The ABCs of Bankruptcy & Foreclosure: Glossary (m-o)
Over the next few weeks we will continue to post common bankruptcy and foreclosure legal terminology so when you are doing research or begin filing you can have a better understanding of the jargon involved. Next week BANKRUPTCY INK will move back into new articles and commentary, but we do want to get the full glossary posted so you can have a better understanding of what all the technical words mean.
M
Matrix
The debtor’s mailing list for their creditors.
Means Test
The section of the Bankruptcy Code applied to determine whether an individual debtor's Chapter 7 filing is presumed to be an abuse of the Code requiring dismissal or conversion to a Chapter 13.
Meeting of Creditors
A meeting held between the filer and the bankruptcy trustee to review the case and files submitted.
Mortgage
A loan when the borrower puts up a real estate title as collateral for a loan.
Motion to Lift the Automatic Stay
A request by a creditor to take action against the debtor that usually would be protected under the automatic stay.
N
Negotiable Instrument
A document that represents an unconditional promise to pay a specific amount of money upon the demand of its owner
No Asset Case
A Chapter 7 filing where there are no assets available to satisfy any portion of the creditors' unsecured claims.
Non-Dischargeable Debt
A debt not allowed to be eliminated in bankruptcy.
Non-Exempt Property
The assets an individual risks losing to creditors after a Chapter 7 Bankruptcy is filed or when a creditor sues and wins a judgment.
Nuisance Fees
Money charged by some credit card companies to increase profits when the individual doesn't use the credit card the way the creditor wants.
O
Objection to Dischargeability
Opposition by the trustee or creditor to the debtor being released from personal liability for specific eliminated debts.
Objection to Exemptions
A trustee or creditor's objection to the debtor's attempt to claim certain property as exempt from liquidation.