Bankruptcy and Debt Law Glossary
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Bankruptcy
Related Category: Legal Terms and Concepts
in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations.
Bankruptcy A federal legal process for debtors seeking to eliminate or repay their debts.
Bankruptcy Judge - The judge who determines whether a debtor is entitled to a discharge in bankruptcy.
For legal advise regarding Bankruptcy Judge, you can contact our legal staff via phone (800) 341-2684 or email myweblawyer@aol.com .
Bankruptcy Trustee definition:
An officer generally appointed by the court, who takes over the assets of a bankrupt to the benefit of creditors.
Also known as trustee in bankruptcy.
Bankruptcy Law: The area of federal law dealing with the handling of bankrupt persons or businesses.
Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors.
Bankrupt laws are an encroachment upon the common law. The first in England was the stat.34 and 35 H.VIII., c.4, although the word bankrupt appears only in the title, not in the body of the act. The stat.13 Eliz. c.
Bankruptcy Court
(n) Bankruptcy Court is legal authority who can hear and decide on petitions from persons or business entities requesting them to be declared as bankrupt when their liabilities exceeds the assets and properties owned by them and such ...
Bankruptcy
An order made under the Insolvency Act 1986 against an individual debtor (not a limited company) which signifies that he is unable to pay his debts and deprives him of his property which is distributed among his creditors.
Bankruptcy: A legal proceeding in which a person who is financially insolvent requests the federal bankruptcy court to determine his or her debts and use his or her assets to pay those debts.
Bankruptcy Law
The legal method for a debtor to "discharge" or relieve debt.
bankruptcy - A legal proceeding in federal court used by persons or businesses to seek relief from creditors.
bankruptcy
n. a system of statutes and courts which permits persons and businesses which are insolvent (debtors) or (in some cases) face potential insolvency, to place his/her/its financial affairs under the control of the bankruptcy court.
Bankrupt. French banque, a table or counter; route, trace, track: his "banque" was removed and no trace of it left, - 2 Bl. Com. 272. Italian banca rotta, a broken bench: a money-changer's bench was broken up, on his failing in business, - Skeat.
bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start.
Bankruptcy
The process by which federal bankruptcy courts help consumers and businesses in financial trouble to eliminate some debts or repay them under the protection of bankruptcy courts.
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Bankrupt:
A person who has made an assignment or against whom a receiving order has been made, or the legal status of that person.
Bankruptcy:
The state of being bankrupt.
BANKRUPTCY
A legally declared inability of an individual or organization to pay their creditors. A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts.
Bankrupt: Unable to meet one's obligation and pay one's creditors. The term may apply to an individual, partnership, or corporation. Legal bankruptcy is decreed by a court.
BANKRUPTCY: Insolvency; a process governed by federal law to help when people cannot or will not pay their debts.
BENCH TRIAL: Also called court trial. A trial held before a judge and without a jury.
bankruptcy: The legal way for a business or person to get help when they can't pay the money they owe. In bankruptcy court, they can get rid of debts by paying part of what they owe. There are special bankruptcy judges at these hearings.
Bankruptcy:
The formal condition of an insolvent person being declare bankrupt under law.
bankruptcy Procedure in the federal courts (but not state courts), by which a person or business is relieved of certain debts.
bench warrant See warrant.
BANKRUPTCY. The state or condition of a bankrupt.
2. Bankrupt laws are an encroacbment upon the common law. The first in England was the stat. 34 and 35 H. VIII., c.
Bankruptcy
A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts.
Bankruptcy - A legal proceeding where a person or business is relieved of paying certain debts.
Best evidence - Primary evidence; the best evidence which is available; any evidence falling short of this standard is secondary.
act of bankruptcy
An action of a debtor that shows an inability to pay their creditors (q.v.).
adduce ...
bankruptcy
n. a federal system of statutes and courts which permits persons ...
bankruptcy court
n. the specialized federal court in which bankruptcy matters unde...
Bankruptcy
Bankruptcy is the process where an individual or a business declares himself to be unable to meet his financial obligations via a proceeding in federal court.
Bankruptcy
A process in which an insolvent debtor's assets are liquidated by court order and the debtor is relieved of further liability.
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4) In bankruptcy: filing under chapter 7 by a debtor whose monthly, disposable income exceeds $10,950 or 25% of his or her non-priority unsecured debt (if at least $6,575) for a five-year period is presumptively abusive, ...
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Consumer bankruptcy -A proceeding under the Bankruptcy Code filed by an individual (or husband and wife) who is not in business.
Contempt of court -Willful disobedience of a judge's command or of an official court order.
Voluntary bankruptcy - A proceeding by which a debtor voluntarily asks for a discharge of his debts under the Bankruptcy Code.
In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum.
Involuntary bankruptcy - A proceeding initiated by creditors requesting the bankruptcy court to place a debtor in liquidation.
United States Bankruptcy Court - The judicial body which hears matters pertaining to bankruptcy and reorganization.
United States Court of Appeals - Courts which hear appeals from federal district courts, bankruptcy courts, and tax courts.
Alternatives to Bankruptcy
the area of law that focuses on debtor assistance other than Bankruptcy (see bankruptcy).
This term is often used in bankruptcy proceedings where creditors are said to be "pari passu" which means that they are all equal and that distribution of the assets will occur without preference between them.
a bankruptcy court, has entered an order staying the proceedings. The relief from stay order is obtained by filing a motion for relief from stay.
Pari passu: (Latin: with equal step) Often used in bankruptcy proceedings where creditors are said to rank pari passu, which means the assets are distributed without preference between them.
Balance of Probabilities(see Burden of Proof)BankruptInsolvent and involved in a proceeding to become bankrupt or against whom a creditor has started a proceeding to put them into bankruptcy.
They are extensively used in bankruptcy practice, in the administration of the revenue and in the inferior and county courts.
acquired in one of three ways: over acts committed in a defined territory (eg. the jurisdiction of the Supreme Court of Australia is limited to acts committed or originating in Australia), over certain types of cases (the jurisdiction of a bankruptcy ...
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Secured Debt: In bankruptcy proceedings, a debt is secured if the debtor gave the creditor a right to repossess the property or goods used as collateral.
ADJUDICATION: Normally the pronouncement of the judgment or decree in a court case. A judgment or a decision. In bankruptcy proceedings, it refers to the court order declaring that the debtor is bankrupt.
The rules for the conduct of a lawsuit; there are rules of civil, criminal, evidence, bankruptcy, and appellate procedure.
Prosecute
To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
DAMNOSA HAEREDITAS
A name given by Lord Kenyon to that species of property of a bankrupt, which, so far from being valuable, would be a charge to the... more ...
United States Court of Appeals: Courts which hear appeals from federal district courts, bankruptcy courts, and tax courts.
It is also possible for property to pass from one person to another independently of the consent of the property owner. For example, this occurs when a person dies intestate, goes bankrupt, or has the property taken in execution of a court judgment.
No minimum amount in controversy is required. State courts may also hear federal question cases except where federal jurisdiction is exclusive, e.g., bankruptcy, patent cases, admiralty, and a few other areas, ...
In the House of Lords the following rules disqualify a Peer from taking his or her seat: those under 21 years of age; people born outside of England, Scotland, Ireland or specific overseas countries; those convicted of treason; and bankruptcy.
This is the usual method of entitling a judicial proceeding in which there are not adversary parties, but merely some res concerning which judicial action is to be taken, such as a bankrupt's estate, an estate in probate court, ...
 See also: Bankruptcy, Law, Attorney, Attorn, Lawyer
  
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