Bankruptcy Terms and Defintions

By Mary Guimont


Who is the Debtor in a bankruptcy?

A debtor is a person or entity, who has borrowed money, property or services from another party.
If you are the one who owes money. You are the debtor.

Who is the Creditor?

A creditor is the person, entity, organization or other party that has loaned an individual or another party, money, property or services.

What is a Asset?

An Asset is any type of property that the debtor owns.

What is a Bankruptcy Administrator?

As the name implies, the bankruptcy administrator oversees the administration of bankruptcy cases and monitors both the conduct and transactions of the individuals or parties involved in bankruptcy cases.

What is a Bankruptcy Estate?

A bankruptcy estate includes all property that is owned by the debtor at the time that the bankruptcy case is filed. This includes anything that falls under the jurisdiction of the bankruptcy court.

What is a Adversary Proceedings?

An adversary proceeding is a lawsuit that may arise during a bankruptcy case. The adversary proceeding begins by filing what is known as a pleading document that is called a complaint.

What is a Automatic Stay?

An automatic stay is a restriction that stops certain actions by creditors to collect debts from an individual or entity who has filed for bankruptcy.


Who is the Trustee in a Bankruptcy?

A trustee in bankruptcy is an official that is appointed by the court to administer the debtor’s estate. The trustee is under the supervision of the bankruptcy administrator or U.S. trustee.


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