statement of intention: A declaration
made by a chapter 7 debtor concerning plans for dealing with
consumer debts that are secured by property of the estate.
substantive consolidation: Putting
the assets and liabilities of two or more related debtors into a
single pool to pay creditors. (Courts are reluctant to allow
substantive consolidation since the action must not only justify
the benefit that one set of creditors receives, but also the harm
that other creditors suffer as a result.)
341 meeting: The meeting of creditors
required by section 341 of the Bankruptcy Code at which the debtor
is questioned under oath by creditors, a trustee, examiner, or the
U.S. trustee about his/her financial affairs. Also called creditors’
transfer: Any mode or means by which
a debtor disposes of or parts with the debtor’s property.