Chapter 13 Glossary of Terms
If you need relief from your debts, Chapter 13 can be a big help. But before you even file, you'll probably be hit with a slew of legal terms, and it can be overwhelming. We're here to break down the basics so you'll have a point of reference throughout the process.
The Craig Black Law Firm knows how intimidating bankruptcy filings can be. My goal is to be your partner throughout the process, addressing your concerns and walking you through what to expect. If you're thinking about filing for Chapter 13, give me a call at 678-888-1778 or fill out my confidential contact form.
Chapter 13 Glossary:
- Arrears: This refers to the amount that you're behind on a certain debt when you file bankruptcy. Often, arrears apply to a mortgage or rent. Any arrears will be addressed in the repayment plan.
- Automatic stay: As soon as you file a bankruptcy petition, the court will issue an automatic stay. This gives you relief from your debts while you're working through your Chapter 13 filing.
- Case number: After you file, the court will assign a case number, and this case number will be used to identify your case throughout your filing.
- Chapter 13 plan: Also known as a repayment plan, this arrangement requires you to repay your debts on a schedule set up by the courts.
- Credit counseling: Before you file for bankruptcy, you'll need to complete a court-approved credit counseling course.
- Creditor: A creditor is anyone you owe money. For the purposes of Chapter 13, creditors have claims against the debtor.
- Debtor: In Chapter 13, the debtor is the person filing. In general, a debtor is anyone who owes money to a creditor.
- Debtor education: This mandatory education comes after you've filed but before your debt has been discharged.
- Discharge: This is a court order that releases a Chapter 13 filer from debts.
- Exempt property: Some properties won't be part of your repayment plan. These items are known as exempt property.
- Means Test: This is a standardized formula used to determine the amount and duration of your repayment plan.
- Priority debt: Some debts have to be paid during the repayment period. These are priority debts.
- Secured debt: Debts that are secured by collateral can be discharged in Chapter 13, but the lender may still repossess the collateral.
- Trustee: Bankruptcy cases are managed by trustees and assigned by the court. Your trustee will meet with you, manage your case, and notify creditors of the discharge.
- Unsecured debt: Debts that aren't secured, like credit cards and medical bills, can be discharged without concerns about the lender repossessing anything.
How the Craig Black Law Firm Can Help
Bankruptcy doesn't have to be complicated. When you call the Craig Black Law Firm, I'll answer the phone and personally address your questions. If you're considering Chapter 13, give me a call at 678-888-1778 or fill out this form.
META TITLE: Chapter 13 Glossary | Craig Black Law Firm
META DESCRIPTION: Chapter 13 bankruptcy comes with plenty of legal terms. This glossary will help you learn the lingo.