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Chapter Thirty Three
An unofficial term describing a company that has filed for Chapter 11 three times.
Reamortization
If your loan is reamortized, the delinquency is added to the loan balance in order to bring your payments up to date. This increases your loan amount and will also increase your monthly payments.
Bankruptcy Amendments of 1984
A set of amendments to the Bankruptcy Reform Act of 1978. It contains a number of provisions including: limiting the jurisdiction of the bankruptcy court.
Secured creditors
One of two general types of creditors of a company. Secured creditors have a lien on property of the company.
Asset
An economic resource or item owned by a business that is expected to benefit its future operations.
Core proceedings
Those proceedings that are inherent in and fundamental to the administration of a bankruptcy case.
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.
Post-petition
Occurring after the filing of a petition. Preference - a payment by a debtor made during a specified period (90 days or one year) prior to the filing that favors one creditor over others.
Set-off
The ability to discharge or reduce a debt by applying a counter claim between the same parties.
Bankruptcy estate
Generally, the property of the debtor that is subject to the jurisdiction of the bankruptcy court.
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