Attorney at Law
617 Brady Street, Suite 1
Davenport, Iowa 52803
563-322-0455
E-mail: psouhrada@qcbdebtfree.com

Debtor

This is the term given to someone who owes creditors and files for bankruptcy. Once your case is filed, this term will apply to you.

Creditor

This is any person that you owe. It may be a bank, finance company, hospital, retail store, credit card company or an individual.

Secured Creditor

Is a creditor who has a lien on some property that you own. A lien gives that creditor certain rights in the property ahead of other creditors.

Automatic Stay

Is a rule of the Bankruptcy Code that prevents a creditors from taking any action to collect their debt or taking any action against a debtor’s property. It begins on the day your case is filed. Creditors may ask the Court for “Relief from the Automatic Stay” by filing a Motion. If granted, such a Motion would generally permit them to repossess property.

Judgment

Is a court order that says that you owe a creditor money. It may also order that certain property may be sold to pay that creditor.

Judgment Lien

Is a lien on property that is created when a creditor sues you.

Tax Lien

Is a lien created by the IRS, State or other taxing authority. It is similar to a judgment lien.

Exemption

Is the amount of money or the value of property you are allowed to keep in bankruptcy without paying for it. With some exceptions, exemptions may generally be applied only to property that is not subject to a creditor's lien.

Trustee

Is the person who will supervise your case. The trustee is responsible for ensuring that you have done everything that you are supposed to do to comply with the Bankruptcy Code. He or she also sells assets that are not exempt and distributes money to creditors.

Discharge

If a debt is discharged you will not be required to pay it. However, it does not disappear. A secured creditor may collect from property that is subject to its lien, such as a house or car. The primary purpose of a bankruptcy is to discharge most debts in order to give the debtor a fresh start.

We are a debt relief agency. We help people file for relief under the U.S. Bankruptcy Code.
This website contains general information only. This is not legal advice and it is NO substitute for a consultation with a lawyer!
No attorney-client relationship is formed until you come and see me, in person.

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