341 Meeting. This meeting is also known as a meeting of creditors. At this meeting, the debtor is questioned under oath by creditors, a trustee, examiner, or the United States trustee about his/her financial affairs.

A.

Absolute Priority . The order of payment to the different classes of creditors mandated by the Bankruptcy Code. 

Adequate Protection . The right of a party with an interest in the debtor's property to assurance that its interest will not be diminished during the bankruptcy proceedings.  

Adversary Proceeding . A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court.  

Allowed Claim . A claim of a creditor that is approved by the court for satisfaction (full or partial) under the plan of reorganization.  

Arrearage. An amount past due that is to be repaid in accordance with the terms of a repayment plan.  

Asset. Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others (including bank accounts, stocks, mutual funds, and so on).  

Assignment. The transfer of any right, claim or interest to another person or corporation. Often used to refer to the transfer of a mortgage from one lender to another.

Assume . An agreement to continue performing duties under a contract or lease.

Automatic Stay. An injunction that automatically stops lawsuits, foreclosure, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed.

Avoidance Power . The power of the court to invalidate certain obligations or transactions undertaken by a debtor prior to filing bankruptcy.

B.

Bankruptcy . A legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code).

Bankruptcy Code . The informal name for title 11 of the United States Code (11 U.S.C. §§ 101-1330), the federal bankruptcy law.

Bankruptcy Court . A unit of the federal district court that handles bankruptcy cases.

Bankruptcy Crimes . Attempts to defeat the purposes of the Bankruptcy Code through fraudulent means. Such attempts are punishable by imprisonment and/or fines and include, but are not limited to: Concealment of property belonging to the estate of the debtor, 18 U.S.C. § 152(1); Making of False Oaths or Accounts, 18 U.S.C. § 152(2); False Declarations, 18 U.S.C. § 152(3); False Claims 18 U.S.C. § 152(4); Fraudulent Receipt of Property, 18 U.S.C. § 152(5); Extortion and Bribery, 18 U.S.C. § 152(6); Fraudulent Transfer or Concealment; 18 U.S.C. § 152(7); Fraudulent Destruction or Alteration of Documents, 18 U.S.C. § 152(8); Fraudulent Withholding of Documents, 18 U.S.C. § 152(9); Embezzlement Against the Estate, 18 U.S.C. § 153; Bankruptcy Fraud, 18 U.S.C. § 157.

Bankruptcy Estate . All legal or equitable interests of the debtor in property at the time of the bankruptcy filing. The estate includes all property in which the debtor has an interest, even if it is owned or held by another person.

Bankruptcy Petition . A formal request for the protection of the federal bankruptcy laws.

Bankruptcy Trustee . A private individual appointed to represent the interests of the bankruptcy estate and the debtor's creditors.

Bar Date . The last date that creditors may file a claim against the debtor.

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