that otherwise would be included in the discharge. |
| Meeting of the Creditors | Meeting between the debtors, creditors and trustee to ask questions regarding the debtors financial affairs. |
| Confirmation Hearing | Meeting held to decide if the plan is feasible and meets the standards. |
| Notice of Final Cure | Filed by the trustee within 30 days of the date the debtor completes all payments under the plan. |
| Bankruptcy | A legal procedure for dealing with debt problems of individuals and businesses. |
