Bankruptcy Terminology S - V
An individual or business holding a claim against the debtor that is
secured by a lien on property of the estate or that is subject to a right
Debt backed by a mortgage, pledge of collateral, or other lien; debt for
which the creditor has the right to pursue specific pledged property upon
Lists submitted by the debtor along with the petition (or shortly
thereafter) showing the debtor's assets, liabilities, and other financial
information. (There are official forms a debtor must use.)
STATEMENT OF FINANCIAL AFFAIRS
A series of questions the debtor must answer in writing concerning sources
of income, transfers of property, lawsuits by creditors, etc. (There is an
official form a debtor must use.)
STATEMENT OF INTENTION
A declaration made by a chapter 7 debtor concerning plans for dealing with
consumer debts that are secured by property of the estate.
The characterization of a bankruptcy case filed by an individual whose
debts are primarily consumer debts where the court finds that the granting
of relief would be an abuse of chapter 7 because, for example, the debtor
can pay its debts.
Putting the assets and liabilities of two or more related debtors into a
single pool to pay creditors. (Courts are reluctant to allow substantive
consolidation since the action must not only justify the benefit that one
set of creditors receives, but also the harm that other creditors suffer
as a result.)
A meeting of creditors at which the debtor is questioned under oath by
creditors, a trustee, examiner, or the United States trustee about his/her
Any mode or means by which a debtor disposes of or parts with his/her
The representative of the bankruptcy estate who exercises statutory
powers, principally for the benefit of the unsecured creditors, under the
general supervision of the court and the direct supervision of the United
States trustee or Bankruptcy Administrator.
A business not authorized to practice law that prepares bankruptcy
UNITED STATES TRUSTEE
An officer of the Justice Department responsible for supervising the
administration of bankruptcy cases, estates, and trustees, monitoring
plans and disclosure statements, monitoring creditors' committees,
monitoring fee applications, and performing other statutory duties.
A debt secured by property that is worth less than the amount of the debt.
UNLAWFUL DETAINER ACTION
A lawsuit brought by a landlord against a tenant to evict the tenant from
rental property--usually for non-payment of rent.
A claim for which a specific value has not been determined.
A debt that should have been listed by a debtor in the schedules filed
with the court but was not. (Depending on the circumstances, an
unscheduled debt may or may not be discharged.)
A claim or debt for which a creditor holds no special assurance of
payment, such as a mortgage or lien; a debt for which credit was extended
based solely upon the creditor's assessment of the debtor's future ability
A transfer of a debtor's property with the debtor's consent.
Doran, Personal Bankruptcy and Debt Adjustment, 135-139 (1991)
Griffin, Personal Bankruptcy: What You Should Know, 145-149