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Austin Bankruptcy - Terms & Definitions

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Lawsuit
A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty which resulted in harm to the plaintiff.
Leverage
1. In negotiations, bargaining power or the ability to exert pressure on the other party to obtain a desired resolution. 2. In financing, making an investment consisting largely of borrowed funds.
Leveraged Buyout
the purchase of stock in a corporation with borrowed funds, financed by the corporation itself or secured by its assets.
Levy
used broadly, any charge against or interest in property to secure a creditor's right to payment, so that if the debt is not paid, the creditor may have recourse to the property to satisfy the debt. (See §101(32).) "Lien" is sometimes used more narrowly to denote only such interests that arise by operation of law or court order, as distinct form interests created by contract, called "security interests".
Lien
A charge upon real or personal property for the satisfaction of a debt or discharge of an obligation. Examples would include: judgments, taxes, mortgages, deeds of trust, etc.
Lienholder/Lienor
the holder of a lien.
Lien Stripping
a strategy whereby the debtor attempts to peg an undersecured debt at the value of the collateral as determined by the bankruptcy court, so that if the collateral appreciates after the bankruptcy case, the lien (which survives the bankruptcy) cannot extend to the increase in equity but is frozen at the bankruptcy valuation.
Liquidated
A debt that’s value is known as to a certain dollar amount. An unliquidated debt is one where the debtor has liability, but the exact monetary measure is unknown. Tort claims are usually unliquidated until a trial fixes the amount of the liability of the tort feasor.
Liquidated Claim
See unliquidated claim
Liquidating Plan
a chapter 11 plan that provides for the liquidation of the debtor, rather than its rehabilitation.
Liquidation
the sale of an estate's assets to repay creditors. A Chapter 7 bankruptcy is a liquidation proceeding.
Liquidation Analysis
portion of a Disclosure Statement comparing a reorganization plan to the results likely to be obtained if the case were a Chapter 7.
Lis pendens
(Latin: "Pending suit".) The doctrine, deriving from common law, that a person who acquires an interest in realty while litigation is pending concerning title, possession, or other rights to it, is bound by the court's ultimate resolution of the controversy. A party wishing to be protected by the doctrine must file a notice of pendency in the real estate records to give constructive notice of the litigation to any potential transferee.
Litigation
A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.

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Filing Bankruptcy can sometimes be the fastest way to get out of debt and may be the most affordable way to get a fresh financial start. Chapter 7 Bankruptcy can quickly wipe out your debts, increase your credit score, stop wage garnishments, get rid of credit card debt, eliminate medical bills, stop payday loans, stop bill collectors, erase negative credit reporting, and reestablish new credit after bankruptcy. RJ Atkinson — Austin Bankruptcy Lawyer have payment plans to make filing Chapter 7 or Chapter 13 Bankruptcy affordable which include low cost flat fees for Chapter 7 that may be considered the cheapest bankruptcy attorney fees compared to fees other bankruptcy lawyer charge. Chapter 13 Bankruptcy can save your home from foreclosure, save your car from repossession, lower monthly payments, reduce interest rates, get rid of late fees, reduce credit card interest, payoff high credit card debt, raise your credit score, stop creditor harassment, get rid of debt, reduce debt, eliminate creditor calls at work, stop collection calls, start over financially, discharge debts and/or be debt free in 3 to 5 years. IRS tax problems, tax levies, wage garnishments, back taxes, payroll taxes, income taxes can often be handled in Chapter 13 bankruptcy. Divorce/Bankruptcy – past due child support arrears, alimony, spousal support, and divorce debt can often be handled in chapter 13 bankruptcy. The Law Offices of RJ Atkinson handles debt consolidation, loan modifications, credit card debt settlement, debt negotiation, lawsuit defense, IRS problems, credit card lawsuits, TROs temporary restraining orders to foreclosure, forbearance agreements to foreclosure, FDCPA Fair Debt Collection Practices Act lawsuits, FCRA Fair Credit Reporting Act lawsuits, credit report disputes, debt collection lawsuits, adversary complaints in bankruptcy, bankruptcies, foreclosure workouts, mortgage short sales, real estate property tax disputes, civil litigation, commercial litigation, tax lawsuits, small business bankruptcy, corporate bankruptcy, business creditor representation, and most every kind of debt related issue or financially based legal problem on a case by case basis.

Austin Bankruptcy Attorney at RJ Atkinson handle Personal Bankruptcy and Business Bankruptcy cases in and around Austin TX Travis County, as well as the Counties of Williamson, Bastrop, and Hays. If you live in Austin and would like to file for Bankruptcy, the Austin Bankruptcy Lawyer at RJ Atkinson represent people and businesses in Bankruptcy proceedings throughout the Austin area. We accept bankruptcy cases in Austin Texas, Georgetown Texas, Round Rock Texas, San Marcos Texas, or in the Cities of Barton Creek, Bartlett, Bastrop, Bear Creek, Bee Cave, Blanco, Briarcliff, Buda, Cedar Park, Creedmoor, Coupland, Dripping Springs, Elgin, Florence, Garfield, Georgetown, Granger, Hutto, Hudson Bend, Jollyville, Jonestown, Jarrell, Johnson City, Kyle, Lago Vista, Lakeway, Leander, Liberty Hill, Lost Creek, Luling, Manchaca, Manor, Mountain City, Norman’s Crossing, Onion Creek, Pflugerville, Point Venture, Rollingwood, San Leanna, Shady hollow, Smithville, Sunset Valley, Taylor, Thorndale, Thrall, The Hills, Volente, Waterloo, Weir, Webberville, Wells Branch, West Lake Hills, Wimberley, Windmere, Woodcreek, or most anywhere in the Austin area.
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