Nashville Bankruptcy Terms

Learn about terms related to Nashville bankruptcy

nashville bankruptcy terms

Understanding bankruptcy vocabulary helps you speak more easily with attorneys and court officials

If you have questions about Tennessee bankruptcy terms, you are not alone.  Here are some common terms that you should understand as you assess your financial situation and whether or not to file bankruptcy.

  • Assets:  possessions and property that you own
  • Automatic Stay:  an order that prevents creditors from continuing debt collection
  • Chapter 7:  a type of bankruptcy that discharges most debt and may require some debt to be paid off by selling assets
  • Chapter 11: a type of bankruptcy for businesses to help them restructure debt and remain in business
  • Chapter 13: a type of bankruptcy that allows you to keep your assets and make manageable debt payments for 3-5 years, after which all of your debt is eliminated
  • Creditor:  the person or entity to whom money is owed
  • Debtor:  the person or entity who owes money
  • Discharge of Debt:  an order that eliminates the debtor’s legal obligation to pay debt
  • Exempt Assets:  property that cannot be sold by force or seized to pay debt
  • Foreclosure:  when a creditor is authorized to take assets of the debtor
  • Garnishment:  when a portion of wages are removed to pay for debts
  • Non-Exempt Assets:  property that is eligible to be sold or seized to pay for debts
Free Bankruptcy Advice
Feedback and Help for your situation
We will give you financial advice, help you choose between Ch.7 and Ch.13, and help you know your options.
Get Our Advice