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Chapter Twelve
Family farmer bankruptcies; created by Congress in 1986 (Chapter 12 became effective on November 26, 1986 and is now a permanent Chapter of the Bankruptcy Code); only a family owned farm business can qualify for Chapter 12
Reorganization
The resolving of a Chapter 11 bankruptcy by the emergence of the debtor as a viable business. Generally, the company agrees with creditors on a plan for payment of their claims (plan of reorganization) and emerges from Chapter 11 after the plan is confirmed by the court.
Asset
An economic resource or item owned by a business that is expected to benefit its future operations.
Secured creditors
One of two general types of creditors of a company. Secured creditors have a lien on property of the company.
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.
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.
Chapter Twenty
An unofficial term describing the filing of a Chapter 7 proceeding followed by a Chapter 13.
Adversary proceeding
Litigation within a bankruptcy proceeding instituted by the filing of a complaint.
Bankruptcy Court
The federal tribunal where cases under the Bankruptcy Code are litigated.
Core proceedings
Those proceedings that are inherent in and fundamental to the administration of a bankruptcy case.
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