Bankruptcy Terms

Chapter 7 – A straight Bankruptcy

Chapter 11 – Usually a Business Bankruptcy

Chapter 13 – A wage earner’s plan or re-organiztion

Debtor – A person or business that owes money

Creditor – A person or business to whom money is owed.

Discharge – A court order that eliminates certain types of debts

Meeting of Creditors – A hearing that the debtor appears in front of a bankruptcy trustee