BANKRUPTCY GLOSSARY

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Reaffirmation agreement: Agreement between the debtor and the creditor that states the debtor will pay all, or a portion, of the balance owed on the installment agreement, even though the debtor has filed bankruptcy. In return, the creditor promises that, as long as payments are made, the creditor will not repossess or take back the personal property constituting the collateral for the debt.

Reach-back period: The period immediately prior to filing the bankruptcy within which transfers of money or property may be deemed fraudulent or preferential.

Redemption: The act of a bankruptcy debtor retaining title and possession of an asset for which there is a balance owed, by paying off in a lump sum the present value of the property and discharging any unsecured balance.

Remand: The act of a court of appeal returning a case to the lower court (i.e., the bankruptcy court) for further adjudication of the issues.

Reorganization: A form of bankruptcy in which an entity's financial affairs are reorganized in order to provide relief from debt. Generally this will be done by rescheduling payments or discharging a debt.
 

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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