| Nondischargeable Debts |
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| Dischargeable debts are those debts that can be discharged through bankruptcy proceedings. Certain debts cannot be discharged through a bankruptcy proceeding. In a Chapter 7 bankruptcy, nondischargeable debts cannot be discharged at all, and in a Chapter 13 bankruptcy, these debts remain even after the repayment plan is completed. More... |
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| Unsecured Claims |
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| Unsecured debt may be generally described as a debt where credit was granted based solely upon the promise or ability of the debtor to pay. Claims that are not secured by any collateral or subject to setoff are generally unsecured claims. For purposes of bankruptcy, unsecured claims are classified and paid based on a priority list described in the Bankruptcy Code. Each class must be paid in full before the next lower class is paid anything. More... |
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| Bankruptcy Discharge |
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| Bankruptcy is a process created by federal law that provides relief for debtors, who can either eliminate their debts or repay their debts. Chapter 7 "liquidation" is the process by which debtors wipe out or "discharge" many of their debts. More... |
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| Contested Matters |
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| Whenever there is an actual dispute, other than an adversary proceeding, before the bankruptcy court, the litigation to resolve that dispute is a contested matter. For example, the filing of an objection to a proof of claim, to a claim of exemption, or to a disclosure statement creates a dispute that is a contested matter. Even when an objection is not formally required, there may be a dispute. If a party in interest opposes the amount of compensation sought by a professional, there is a dispute that is a contested matter. More... |
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| Lien and Transfer Avoidance in Connection with Marital or Family Obligations |
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| The Bankruptcy Code contains a number of provisions empowering the trustee, the debtor, or both to avoid various types of liens and other prebankruptcy transfers of the debtor's property. The Bankruptcy Code definition of ''transfer'' includes creation of a lien. The Bankruptcy Code allows the trustee or debtor to nullify or undo prior transactions in order to promote the dual bankruptcy policies of equity among creditors and a fresh start for debtors. More... |
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