Corporation
Form of business organization that involves a legal, separate, and distinct entity from its shareholders, board of directors, officers, and employees. It is liable for its own obligations and debts, it can sue and be sued, and it can be fined for violating the law.

Automatic Stay
Immediately upon the filing of a voluntary petition under the bankruptcy code, a stay arises which generally bars all debt collection efforts against the debtor or property of the debtorís estate.

Bankrupt
The state or condition of a person or entity that is unable to pay its debts.

Bankruptcy Court
Federal court that deals exclusively with the administration of bankruptcy proceedings.

Collateral
Property which is pledged as security for the satisfaction of a debt.

Creditor
A person or entity to which a debt is owed by another person or entity.

Debtor
One who owes a debt to a person or entity.

Estate
The total of assets and liabilities.

Petition
A formal request prepared for court requesting action on a legal matter.

Secured Creditor
A creditor who holds some assurance of payment from the debtor such as a mortgage, collateral or lien.

Secured Creditor
A creditor who holds some assurance of payment from the debtor such as a mortgage, collateral or lien.