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GLOSSARY OF TERMS - PAGE 2

Bankruptcy estate — All assets, whether real or personal, belonging to the bankrupt debtor at the time the petition is filed. (Co-debtors or spouses income or property may be part of the bankruptcy estate.)

Bar date — Last date for a creditor to timely file a Complaint to Determine Dischargeability of a debt. For non-governmental creditors, that date is 90 days after the first date set for the meeting of creditors (341 meeting). Governmental units such as the IRS have 180 days from the date the petition was filed to file a claim.

Chapter 7 — The chapter of the Bankruptcy Code which sets forth the provisions relating to liquidation of a debtor’s assets. In a Chapter 7 filing, a trustee is appointed to collect and liquidate non-exempt assets and distribute the proceeds to creditors in accordance with set priorities.

Chapter 9 — This chapter is a reorganization of debts but exclusively available to municipalities and public agencies.

Chapter 11 — This chapter is a reorganization chapter where a debtor seeks to rehabilitate and reorganize its financial structure. This plan is normally used by
businesses but can be filed by an individual debtor.

Chapter 12 — This chapter was developed for family farmers exclusively. This chapter seeks to reorganize and rehabilitate the financial structure of the debtor. Normally it allows a debtor to propose a plan to pay creditors.

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