Definitions of Common Bankruptcy Terms According to The United States Bankruptcy Code

Bankruptcy Assistance:  any goods or services sold or otherwise provided to an assisted person with the express or implied purpose of providing information, advice, counsel, document preparation, or filing, or attendance at a creditors' meeting or appearing in a case or proceeding on behalf of another or providing legal representation with respect to a case or proceeding under this title.

Claim:  right to a payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal, equitable, secured, or unsecured

Consumer Debt:  debt incurred by an individual primarily for a personal, family, or household purpose.

Creditor:  entity that has a claim against the debtor that arose at the time of or before the order for relief concerning the debtor

Current Monthly Income:  the average monthly income from all sources that the debtor receives (or in a joint case the debtor and the debtor's spouse receive) without regard to whether such income is taxable income

Debt:  liability on a claim

Debtor:  person or municipality concerning which a case under this title has been commenced

Debtor's Principal Residence:  a residential structure, including incidental property, without regard to whether that structure is attached to real property and includes an individual condominium or cooperative unit, a mobile or manufactured home or trailer.

Domestic Support Obligation:  a debt that accrues before, on , or after the date of the order for relief in a case under this title, including interest that accrues on that debt as provided under applicable nonbankruptcy law notwithstanding any other provision of this title that is owed to or recoverable by a spouse, former spouse, or child of the debtor or such child's parent, legal guardian, or responsible relative; or a governmental unit.

Entity:  Includes person, estate, trust, governmental unit and United States Trustee

Individual with Regular Income:  individual whose income is sufficiently stable and regular to enable such individual to make payments under a plan under chapter 13 of this title, other than a stockbroker or a commodity broker

Insolvent:  with reference to an entity other than a partnership and a municipality, financial condition such that the sum of such entity's debts is greater than all of such entity's property at a fair valuation

Judicial Lien:  lien obtained by judgment, levy, sequestration, or other legal or equitable process or proceeding

Lien:  charge against or interest in property to secure payment of a debt or performance of an obligation