The amount of property the debtor is allowed to keep from payment to unsecured creditors. The debtor must elect to claim exemptions under applicable law. Exemptions are not automatic and if not selected, otherwise exempt property may be sold to pay creditors. Liabilities Financial obligations or debts. A deed of trust, mortgage or security interest creates a lien.
Secured creditors have a lien or right to foreclose on collateral for payment of a secured debt.
The person who administers or oversees the liquidation or reorganization of a bankruptcy case. The United States Trustee appoints the case trustee.