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Exemptions are provisions that allow a debtor to keep certain assets from being liquidated in a Chapter 7 bankruptcy.

Liquidation is the process of converting a company's assets into cash to pay off debts. It commonly occurs in Chapter 7 bankruptcy.

A bankruptcy petition is the document filed by an individual or business to initiate the bankruptcy process.

A debtor's discharge is the release of a debtor from personal liability for certain dischargeable debts after the bankruptcy process is complete.

A bankruptcy trustee is a person appointed by the court to manage the debtor’s estate during the bankruptcy process.

The means test determines eligibility for filing Chapter 7 bankruptcy based on the debtor's income and expenses.

An executory contract is an agreement in which both parties have unperformed obligations that survive the bankruptcy filing. These contracts may be rejected or assumed by the debtor in possession.

The Bankruptcy Code is the set of laws that govern the bankruptcy process in the United States, which is codified under Title 11 of the United States Code.

The creditors' committee is a group of unsecured creditors that represent the interests of all unsecured creditors in a Chapter 11 bankruptcy case.

Post-petition debt refers to debts that are incurred by the debtor after a bankruptcy case is filed.

A proof of claim is a form submitted by a creditor in order to assert their right to receive a distribution from the bankruptcy estate.

A discharge releases the debtor from liability for certain types of debts, meaning they are no longer legally required to pay those debts.

A debtor in possession is a debtor who keeps possession and control of assets while undergoing reorganization under Chapter 11, without the appointment of a case trustee.

The bankruptcy estate is all legal or equitable interests of the debtor in property, both tangible and intangible, at the time of the bankruptcy filing.

Priority debt is unsecured debt that is given special status and is paid before other unsecured debts in a bankruptcy proceeding.

An automatic stay is an injunction that halts actions by creditors to collect debts from a debtor who has declared bankruptcy.

The 341 meeting, also known as the meeting of creditors, is a mandatory meeting where creditors can question the debtor about their finances and the bankruptcy.

Chapter 7 involves the liquidation of a debtor's assets to pay off creditors. It is available to both individuals and businesses.

Chapter 11 allows for reorganization of a debtor's business affairs and assets. It is designed to help businesses restructure their debts.