Scottsdale Bankruptcy Terms

There are many bankruptcy terms that are hard to understand because they are not used in every day conversations. This list of bankruptcy terms will help you better understand your Scottsdale bankruptcy and giver you a better grip on the entire bankruptcy process.

• Creditor: The business or individual that is owed money by a debtor.
• Debtor: The business or individual that owes money to the creditor.
• Automatic Stay: This injunction stops the creditor from attempting to collect from the debtor. An automatic stay takes effect immediately after the debtor files for bankruptcy.
• Chapter 7: The Scottsdale bankruptcy court seizes non-exempt assets owned by the debtor and sells them to pay the creditor. One of our attorneys will help you protect your property in this process.
• Chapter 13: The Scottsdale bankruptcy court permits the debtor to retain his or her assets. The court requires the debtor to make payments to the creditor according to a plan the court approves.
• Assets: The property a business or individual owns.
• Non-Exempt Assets: The property that the Scottsdale bankruptcy court takes from the debtor and sells to pay the creditors.
• Exempt Assets: Property that state and federal laws protect. This property will not be taken from the debtor. One of our attorneys will help you understand these laws and protect your property.
• Equity: The dollar amount that an asset can be sold for in excess of the money owed on the asset.
• Discharging Debt: This makes the debtor no longer legally responsible to pay the debt and removes it from the debtor's credit history. Debt discharge can be awarded by the Scottsdale bankruptcy court.

Scottsdale Bankruptcy Attorney Help

Let us help you file bankruptcy. We can help you ensure that everything is done correctly and that you can quickly get back to your normal life. Fill out our free Scottsdale bankruptcy evaluation today and we will help you file bankruptcy.

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