The Professional
Bankruptcy Dictionary


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W

wage earner plan

A name sometimes given to consumer chapter 13 cases.

wildcard exemption

The exemption provided in some exemption schemes providing an exemption for any kind of property the debtor wishes to exempt, up to a dollar value limit.

withdrawal of the reference

although U.S. District courts have original jurisdiction over bankruptcy matters, they typically refer those matters to bankruptcy courts. Under certain circumstances the district court must withdraw the reference (i.e., must take the case back) and may take the case back under any circumstances it deems appropriate.

workout

A negotiated settlement under which the debtor and creditors resolve the debtor's financial difficulties by agreeing to terms of payment. A workout may occur outside of bankruptcy, or in the context of formulating a plan within bankruptcy.