Proof That LAW Really Works
Statement of intention A declaration made by a chapter 7 debtor concerning plans for coping with client debts that are secured by property of the property. Redemption A procedure in a Chapter 7 case whereby a debtor removes a secured creditor’s lien on collateral by paying the creditor the worth of the property. Property of the estate All legal or equitable interests of the debtor in property as of the commencement of the case. Priority The Bankruptcy Code’s statutory ranking of unsecured claims that determines the order in which unsecured claims shall be paid if there may be not sufficient …