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Chapter 11, Subchapter V bankruptcy

A specific section of bankruptcy law designed to provide a more streamlined and less costly reorganization process for small businesses with certain debt limits.

Chapter 13 bankruptcy

A type of bankruptcy for individuals with regular income that allows them to create a repayment plan to pay back all or part of their debts over three to five years.

Noncontingent liquidated debts

Debts that are fixed and certain, not dependent on a future event or calculation, and where the amount owed is clearly determined.

Secured debts

Debts that are backed by collateral, such as a mortgage (backed by a house) or a car loan (backed by a car). If the debt isn't paid, the lender can take the collateral.

Unsecured debts

Debts not backed by collateral, such as credit card debt, medical bills, or personal loans. If the debt isn't paid, the lender cannot directly seize property.

Affiliate

A company or entity that is controlled by or is under common control with another company or entity.