Logan Bankruptcy Dictionary

Logan Bankruptcy Lingo

Learning the lingo associated with Logan bankruptcy is important for all debtors filing bankruptcy. To understand the words used in Logan bankruptcy will help you better understand your case and what is happening in the process. Out attorneys will ensure that you always understand what is happening and what to expect.

Logan Bankruptcy Terms

• Chapter 7: The most common type of bankruptcy people file. In this type of Logan bankruptcy the court will take any non-exempt assets and sell them before giving the debtor a discharge of debt.
• Chapter 13: In this type of Logan bankruptcy, the debtor will submit a payment plan to the court. The court will approve the payment plan and then the court requires the debtor to make payments to creditors for 3 to 5 years according to that payment plan.
• Assets: Any property held by a person. This can include houses, cars, real estate, personal property, etc.
• Exempt Assets: Assets that the court does not take and sell to pay creditors.
• Non-exempt Assets: Assets that the court will take and sell to pay creditors.
• Creditor: The person or business who is owed money.
• Debtor: The person or business who owes money.
• Equity: The amount of extra money a person can sell property for that is beyond what is owed. An example of equity is; you sell your car for $8,000 but only owe $6,000 on it. The extra $2,000 is the equity in the car.
• Principal: The amount that a debtor must pay to pay off a loan or debt.

Logan Bankruptcy Help

Our Logan bankruptcy firm has years of experience with bankruptcy. We will help you file your Logan bankruptcy and ensure that you understand what to expect during the process. Complete our Logan bankruptcy evaluation today and learn how bankruptcy can help you relieve unnecessary stress in your life.

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