Median family income refers to the figures published by the U.S. Census Bureau each year. The figures include the U.S. median household income, the median household income and Gini index of each state and Puerto Rico, the median household income of the...
bankruptcy
meeting of creditors
A meeting of creditors is a meeting convened and presided by the United States trustees in a bankruptcy case. A meeting of creditors is regulated under Section 341 of Title 11 U.S. Code, and which is why this meeting is also called a “341 meeting”....
nondischargeable debts
Nondischargeable Debts are debts that cannot be extinguished in bankruptcy. As a threshold matter, regardless of the type of bankruptcy, 11 U.S.C. § 523 categorizes certain debts as nondischargeable. For example, 11 U.S.C. § 523(a)(1) categorizes...
nonexempt property
The concept of “nonexempt property” appears in the context of Chapter 7 bankruptcy proceedings and refers to property of the debtor’s estate that does not qualify for a statutory exemption. A debtor’s property is classified as nonexempt property “...
personal financial responsibility counseling
Personal financial responsibility counseling, or personal financial management class, is a class that an individual debtor (but not a business debtor) must complete within 60 days after the 341 Meeting of Creditors in order to obtain a discharge of...
preference
Preference in law refers to a bankruptcy tool called recapture where a trustee can recover payments made by the debtor to creditors before the bankruptcy proceeding. In order for a trustee to recapture preference payments, the payments must...
presumed abuse
Presumed abuse or presumption of abuse is a concept associated with bankruptcy. In 2005, the presumption of abuse guidelines was established by the Congress when it enacted the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (...
priority
Priority refers to the order of preference given to different interests or rights. Priority appears in multiple areas of law regarding debt, equity, bankruptcy, and patents. The most common appearance of priority arises in relations among...
priority debt
Priority debt is a phrase referring to the most urgent or important debts that must be paid off in bankruptcy. Listed in the order of priority, these include alimony, child support, trustee fees, bankruptcy attorney fees, court fines, employee wage...
proceeds for damaged exempt property
Proceeds for damaged exempt property are the insurance payouts or awards received as part of legal dispute regarding exempted assets in bankruptcy. When a person goes into bankruptcy, some essential assets are exempted from the reach of...