Winding your way through the bankruptcy process can be complicated enough, and most people just want to let their Orlando bankruptcy lawyer deal with all the details. But as a consumer, it behooves you to educate yourself – not only about the bankruptcy process, but about the terms and jargon that are commonly used within the industry.

So here is a beginner’s primer on frequently used legal terms you’ll (and their meanings) that you’ll encounter throughout the bankruptcy process:

Adversary Proceeding – A judicial hearing in response to a complaint filed by one of the parties involved in the bankruptcy process (either a creditor, the trustee, or the debtor.) Your Orlando bankruptcy lawyer can represent you in any of these related lawsuits in addition to your primary bankruptcy.

Chapter 7 – Also referred to as Liquidation Bankruptcy, it’s primarily used for those with few if any assets and/or little or no dependable source of income.

Chapter 13 – Commonly referred to as Reorganization Bankruptcy, this type of filing helps consumers restructure their debt into a more manageable load. It is for those with a dependable source of income, or who own an asset (such as a home) that they hope to keep. Your Orlando bankruptcy lawyer can advise you which of the two – Chapter 7 or Chapter 13 – is right for you.

Contested Matter – a matter brought before the trustee in which one or both parties disagree.

Credit Counseling – Individual or group session in which the debtor receives financial and debt education from a non-profit agency. The updated bankruptcy code now stipulates that consumers wishing to file bankruptcy must undergo mandatory credit counseling six months prior to petitioning for bankruptcy. Your Orlando bankruptcy lawyer can refer you to local agencies that offer this service.

Debtor Education – The instructional course in personal financial and debt management that a consumer must complete before final discharges are granted at the end of the bankruptcy process. Again, your Orlando bankruptcy lawyer can direct you to local agencies that offer this service.

Discharge – The act of releasing a debtor from further personal liability on a dischargeable debt. Once a discharge has been issued, creditors are prohibited from taking further action against the debtor to attempt to collect the debt.

Exemptions – Property, assets, or equity that a debtor is allowed to retain and that unsecured creditors cannot touch. Your Orlando bankruptcy lawyer can advise you further regarding exemptions allowed by your state.