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Abandonment: If the court decides your stuff is not worth the trouble of taking and selling, it releases the property from its control
Abstention: The court abstains from a case, usually because there is another case in motion already and they don't want to step on any toes
Appeal: Simply a request to review a decision made by another court
Asset: Anything you own of value which can be sold for cash such as automobiles, real estate, equipment, basically anything worth money
Automatic Stay: Once a bankruptcy is filed, this stops most collections and all the harassing calls. If a creditor persists, they violate the stay and can be help liable for any damages
Bankruptcy: The primary goal of bankruptcy is to obtain relief from burdensome debt and provide a fresh start to honest people. This legal proceeding is designed to eliminate personal debt and stop harassment from creditors.
Chapter 7: A bankruptcy procedure designed to instantly erase your debt. It liquidates certain property then provides a discharge of debt which you do not pay. All creditors will cease their harassing phone calls and you can start the rebuilding process.
Chapter 13: A bankruptcy procedure which provides you the opportunity to pay your debt over an extended time period. Not all creditors must be paid in full and all unpaid amounts are discharged. The discharge is considerably broader under chapter 13, which means more debt is eliminated. Some who file chapter 13 are given up to five years to pay off personal debt.
Collateral: Anything of value promised as payment if you can't pay back a loan
Credit Counseling: A certificate from an approved credit counseling agency is required to file individual bankruptcy. They help put your finances in perspective and usually takes less than an hour on the phone.
Current Monthly Income: Your total income averaged over the six-month period. It is used to see whether you qualify for a chapter 7 or 13.
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