Legal Terms of : bad debt, bad faith, bail, bank, bankruptcy

bad debt: the debt that can not be collected for different reasons. Generally, credit card debts used to purchase basic nesessities as well as hospital care debts considered "bad debts". Accounts receivable that will likely remain uncollectable and will be written off. Bad debts appear as an expense on the company's income statement, thus reducing net income. … Full Definition »
Law topic: Credit Repair << Legal issue: Consumer Protection
bad faith: is a legal concept in which a malicious motive on the part of a party in a lawsuit undermines their case. Bad faith examples: a person acts in bad faith if he received the money (check) that was intended for another person; after a lawsuit for a debt was filed, a husband transfers title to the home to his wife trying to defraud the creditors. … Full Definition »
Law topic: Car Accidents << Legal issue: Personal Injury
bail: The release, prior to trial, of a person accused of a crime, under specified conditions designed to assure that person's appearance in court when required. Also can refer to the amount of bond money posted as a financial condition of pretrial release. … Full Definition »
Law topic: Felonies << Legal issue: Criminal Defense
bank: "Bank" includes commercial banks, savings banks, trust companies, and any person or association of persons, whether incorporated or not, carrying on the business of banking. U.S. Securities and Exchange Commission is the main bank regulatory agency in the USA, together with the Federal Reserve System and the Federal Deposit Insurance Corporation. … Full Definition »
Law topic: Banking Law << Legal issue: Business Law
bankruptcy: A legal declaration of financial insolvency. A legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (11 U.S.C. §§ 101– 1330). A proceeding in a federal court in which an insolvent debtor's assets are liquidated and the debtor is relieved … Full Definition »
Law topic: Personal Bankruptcy << Legal issue: Bankruptcy Law
bankruptcy court: The specialized federal court created to deal with bankruptcy matters under the Federal Bankruptcy Act There are several bankruptcy courts in each state, and each one's territory covers several counties. The procedural aspects of the bankruptcy process are governed by the Federal Rules of Bankruptcy Procedure (often called the "Bankruptcy Rules") and … Full Definition »
Law topic: Personal Bankruptcy << Legal issue: Bankruptcy Law
bankruptcy petition: The document filed by the debtor (in a voluntary case) or by creditors (in an involuntary case) by which opens the bankruptcy case. … Full Definition »
Law topic: Personal Bankruptcy << Legal issue: Bankruptcy Law
bankruptcy proceedings: A claim in bankruptcy is document filed with the Court so as to register a claim against the assets of the bankruptcy estate. The claim sets out the amount that is owed to the creditor as of the date of the bankruptcy filing and, if relevant, any priority status. Bankruptcy laws help people who can no longer pay their creditors get a fresh start by … Full Definition »
Law topic: Personal Bankruptcy << Legal issue: Bankruptcy Law
battery: The willful and unlawful touching or striking of one person by another, with the intention to harm. Common examples: John and Kate had an argument; John punches Kate with his fist. John just committed battery James and his friends have a conversation at a subway station. One of his friends made an unpleasant comment about James’ pants. James beat up … Full Definition »
Law topic: Felonies << Legal issue: Criminal Defense
bill of rights: The first ten amendments to the federal Constitution demanded by several states in return for ratifying the Constitution, since the failure to protect these rights was a glaring omission in the Constitution as adopted in convention in 1787. Adopted and ratified in 1791, the Bill of Rights are: First: Prohibits laws establishing a religion (separation … Full Definition »
Law topic: Freedom Of Information << Legal issue: Constitutional Law & Civil Rights

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Universal default: A clause in a credit card agreement allowing creditors to increase interest rates if a person did not pay the amount due on time or defaulted on his payment to any other creditor. … Full Definition »

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