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0-10 401K plan: A federally-qualified, tax-deferred retirement plan. In bankruptcy, the plan is exempt from creditors because of an anti-alienation clause barring its distribution to creditors for a debt of the beneficiary-debtor. A Assessment: For bankruptcy purposes, an assessment is a determination of the actual amount of taxes owed by the debtor and takes place when the IRS formally notes this in its records. Automatic stay: A stay is a court order stopping a stated action. In bankruptcy, such a stay goes into effect immediately upon submitting the filing to the court clerk and halts all creditor enforcement actions. C Chapter 7: Also, known as a liguidation bankruptcy, the debtor basically asks the court to release him from liability for his debts, in return for giving up whatever property he has to his creditors, subject to exemptions available in his state. Chapter 13: Also, known as a debt readjustment or reorganization, the debtor basically asks the court to release him from liability for his debts, in return for paying to his creditors, over time, a proposed amount which generally includes the value of nonexempt property, priority debts, secured debts, mortgage arrears (if any), trustee's fees and a stated percentage of unsecured debts. D Default: A default occurs upon the breach of a term of a loan agreement. The most frequent default is a failure to make a loan payment. Usually the loan instrument will give the creditor the right to accelerate the loan, that is, demand payment of the whole loan. If the loan is not paid off in full, and the loan is secured, then repossession or foreclosure can go forward against the collateral. Discharge: In bankruptcy, discharge refers to the release from personal liability for the debtor from the specific debt subject to discharge. Distribution: A tax law term referring to a deemed receipt of income by the taxpayer/debtor after failing to pay back a loan from a retirement account. E Exempt: In bankruptcy, an exempt asset is one which is not available to the trustee or creditors for liquidation and subsequent distribution toward the repayment of debts. Under federal bankruptcy law, each state is free to adopt its own schedule of exemptions for property, the standard federal schedule, or offer debtors an option to choose either. F Foreclosure: The process by which a creditor enforces a secured debt through public auction of the collateral, usually real estate. Fraud: For the lay person, this term is basically equivalent to a lie. In bankruptcy, loans taken out by a debtor with the intention never to repay are subject to objection barring discharge against the creditor for fraud. G Garnishments: Court order to an employer to withhold from the debtor/employee's wages and remit part of the wages to the creditor in payment of the debt. Private debtors must go to court first and obtain a judgment before proceeding to garnish. The IRS does not have to go to court and can proceed directly. I Installment agreement: Agreement with the IRS to pay a tax debt, with interest, over time with payment based upon the debtor's excess monthly income. L Liens: A claim against property to secure a debt. The lien can come into existence by voluntary agreement of the debtor and creditor or by law. O Offer in Compromise: An IRS program available to taxpayers to settle tax debts for less than the full amount owed to the government. The program is based upon a delegation of such authority by Congress to the IRS, but does not obligate the IRS to settle. P Predatory loans: Loans to homeowners made under particularly onerous terms such that foreclosure is highly likely. Some jurisdictions have passed legislation to regulate and bar such loans from being made. Priority taxes: Generally, income taxes that have become legally due and payable within the three years prior to filing bankruptcy. Priority taxes must be provided for payment in full in the debtor's Chapter 13 plan to be confirmable by the court. R Reaffirm: Term referring to a debtor's taking back into personal liability a debt that could have been discharged in bankruptcy. The act is usually done in writing. Redemption: Debtor's right to buy, usually in a lump sum, collateral secured by a debt at the present value of that collateral. S Secured: Generally, a secured debt is one which is backed by collateral. Surrender: A debtor's right to return collateral to a creditor. Since personal liability is discharged on the debt and the lien attaches to the property, surrender of the collateral to the lender removes all obligations from the debtor. T Tax lien: Claim placed upon property to secure a tax debt. The lien arises automatically when the tax debt comes into existence and attaches to almost all property the debtor owns now and in the future (if the debt is not paid). A Notice of Federal Tax Lien, usually recorded in the county records, puts the public on notice and will make sale or refinance of the property difficult as the claim will follow the buyer or mortgage company that took the property as collateral. Trustee: a private attorney appointed by the court to administer the bankruptcy case for the benefit of the creditors. U Undue hardship: Legal standard that must be met by the debtor to obtain discharge of a student loan. Basically the debtor must show that he will not be able to maintain a minimal living standard, that this financial situation will continue for a significant time during the repayment period, and he has made a good faith effort to repay. In practice, few cases meet the standards. Unsecured: Debts that are not supported by collateral, the most typical being credit card debts and unpaid bills.
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McLean, VA 22102
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Edward Gonzalez specializes in Washington DC Bankruptcy Law, Maryland debt relief, Virginia personal bankruptcy, chapter 7 bankruptcy in Virginia, chapter 11 bankruptcy in Washington DC, Maryland, Virginia credit card debt, Virginia bankruptcy debt, debt elimination, new bankruptcy law in Virginia, new bankruptcy law in Washington DC, new bankruptcy law in Maryland, Virginia bankruptcy lawyer, file bankruptcy, filing chapter 11, filing chapter 7, file chapter 7, file chapter 11, debt collection, debt relief, debt free, debt law, debt help, bankruptcy help, bankruptcy info, money help, money problems, offer in compromise, tax problem, debt problem, foreclosure attorney, foreclosure lawyer, garnishment, garnish wages, tax levy, bankruptcy faq, chapter 7 bankruptcy faq, chapter 13 bankruptcy faq, personal bankruptcy faq, financial problem, stop foreclosure, stop home foreclosure, help stop foreclosure, credit counseling, bankruptcy firm, bankruptcy information, and bankruptcy advice. Contact Edward Gonzalez, Virginia, Maryland & Washington DC bankruptcy attorney..

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