Gardner Law Office

843-839-3002

Gardner Law Bankruptcy Grand Strand
Gardner Law Bankruptcy of Myrtle Beach

5400 Hwy. 17 South, Myrtle Beach, South Carolina 29575

Assets
Assets are any and every form of property that the debtor owns. This includes the tangible such as home, savings, cars, etc. It also includes the intangible such as business goodwill and stock options. These must be disclosed when filing for bankruptcy. There are exemptions that will remove certain assets from the overall property of the estate.
Automatic Stay
This is an injunction issued by the courts automatically upon filing for bankruptcy. It prohibits collection actions against the debtor and his or her property.
Charged Off
Often used in accounting, this means a creditor does not expect payment for a debt. It relates to creditor's taxes and does not mean that the debt is no longer legally enforceable.
Consumer Debt
Debts incurred by an individual for personal, family, or household purposes. Neither taxes nor business loans are considered consumer debts.
Conversion
Cases under the Code may be converted from one chapter to another. For example, a Chapter 13 case may be converted to a Chapter 7 should income be lost. Even though the governing code changes, it remains the same case as originally filed.
Creditor
The person, or organization, to whom the debtor owes money or another form of legal obligation
Debtor
The person, corporation, or partnership who is liable for debts and is the subject of the bankruptcy case.
Discharge
The elimination of debt through a bankruptcy case. When it is discharged, it is no longer legally enforceable against the debtor. Liens that secure the debt may survive the bankruptcy.
Dischargeable
Debts that can be eliminated in bankruptcy. Some debts are not dischargeable at all or can only be discharged in Chapter 13.
Exempt
Exempt property is not available to pay the claims of creditors. There is a list of exemptions available in each state. This allows the debtor to keep this property for use in his financial fresh start.
Exemptions
Exemptions are lists of the types and values of property the Bankruptcy Code says is beyond creditor or trustee reach. The debtor gets to keep this property.
Fiduciary
The individual who is entrusted with the duties on behalf of another. The Bankruptcy code institutes a trustee to be the fiduciary for the debtor. This individual is required to operate with the highest level of good faith and diligence.
Lien
An interest in real or personal property which secures a debt. It may be voluntary such as a mortgage or car loan. It may also be involuntary such as a tax lien or judgement.
Means Test
A means test is intended to screen who is eligible for Chapter 7 and who should file for Chapter 13.
Meeting of creditors
Also known as a 341 meeting, this is a meeting between the debtor, the trustee, and the creditors.
Non dischargeable
A debt that cannot be eliminated. It remains legally enforceable despite a bankruptcy's discharge. The scope of these debts depends on the chapter of bankruptcy filed.
Personal property
Assets that are not real estate or fixed to real property. This can be stock, cars, and furniture.
Petition
The initiating document in a bankruptcy case. The filing of said petition begins the order of relief and automatic stay.
Priority
There is an order in which claims are paid in a bankruptcy case. The higher priority claims must be paid in full before the remaining claims receive payment.
Schedules
The schedules are the required lists of a debtor's assets and liabilities (or debts).
Secured debt
A secured debt is any claim that is secured by a lien on the debtor's property.
Trustee
The court appoints a trustee in every Chapter 7 or Chapter 13 bankruptcy. This individual is the fiduciary agent responsible for reviewing the debtor's schedules and representing the interest of the creditors in the case. For more detailed information on a Trustee and his role visitU.S. Trustee's
Unsecured
A debt is considered unsecured if there is no collateral attached to secure it. This is a claim without priority. An example of unsecured debt is that of credit card debt.

Glossary

Bankruptcy has its own Language:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Help Me! I'M LOST (Frequently Asked Questions)

What Can Bankruptcy Do For Me?

What are the main differences between Chapter 7 and Chapter 13 bankruptcy?

I've filed for bankruptcy before. Can I file again?

Can an employer refuse to hire me or fire me because I filed for bankruptcy?

Which bankruptcy option allows me to keep my property?

How does Bankruptcy affect my credit?

What are the differences between Bankruptcy and debt consolidation?

What are the advantages of Bankruptcy over debt settlement?

Are there tax consequences from filing for bankruptcy?

When should I stop using my credit cards if I'm planning on filing? Can't I just max them out?

Does my spouse have to file for bankruptcy with me? What happens if they don't?

How does a bankruptcy filing affect cosigners? Will they still have to pay?

Do I have to file bankruptcy on all the accounts I owe or can I keep some?

What is this credit counseling requirement?

Must I produce tax returns before and after my bankruptcy?

How long will I be in Chapter 7 or Chapter 13 bankruptcy?

What do I do if a creditor demands payment after I have filed?

Will I lose my home or apartment if I file for bankruptcy?

What is the debtor education course I'm required to take?

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