Plan - A debtor's detailed description of how the debtor proposes to pay creditors' claims over a fixed period of time.⏎
Presentence report - A report prepared by a court's probation officer, after a person has been convicted of an offense, summarizing for the court the background information needed to determine the appropriate sentence.⏎
Nonexempt assets - Property of a debtor that can be liquidated to satisfy claims of creditors.⏎
Probation - Sentencing option in the federal courts. With probation, instead of sending an individual to prison, the court releases the person to the community and orders him or her to complete a period of supervision monitored by a U.S. probation officer and to abide by certain conditions.⏎
Prebankruptcy planning - The arrangement (or rearrangement) of a debtor's property to allow the debtor to take maximum advantage of exemptions. (Prebankruptcy planning typically includes converting nonexempt assets into exempt assets.)⏎