Personal Bankruptcy Legal Terms and Legal Words. Bankruptcy Law Terminology

341 meeting

A meeting of a debtor with creditors called "341 meeting" because section 341 of the Bankruptcy Code requires that the debtor attend this meeting so that creditors can question the debtor about debts and property. … Full Definition »

Law topic: Personal Bankruptcy << Legal issue: Bankruptcy 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

claim in bankruptcy

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. in the United States, the document is properly termed a Proof of Claim. Upon receipt of a … Full Definition »

Law topic: Personal Bankruptcy << Legal issue: Bankruptcy Law

Debtor

a person or business entity that owes money to another; A person who has filed a petition for relief under the Bankruptcy Code. … Full Definition »

Law topic: Personal Bankruptcy << Legal issue: Bankruptcy Law

debtor in possession

a person or corporation who has filed a bankruptcy petition but remains in possession of property upon which a creditor has a lien or similar security interest. Section 1107 of the Bankruptcy Code places the debtor in possession in the position of a fiduciary, with the rights and powers of a chapter 11 trustee, and it requires the debtor to perform of all … Full Definition »

Law topic: Personal Bankruptcy << Legal issue: Bankruptcy Law

discharge in bankruptcy

Generally it is an order given by the bankruptcy judge, at the conclusion of all legal steps in processing a bankrupt person's assets and debts, which forgives those remaining debts which cannot be paid, with certain exceptions. A Chapter 7 discharge - A discharge releases individual debtors from personal liability for most debts and prevents the … Full Definition »

Law topic: Personal Bankruptcy << Legal issue: Bankruptcy Law

insolvency

Insufficiency of financial resources to pay one’s debt … Full Definition »

Law topic: Personal Bankruptcy << Legal issue: Bankruptcy Law