Plan - A debtor's detailed description of how the debtor proposes to pay creditors' claims over a fixed period of time.⏎
Parole - The release of a prison inmate – granted by the U.S. Parole Commission – after the inmate has completed part of his or her sentence in a federal prison. When the parolee is released to the community, he or she is placed under the supervision of a U.S. probation officer.The Sentencing Reform Act of 1984 abolished parole in favor of a determinate sentencing system in which the sentence is set by sentencing guidelines. Now, without the option of parole, the term of imprisonment the court imposes is the actual time the person spends in prison.⏎
Nonexempt assets - Property of a debtor that can be liquidated to satisfy claims of creditors.⏎
Postpetition transfer - A transfer of the debtor's property made after the commencement of the case.⏎
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.⏎