22:36
CTB is it i think
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Simple English definitions for legal terms
chapter-surfing
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A quick definition of chapter-surfing:
Chapter-surfing is a term used to describe when someone who owes money moves from one type of bankruptcy to another. This is done in the United States and is slang for the process of changing the type of bankruptcy filing.
A more thorough explanation:
Definition: Chapter-surfing is a term used to describe the movement of a debtor from one chapter of the United States Bankruptcy Code to another.
Example: If a debtor initially files for bankruptcy under Chapter 7, but later decides to switch to Chapter 13, they are said to be chapter-surfing.
Explanation: Chapter-surfing occurs when a debtor changes their bankruptcy filing from one chapter to another. This can happen for various reasons, such as a change in financial circumstances or a desire to take advantage of different bankruptcy provisions. The example illustrates how a debtor who initially filed for Chapter 7 bankruptcy may later decide to switch to Chapter 13 bankruptcy, which allows them to restructure their debts and pay them off over time.