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Debtor
The entity seeking protection from creditors under the bankruptcy laws.
Chapter Twenty Two
An unofficial term describing a company that has filed for Chapter 11 twice.
Liquidating reorganization
An informal term for a Chapter 11 proceeding when the company is essentially liquidated through one or more asset sales.
Adversary proceeding
Litigation within a bankruptcy proceeding instituted by the filing of a complaint.
Repo Laws Repossess
The repo laws: If you don't make your car payments for a number of months, your lender may repo or repossess your car. Without a car you may not be able to get to work.
United States Trustee
An agent of the U.S. Department of Justice appointed to assist in bankruptcy cases. The U.S. Trustee administers many of the duties of the court including appointing committees.
Foreclosure
Your mortgage lender may start a foreclosure action and sell your home at a Sheriff's sale. If the sale nets less than you owe, there will be a "deficiency balance" that you will own to the lender.
Set-off
The ability to discharge or reduce a debt by applying a counter claim between the same parties.
Bankruptcy Court
The federal tribunal where cases under the Bankruptcy Code are litigated.
Chapter Thirty Three
An unofficial term describing a company that has filed for Chapter 11 three times.
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