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bankruptcy proceedings :: legal definition


Bankruptcy proceedings - n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, under Chapter 7, Chapter 11, or Chapter 13, to allow reorganization or refinancing under a plan to meet the debts of the party unable to meet his/her/its obligations. The petition is supposed to include a schedule of debts, assets and income potential. b) A hearing called "first meeting of creditors" with notice to all known creditors. This is often brief and usually results in the judge assigning the matter to a professional trustee. c) Later the trustee reports and there is a determination of what debts are dischargeable, what assets are exempt, and what payments are possible. d) If there are assets available then the creditors are requested in writing to file a "creditor's claim." e) There may be other hearings, reports, proposals, hearings on claims of fraudulent debts, petitions for removing the stay on foreclosures and other matters. f) Debts secured by property or by judgment lien are paid up to the amount of assets and funds available. g) The final step is a hearing on discharge of the bankrupt, which wipes out unsecured debts (or a pro rata share of them). Under Chapter 11 and 13 proceedings, the process will be more drawn out and can go on for years as plans are proposed, possibilities of refinancing are considered and, in effect, the debtor tries either to legitimately get out from under his/her/its financial woes or delay while current profits are made and prayers for economic salvation are made.

See also: bankruptcy bankruptcy court claim in bankruptcy and Related Law Terms ↓


Related Law Terms

account stated :: n. a statement between a creditor or the person to ... ending on the state. See also: debt
answer :: n. in law, a written pleading filed by a defendant ... emurrer general denial verification
appeal :: 1) v. to ask a higher court to reverse the decisio ... ng, as in "he has filed an appeal."
assignment for benefit of creditors :: n. a method used for a debtor to work out a paymen ... ar basis to pay the debtor's bills.
attachment :: n. the seizing of money or property prior to getti ... bond. See also: writ of attachment
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
charitable remainder trust (Charitable Remainder Irrevocable Unitrust) :: n. a form of trust in which the donor (trustor or ... ed up or committed. See also: trust
claim against a governmental agency :: n. any time one believes he/she has a right to pay ... orter than other types of lawsuits.
claim against an estate :: n. upon the death of a person and beginning of pro ... ade to the heirs. See also: probate
claim in bankruptcy :: n. the written claim filed by persons or businesse ... : bankruptcy bankruptcy proceedings
commencement of action :: n. an action (a lawsuit) commences (begins officia ... ing a complaint. See also: petition
common counts :: n. claims for debt alleged in a lawsuit (included ... so: cause of action complaint count
complaint :: n. the first document filed with the court (actual ... g prayer service of process summons
conservator :: n. a guardian and protector appointed by a judge t ... ies. See also: conservatee guardian
consign :: v. 1) to deliver goods to a merchant to sell on be ... or by order of a bankruptcy judge.
contract :: 1) n. an agreement with specific terms between two ... n oral contract unilateral contract
court :: n. 1) the judge, as in "The court rules in favor o ... cost and wait of full court trials.
creditor's claim :: n. a claim required to be filed in writing, in a p ... e also: claim in bankruptcy probate
creditor's rights :: n. the field of law dealing with the legal means a ... also: creditor debt debtor judgment
criminal calendar :: n. the list of criminal cases to be called in cour ... e plea preliminary hearing sentence
cross-complaint :: n. after a complaint has been filed against a defe ... g prayer service of process summons
debtor in possession :: n. in bankruptcy proceedings when a debtor has fil ... n possession." See also: bankruptcy
discharge :: v. 1) to perform one's duties. 2) to dismiss someo ... d not be paid. See also: bankruptcy
discharge in bankruptcy :: n. an order given by the bankruptcy judge, at the ... red creditors. See also: bankruptcy
divorce :: 1) n. the termination of a marriage by legal actio ... y separate property spousal support
examination :: n. 1) the questioning of a witness by an attorney. ... irect examination testimony witness
file :: 1) v. to deposit with the clerk of the court a wri ... rrespondence and notes on the case.
general partner :: n. 1) usually one of the owners and operators of a ... ted partnership partner partnership
hearing :: n. any proceeding before a judge or other magistra ... e hearing preliminary hearing trial
injunction :: n. a writ (order) issued by a court ordering someo ... t. See also: injunctive relief writ
insanity :: n. mental illness of such a severe nature that a p ... M'Naughten rule temporary insanity
insolvency :: n. 1) the condition of having more debts (liabilit ... the property. See also: bankruptcy
joint :: adj., adv. referring to property, rights or obliga ... ncy joint venture tenancy in common
joint liability :: n. when two or more persons are both responsible f ... See also: joinder joint and several
judgment creditor :: n. the winning plaintiff in a lawsuit to whom the ... 's rights judgment prevailing party
jurisdiction :: n. the authority given by law to a court to try ca ... Superior Court Supreme Court venue
laches :: n. the legal doctrine that a legal right or claim ... , breach of contract, fraud, etc.).
law book :: n. any of numerous volumes dealing with law, inclu ... : common law law Shepardize statute
libel :: 1) n. to publish in print (including pictures), wr ... libel per se public figure slander
lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage
lis pendens :: (lease pen-dense) n. Latin for "a suit pending," a ... ob can be penalized by court order.
malpractice :: n. An act or continuing conduct of a professional ... eed. See also: errors and omissions
mandamus :: (man-dame-us) n. Latin for "we order," a writ (mor ... mandamus. See also: writ of mandate
motion for a summary judgment :: n. a written request for a judgment in the moving ... strict procedures. See also: motion
notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice
offset :: 1) n. also called a "setoff," the deduction by a d ... e also: counterclaim defense setoff
open court :: n. the conduct of judicial proceedings (trials, he ... which are usually held in chambers.
party :: n. 1) one of the participants in a lawsuit or othe ... y real party in interest respondent
preference :: n. in bankruptcy, the payment of a debt to one cre ... nds or assets. See also: bankruptcy
priority :: n. the right to be first or ahead of the rights or ... (in the "race to the courthouse").
probate :: 1) n. the process of proving a will is valid and t ... e also: administrator executor will
record :: 1) v. (ree-cored) to put a document into the offic ... eeding race to the courthouse trial
reorganization :: n. the implementation of a business plan to restru ... also: bankruptcy corporation merger
review :: n. the judicial consideration of a lower court jud ... ate court reversal reversible error
sanction :: n. 1) a financial penalty imposed by a judge on a ... ction." See also: contempt of court
satisfaction of judgment :: n. a document signed by a judgment creditor (the p ... ord. See also: abstract of judgment
small claims court :: n. a division of most municipal, city or other low ... od example of a small claims court.
standing :: n. the right to file a lawsuit or file a petition ... so: actual controversy jurisdiction
star chamber proceedings :: n. any judicial or quasi-judicial action, trial or ... ate 1960s. See also: kangaroo court
statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll
toll :: v. 1) to delay, suspend or hold off the effect of ... bridge or take passage on a ferry.
transcript :: n. the written record of all proceedings, includin ... unless transcription is requested.
trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor
trustee in bankruptcy :: n. a person appointed by a bankruptcy court to sup ... f the debtors. See also: bankruptcy
voluntary bankruptcy :: n. the filing for bankruptcy by a debtor who belie ... kruptcy court. See also: bankruptcy

