Ballwin, Missouri Chapter 7 Bankruptcy Attorney Offers Guidance to Debtors

Missouri Bankruptcy Law Firm Focuses on Chapter 7 Cases

Those who are considering filing for chapter 7 bankruptcy protection in Ballwin, Missouri undoubtedly have questions about the process, and specifically about the terminology commonly used in bankruptcy court:

• Bankruptcy – a legal procedure for dealing with the debt problems of individuals and businesses.
• Bankruptcy Code – the informal name for title 11 of the United States Code, the federal bankruptcy law.
• Debtor – a person who has filed a petition for relief under the federal Bankruptcy Code.
• Creditor – a person or business to whom a debtor owes money.
• Bankruptcy administrator – an officer of the judiciary serving in the judicial districts of Missouri who is responsible for supervising the administration of bankruptcy cases.
• Bankruptcy trustee – a private individual or corporation appointed in all chapter 7 cases to represent the interests of the bankruptcy estate and the debtor's creditors.
• Bankruptcy estate – all the legal interests of the debtor in property at the time of the bankruptcy filing, including all the property in which the debtor has an interest, even if the property is owned by another person.
• Chapter 7 – the chapter of the U.S. Bankruptcy Code that provides for liquidation, or the sale of a debtor's non-exempt property and the distribution of the proceeds to pay creditors.
• Exemption – any property that a debtor may prevent creditors from recovering.
• Automatic stay – an injunction that stops lawsuits, foreclosures, garnishments, and collection efforts against the debtor from the moment the bankruptcy petition is filed.
• Discharge – a release of personal liability for certain dischargeable debts that prohibits creditors owned these debts from taking any action against the debtor.

Missouri bankruptcy attorney James B. Day spent eight years working for a bankruptcy trustee before opening up his own law office, and has dedicated his entire career to assisting bankruptcy debtors and creditors. For effective legal representation in chapter 7 bankruptcy, contact The Law Office of James B. Day, LLC online or call 314-786-1218 to schedule your free initial case evaluation today.