Collateral
The property that is subject to a lien as for payment of a debt or performance of a contract. A creditor with rights in
collateral is a secured creditor and has additional protections in the Bankruptcy Code for the claim secured by
collateral.
Confirmation
The process by which the Bankruptcy Judge approves a plan of reorganization of a debtor in a Chapter 13 case.
Conversion
Cases under the Bankruptcy Code may be converted from one chapter to another chapter; for example, a Chapter 7
case may be converted to a case under Chapter 13 if the debtor is eligible for Chapter 13. Even though the Chapter
of the Code that governs it changes, it remains the same case as originally filed.
Credit Report
A report outlining an individuals credit history, public records and credit worthiness.
Creditor
Any person or business that a debtor owes money to.
Debtor
Any person who is liable to another for money.
Default
Failure to make payments within a specified period of time governed by the original contract.