Here are a few basic terms about bankruptcy law that you should know:
- Creditor – Person or organization that is owed money.
- Debtor – Person or organization in debt.
- Discharged Debt – A debt that is cleared/waived by a bankruptcy proceeding.
- Exempt Property – Property owned by a debtor that cannot be taken from them during a bankruptcy proceeding under Florida bankruptcy law.
- Trustee – Court appointed official who administers bankruptcy cases and protects the interests of creditors.