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Texas Bankruptcy - Terms & Definitions

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Objection
a written response required by the Bankruptcy Rules to challenge certain actions or assertions by another party, such as a claim, a claim of exemption, a proposed plan, or the discharge of a debt.
Objection to dischargeability
A trustee's or creditor's objection to the debtor being released from personal liability for certain dischargeable debts. Common reasons include allegations that the debt to be discharged was incurred by false pretenses or that debt arose because of the debtor's fraud while acting as a fiduciary.
Objection to exemptions
A trustee's or creditor's objection to the debtor's attempt to claim certain property as exempt from liquidation by the trustee to creditors.
Official Creditors Committee
entity created in a Chapter 11 proceeding to act on the collective behalf of unsecured creditors.
Operating Reports
a regular report of a Chapter 11 debtor-in-possession's postpetition financial activity. Local rules will normally required the filing of monthly reports.
Opinion
A judge's written explanation of the decision of the court. Because a case may be heard by three or more judges in the court of appeals, the opinion in appellate decisions can take several forms. If all the judges completely agree on the result, one judge will write the opinion for all. If all the judges do not agree, the formal decision will be based upon the view of the majority, and one member of the majority will write the opinion. The judges who did not agree with the majority may write separately in dissenting or concurring opinions to present their views. A dissenting opinion disagrees with the majority opinion because of the reasoning and/or the principles of law the majority used to decide the case. A concurring opinion agrees with the decision of the majority opinion, but offers further comment or clarification or even an entirely different reason for reaching the same result. Only the majority opinion can serve as binding precedent in future cases. See also precedent.
Oral argument
An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.
Order for Relief
a statutory term of art, which signifies that a debtor has obtained bankruptcy relief.
Ordinary Course of Business
generally, normal everyday business transactions.

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