Chandler Bankruptcy Legal Definitions

Part of understanding Chandler bankruptcy is understanding the language. There are many terms that are not used in everyday language that is commonly used in bankruptcy language. This list of legal definitions is not totally complete but will help you understand the basics of Chandler bankruptcy.

• Chapter 7: A type of Chandler bankruptcy where the court will take and sell any non-exempt assets before giving the debtor a discharge of debt.
• Chapter 13: A type of Chandler bankruptcy where the debtor must make payments for 3 to 5 years according to a court approved payment plan before receiving a discharge of debt.
• Automatic Stay: A court order that stops creditor from trying to contact or collect from a debtor.
• Debtor: The person or business who owes money to creditors.
• Creditor: The person or business who is owed money by the debtor.
• Exempt Asset: Assets that the court will not take when filing Chandler bankruptcy.
• Non-Exempt Asset: Assets that the court will take when Filing Chandler bankruptcy.
• Equity: The amount that an assets can be sold for less what is owed on the asset.
• 341 Meeting: A meeting that the a debtor and his or her attorney must attend with the debtors creditors and a court trustee.
• Trustee: A court appointed representative who will oversee the bankruptcy process.
• Discharge of Debt: A legal release from the obligation of a debt.

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