Mesa Bankruptcy Dictionary

Understanding the bankruptcy language is an important part of understanding bankruptcy. There are many words and terms that people do not use in normal life and so do not understand. This list of bankruptcy words and definitions is not totally inclusive, but will help you better understand the basics of Mesa bankruptcy.

• Debtor: The person or business who owes money to creditors
• Creditor: The person or business who is owed money by the creditor
• Assets: Property of any person or business. This can include homes, cars, real estate, personal property, etc.
• Exempt Assets: Assets that the court will not take when a person files bankruptcy
• Non-exempt Assets: Assets that the court might take when a person files bankruptcy
• Chapter 7: In this type of bankruptcy the court will take and sell any non-exempt assets before giving the debtor a discharge of debt
• Chapter 13: In this type of Mesa bankruptcy the debtor submits a payment plan to the court and then makes payments according to that plan for 3 to 5 years before the court gives the debtor a discharge of debt
• Automatic Stay: A court order to a debtor's creditors prohibiting them from contacting or trying to collect from the debtor
• Discharging Debt: A legal release from the responsibility of paying a debt.

Mesa Bankruptcy Attorney

Contact us today and we will help you understand all aspect of bankruptcy. We want to help you get out of financial difficulties and back to your normal life. Fill out our free Mesa bankruptcy evaluation today to begin the process of financial recovery.

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