Bankruptcy is a legal process to ensure the satisfaction of debt and the ability of entities to continue their livelihood. There are four main sides to any bankruptcy case: debtor(s), creditor(s), trustee, and the court. Each side adds an equivalent part to bring on a whole speedy process to the case.  Click on the informative Understanding Bankruptcy graph below for an explanation of terms.

CREDITOR:
Definition
Garnishment
Liens
Mortgages
DEBTOR:
Definition
Rights and Duties
Protection
TRUSTEE:
Definition
Bankruptcy Trustee
Qualifications
Duties
THE COURT:
Definition
Official Forms
Bankruptcy Types

Trustee Definition

 

It is a third neutral party which is used to help balance the relationship between a debtor and his/her creditor(s). In secured transactions involving collateral, the trustee holds the legal title until debt is paid or dismissed.
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Government Bankruptcy Resources


View local and federal government resources from around the internet.
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What Documents Do I Need To File For Bankruptcy?


We want your bankruptcy to go as smoothly as possible. See what documents you should have prepared.  Read more