Ogden Bankruptcy Legal Terms

Ogden Bankruptcy Terms

People sometimes say that the most confusing part about Ogden bankruptcy is the lingo. Attorneys and courts use many words in Ogden bankruptcy that most people do not understand. Learning these words ahead of time will help you better understand what is going on in your Ogden bankruptcy.

Ogden Bankruptcy Definitions

• Creditor: The person or business who is owed money by the debtor.
• Debtor: The person or business who owes money to the creditor.
• Equity: The amount of money that a person can sell an assets for beyond what is owed on that assets. For example, you sell your how for $160,000 but only owe $150,000 on it. The extra $10,000 is the equity.
• Principal: The payoff amount of a debt or loan.
• Chapter 7: Liquidation bankruptcy. The court takes and sells any non-exempt assets before it gives the debtor a discharge of debt.
• Chapter 13: A restructuring of debt. The debtor submits a payment plan to the court and the debtor is required to make payments to creditors for 3 to 5 years according to the payment plan. The debtor then receives a discharge of debt at the end of the payment plan.
• Non-exempt Assets: Assets that the Ogden bankruptcy court will take and sell when a debtor declares Chapter 7 bankruptcy.
• Exempt Assets: Assets that the Ogden bankruptcy court will not take and sell when a debtor declares Chapter 7 bankruptcy.

Ogden Bankruptcy Attorney

Contact us and let one of our Ogden bankruptcy attorneys help you through the entire bankruptcy process. Our attorneys have years of experience with Ogden bankruptcy and know exactly what to expect. Fill out our free Ogden bankruptcy evaluation today and let us help you get back on top of your finances.

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