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credit - Bad credit or adverse credit is
the result of by adverse credit history, also called sub-prime
credit history, non-status credit history, impaired credit history,
poor credit history, and bad credit history, is a negative credit
rating.
bankruptcy - A legally
declared inability or impairment of ability of an individual
or organizations to pay their creditors.
bankruptcy code - Title 11 of the United States
Code governs bankruptcy proceedings. Bankruptcy is a matter of
federal law and is, with the exception of exemptions, the same
in every state. When federal bankruptcy law conflicts with state
law, federal law controls.
bankruptcy court - A United States District Court, or the bankruptcy judges assigned to a given United States District Court, that deals only with bankruptcy proceedings.
bankruptcy discharge - A discharge in United States bankruptcy law, when referring to a debtor's discharge, is a statutory injunction against the commencement or continuation of an action (or the employment of process, or an act) to collect, recover or offset a debt as a personal liability of the debtor.
bankruptcy estate - The estate is all of the
legal and equitable interests of the debtor as of the commencement
of the case. From the estate, an individual debtor can claim
certain property exempt; the balance of the estate is liquidated
in a Chapter 7 to pay the administrative costs of the proceeding
and the claims of creditors according to their priority.
bankruptcy exemptions - Exemptions are the lists of the kinds and values of property that is legally beyond the reach of creditors or the bankruptcy trustee. The debtor in bankruptcy keeps the exempt property. What property may be exempted is determined by state and federal statutes, and varies from state to state.
bankruptcy trustee - The court appoints a trustee in every Chapter 7 and Chapter 13 case to review the debtor's schedules and represent the interests of the creditors in the bankruptcy case. The role of the trustee is different under the different chapters.
budget plan - A systematic plan for the expenditure of a usually fixed resource, such as money or time, during a given period.
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