Party in interest A celebration who has standing to be heard by the courtroom in a matter to be determined within the bankruptcy case. The debtor, U.S. trustee or bankruptcy administrator, case trustee, and creditors are parties in curiosity for many issues.
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Exemptions, exempt property Certain property owned by an individual debtor that the Bankruptcy Code or applicable state legislation permits the debtor to keep from unsecured collectors. The availability and quantity of property the debtor might exempt depends on the state the debtor lives in. Counsel Legal advice; a term additionally used to refer to the legal professionals in a case. Chapter 7 trustee A person appointed in a Chapter 7 case to characterize the interests of the chapter property and the creditors. The trustee’s obligations embrace reviewing the debtor’s petition and schedules, liquidating the property of the estate, and making distributions to creditors.
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