| Secured Claims and Liens |
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| Secured claims include liens, security interests, security agreements, and secured claims. An allowed claim secured by a lien on property in which the estate has an interest, or that is subject to setoff, is a secured claim to the extent of the value of the creditor's interest in the estate's interest in the property or the amount subject to setoff. A secured claim carries the right to adequate protection of collateral. Unavoided liens survive bankruptcy but circumstances may demand action by a secured creditor to protect the lien. More... |
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| The Automatic Stay |
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| Immediately after a debtor files a petition in a United States Bankruptcy Court to open or start a bankruptcy proceeding, an automatic stay goes into effect. Once this happens, the creditors can no longer take any action to collect debts from the debtor. More... |
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| Proofs of Claim |
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| A proof of claim is the primary method creditors have of receiving funds in a bankruptcy proceeding. A proof of claim is a statement filed with the bankruptcy court listing debts owed by the debtor to a particular creditor. Proofs of claim should be filed with the court as early in the bankruptcy proceeding as possible.More... |
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| Trustees |
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| A trustee is the representative of the estate in a bankruptcy case and has the capacity to sue and be sued. Trustee is the term used for several different roles in the bankruptcy process. More... |
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| Chapter 11 Debtors in Possession |
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| Upon the filing of a voluntary petition for relief under chapter 11 or, in an involuntary case, the entry of an order for such relief, the debtor automatically assumes an additional identity as the "debtor in possession." The term refers to a debtor that keeps possession and control of its assets while undergoing a reorganization under chapter 11, without the appointment of a case trustee. More... |
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