Welcome to the archive!
Welcome to the Terminology Tuesday archive! What is Terminology Tuesday? Well, every Tuesday we will be unpacking and defining key terms relating to bankruptcy law and the bankruptcy code. You can view these short-form videos on our IGTV and Facebook page. These videos are designed to help you understand the bankruptcy process a little better. Forget about Netflix, here you can stream all the great Terminology Tuesday videos!
TT - Reaffirmation Agreement
Reaffirming your car loan entails signing a reaffirmation agreement where you simply re-obligate yourself to the original terms of your vehicle loan. You are basically letting the bankruptcy court know that you can afford your car payments and you want to be responsible for the remainder of the balance owed.
TT - Types of Debt
When you file for bankruptcy protection, you need to disclose the types of debt that you have. This is a requirement in all chapters (Chapter 7 & Chapter 13 included). Debt usually falls under two categories; 1)Secured Debt 2) Unsecured Debt.
TT - Chapters
Today we are covering "Chapters," more specifically, the Chapter 7 versus the Chapter 13 bankruptcy. In a Chapter 7, the Debtor (the person filing) is asking for a Discharge (or forgiveness) of all of their debt. But in order for a Debtor to file for a Chapter 7, they have to qualify under the Means Test and other factors.
tt - Code book
Our very first Terminology Tuesday! We are starting off with the term "Code Book." Everything in bankruptcy law is dictated on the United States Bankruptcy Code and Rules Booklet. Don't worry, I am not going to read the whole thing to you. I just want you all to be informed about how bankruptcy protection really works!
The value of your assets, or "your stuff," is an important factor in your bankruptcy case. When you list your assets in your paperwork, you can claim exemptions in the state your live in. Certain states offer you a choice between state exemptions and the federal bankruptcy exemption system but California is not one of them.
TT - Credit Counseling Course
This pre-filing course needs to be completed before your bankruptcy petition is filed. A certificate is issued at the end of the course. You need to file that certificate with your bankruptcy petition and schedule.
TT - Chapter 7 Trustee
When a debtor files a Chapter 7 bankruptcy, the court appoints a bankruptcy trustee to oversee and administer the case.
TT - Key Players
There are four main players in a Chapter 7 Bankruptcy case: 1) The Debtor, 2) The Creditors, 3) The Trustee, and 4) The Judge.
TT - What is an Assets?
An Asset is basically anything that you own that you can sell for money. It's your stuff; Everything from your house to your collection of Beanie Babies. Even your right to sue someone can be considered an asset. It's any property that is regarded to have value.
TT - United States Trustee
When you file a bankruptcy case, your case is assigned to a Chapter 7 Trustee. They do all the busy work in your case and file a report with the bankruptcy court. But who do they report to? Well, that's the United States Trustee's office under Department of Justice (yeah, that Department of Justice...eek).
TT - Automatic Stay
Ever wonder why they call it "bankruptcy protection?" Did you know it's actually called bankruptcy "protection?" When you file for a bankruptcy, you trigger what is called the "automatic stay." Some of us like to call it the "AutoStay." It just sounds cooler. The Autostay is like a force-field that put on your income and assets.