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"In the bench" or "full bench." Refers to court sessions with the entire membership of a court participating rather than the usual quorum. U.S. courts of appeals usually sit in panels of three judges, but may expand to a larger number in certain cases. They are then said to be sitting en banc.
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The value of a debtor's interest in property that remains after liens and other creditors' interests are considered. (Example: If a house valued at $100,000 is subject to a $80,000 mortgage, there is $20,000 of equity.)
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Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
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An action (a conversation orally or in writing, a ruling, or a hearing) done without all parties being notified in advance or without their presence.
- 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 time during which only the debtor in a Chapter 11 reorganization can propose a plan or reorganization; generally at least the first 120 days after filing.
- 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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Generally includes contracts or leases under which both parties to the agreement have duties remaining to be performed. (If a contract or lease is executory, a debtor may assume it or reject it.)
- Browse Related Terms: appellant, appellee, assume, contract, Ex Parte, executory contract or lease, issue, judgment, pretrial conference, statue of limitations
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Property of a debtor that the law protects from the action of creditors.
- 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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Money or property that is not liquidated as part of the bankruptcy 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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Certain property owned by an individual debtor that the Bankruptcy Code or applicable state law permits the debtor to keep from unsecured creditors. For example, in some states the debtor may be able to exempt all or a portion of the equity in the debtor's primary residence (homestead exemption), or some or all "tools of the trade" used by the debtor to make a living (
- Browse Related Terms: abandonment, abandonment of property, bankruptcy estate, core proceedings, Distribution, Exemption, exemptions, exempt property, liquidation, objection to exemptions, prebankruptcy planning, Trustee