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - B

Bachelor of Laws :: n. the degree in law from a law school, abbreviate ... troactively. See also: Juris Doctor
back-to-back life sentences :: n. slang for consecutive life terms imposed by a j ... ther 25 years for a parole hearing.
bad debt :: n. an uncollectible debt. The problem is to determ ... ust no income on which to be taxed.
bad faith :: 1) n. intentional dishonest act by not fulfilling ... ean hands doctrine fraud good faith
bail :: 1) n. the money or bond put up to secure the relea ... bond bail bondsman own recognizance
bail bond :: n. a bond provided by an insurance company through ... urned. See also: bail bail bondsman
bail bondsman :: n. a professional agent for an insurance company w ... t to jail. See also: bail bail bond
bailee :: n. a person, also called a custodian, with whom so ... he goods. See also: bailment bailor
bailiff :: n. 1) a court official, usually a deputy sheriff, ... isdictional territory of a bailiff.
bailment :: n. 1) the act of placing property in the custody a ... "bailment." See also: bailee bailor
bailor :: n. a person who leaves goods in the custody of ano ... is found. See also: bailee bailment
bait and switch :: n. a dishonest sales practice in which a business ... rants the costs of a separate suit.
balance due :: n. the amount of a debt still owed on an account o ... cipal due without further interest.
balance sheet :: n. the statement of the assets and the liabilities ... ctivity and health of the business.
bank :: n. 1) an officially chartered institution empowere ... erred to as "in bank" or "en banc."
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
bankruptcy court :: n. the specialized federal court in which bankrupt ... : bankruptcy bankruptcy proceedings
bankruptcy proceedings :: n. the bankruptcy procedure is: a) filing a petiti ... ankruptcy court claim in bankruptcy
bar :: 1) n. collectively all attorneys, as "the bar," wh ... a room, building, or real property.
bar association :: n. an organization of lawyers. There are two types ... oluntary organization of attorneys.