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Cash collateral: Various kinds of cash
assets such as, money, securities, documents of
title, and proceeds, products, offspring, rents or
profits of property, upon which a creditor has a
lien or other secured interest.
Chapter 7: A liquidation
bankruptcy for an individual, husband and wife,
partnership or corporation; typically, nonexempt
property is liquidated (sold) and the proceeds paid
out to creditors on a pro-rata bases, and the debtor
is discharged of liability for the debts. Certain
categories of debtors are not entitled to a
discharge, and certain categories of property are
exempt (i.e., can not be taken from the debtor).
Chapter 9: A financial
reorganization of a public entity.
Chapter 11: A financial
reorganization of a business.
Chapter 12: A financial
reorganization of a family farming enterprise.
Chapter 13: An adjustment of
debts of an individual.
Chapter 20: Courthouse slang;
a chapter 7 bankruptcy which, after final discharge,
is quickly followed by the same debtor filing a
chapter 13.
Claim: Right to payment,
whether or not such right is reduced to judgment,
liquidated, unliquidated, fixed, contingent,
matured, un-matured, disputed, undisputed, legal,
equitable, secured, or unsecured; or a right to an
equitable remedy for breach of performance if such
breach gives rise to a right to payment, whether or
not such right to an equitable remedy is reduced to
judgment, fixed, contingent, matured, un-matured,
disputed, undisputed, secured, or unsecured.
Claims agent: A claims agent
is a person appointed to manage the filing and
retention of proofs of claim.
Class of creditors: A group
of creditors entitled to similar treatment in a
bankruptcy case
Co-debtor stay: In Chapter 13
cases, an automatic stay which restrains creditor
actions against someone who is co-liable with the
debtor on a consumer debt, but who has not filed
bankruptcy, and the debtor has agreed to pay the
100% of the debt through the chapter 13 plan.
Collateral: Property pledged
to secure payment of a debt
Collective bargaining agreement: An
employment agreement entered into by an employee
with a group of employees to negotiate with the
employer over pay, benefits etc.
Confirmation: A court's
approval of a debtor's proposed plan in one of the
reorganization chapters.
Consensual lien: A lien granted by
agreement between the lien holder and the debtor,
such as a mortgage or a UCC security interest.
Constructive trust: An equitable remedy
under which a person who has acquired property by a
wrongful act is deemed to hold the property in trust
for the victim of the wrong.
Consumer debt: Debt incurred by an
individual primarily for a personal, family, or
household purpose.
Contested matter: A dispute in a
bankruptcy proceeding that may be adjudicated by
motion in the bankruptcy court.
Contingent debt: A claim for which the
debtor's legal duty to pay does not come into
existence until triggered by the occurrence of a
future event. conversion Changing a case from one
chapter to another.
Core proceeding: A proceeding in a
bankruptcy case that involves the adjudication of
rights created by the Code, or concerns issues that
could only arise in a bankruptcy case.
Creditor: An entity that has a claim
against the debtor.
Custodian: May mean any of the following:
(A) a receiver or trustee of any of the property of
the debtor, appointed in a case or proceeding not
under this title; or
(B) an assignee under a general assignment for the
benefit of the debtor's creditors; or
(C) a trustee, receiver, or agent that is appointed
or authorized to take charge of property of the
debtor for the purpose of enforcing a lien against
such property.
Customer property: Cash, security, or
other property received, acquired, or held by or for
the account of the debtor, from or for the
securities account of a customer.
