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The meeting of creditors required by section 341 of the Bankruptcy Code at which the debtor is questioned under oath by creditors, a trustee, examiner, or the U.S. trustee about his/her financial affairs. Also called creditors' meeting
- Browse Related Terms: 341 meeting, chapter 12, chapter 7, claims bar date, credit counseling, creditors' meeting, debtor education, disclosure statement, family farmer, family farmer or family fisherman, means test
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Process by which the debtors estate would not benefit by the sale of certain property so the trustee will turn it back over to the debtor.
- Browse Related Terms: abandonment, abandonment of property, bankruptcy estate, core proceedings, Distribution, Exemption, exemptions, exempt property, liquidation, objection to exemptions, prebankruptcy planning, Trustee
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Trustees declaration that the trustee has no interest in certain property because of lack of value, debtors exemption, or because it is burdensome to the administration of the estate.
- Browse Related Terms: abandonment, abandonment of property, bankruptcy estate, core proceedings, Distribution, Exemption, exemptions, exempt property, liquidation, objection to exemptions, prebankruptcy planning, Trustee
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Requirement that a certain class of creditors be satisfied before payment to another class of creditors.
- Browse Related Terms: absolute priority rule, acceleration clause, adequate protection, assets, claim, current monthly income, dividend, involuntary filing, voluntary filing, workout
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A clause in a promissory note allowing the creditor to declare the entire balance due upon default.
- Browse Related Terms: absolute priority rule, acceleration clause, adequate protection, assets, claim, current monthly income, dividend, involuntary filing, voluntary filing, workout
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The standard of protection of the interest of a creditor which must be provided by the trustee or debtor in possession before the creditors interest can be used without an unconstitutional taking of the creditors interest.
- Browse Related Terms: absolute priority rule, acceleration clause, adequate protection, assets, claim, current monthly income, dividend, involuntary filing, voluntary filing, workout
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Claims for reasonable and necessary expenses and fees incurred in the administration of an estate.
- Browse Related Terms: administrative claim, consumer debt, consumer debts, Debt, discharge, dischargeable debt, insider (of corporate debtor), insider (of individual debtor), Net Income, net worth, objection to dischargeability, substantive consolidation
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A lawsuit in the U.S. Bankruptcy Court that is related to a bankruptcy case.
A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court. A nonexclusive list of adversary proceedings is set forth in Fed. R. Bankr. P. 7001.
- Browse Related Terms: adversary proceeding, answer, Bankruptcy Code, bar date, complaint, contested matter, court reporter, defendant, Docket, federal rules of bankruptcy procedure, federalism, plaintiff, pro se, straight bankruptcy
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A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
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(1) Entity with voting power that directly or indirectly owns 20% of debtors voting securities; (2) Corporation in which the debtor owns 20% of voting securities; (3) Person whose business is operated under debtors lease or operating agreement; or (4) Entity that operates the business or property of the debtor under a lease or operating agreement.
- Browse Related Terms: affiliate, avoidance powers, Exempt property, fraudulent transfer, Liabilities, motion to lift the automatic stay, nonexempt property, postpetition transfer, property of the estate, statement of financial affairs, transfer, voluntary transfer
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A declaration, oath or promise made by a person.
- Browse Related Terms: Affidavit, Affirmation, Agent, balance sheet, Court, Deposition, jurisprudence, petition preparer, Subpoena, Writ
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A person who is authorized to represent another person, corporation or entity.
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All > Law > Bankruptcy
To satisfy a debt in installments or recovery of an investment over a period of time.
- Browse Related Terms: amortize, ballot, bankruptcy, chapter 11, chapter 13, chapter 15, chapter 9, confirmation, Conversion, creditors committee, debtor-in-possession, exclusivity period, no-asset case, Plan, plan of reorganization, preference or preferential debt payment, reaffirmation agreement, reorganization
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The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
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A review by a higher court of the judgment or decision of a lower court.
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Party to whom the appeal is filed against.
- Browse Related Terms: appellant, appellee, assume, contract, Ex Parte, executory contract or lease, issue, judgment, pretrial conference, statue of limitations
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The property or effects of a debtor, applicable to the payment of his debt.
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An agreement to continue performing duties under a contract or lease.
- Browse Related Terms: appellant, appellee, assume, contract, Ex Parte, executory contract or lease, issue, judgment, pretrial conference, statue of limitations
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An injunction that automatically stops lawsuits, foreclosures, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed.
- Browse Related Terms: automatic stay, automatic stay provision, bankruptcy petition, contingent claim, creditor, Debtor, fresh start, joint petition, liquidated claim, matrix, Priority, priority claim, proof of claim, schedules, unliquidated claim, unscheduled debt