BANKRUPTCY GLOSSARY

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Debt: Liability on a claim. 

debtor: A person or municipality concerning which a case under this title has been commenced. 

Discharge: Extinguishing the debtor's personal liability on debts, through the granting of a permanent injunction protecting the debtor from efforts to collect such debts as a personal liability. 

Disclosure statement: A written document prepared by the chapter 11 debtor that is designed to provide adequate information to creditors allowing them to evaluate the plan of reorganization 

Dismissal: The court's termination of the bankruptcy case upon voluntary request or withdrawal by the petitioner, or due to a motion filed by a party of interest.

Dismissal with prejudice: The court's dismissal of a bankruptcy case with the added condition that the debtor is barred from refiling a bankruptcy for a period of time, or barred from discharging certain debts in any future bankruptcy case.

Distribution: The payment to creditors of money generated by the liquidation of a debtor's property. 

Disposable income: Income which is received by the debtor and which is not reasonably necessary for maintenance or support of the debtor or a dependent of the debtor.

Drop-dead clause: A provision in a contract or rehabilitation plan that requires exact compliance with the debtor's obligations and gives the creditor an immediate right of action in th event of default.
 

DISCLAIMER: The information contained within this personal injury site is of a general nature and is not meant to be a restatement of any rules of law. Your use of this site does not create an attorney-client relationship. You should hire an attorney to obtain legal advice for your specific case. 
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