Legal Terminology and Law Definition of Bankruptcy Law

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
Debt collection agency
Debt collection agency shall mean a person engaged in business the principal purpose of which is to regularly collect or attempt to collect debts owed or due or asserted to be owed or due to another and shall also include a buyer of delinquent debt who seeks to collect such debt either directly or through the services of another by, including but not … Full Definition »
Law topic: Collections << Legal issue: Bankruptcy Law
Debt collection agency
Debt collection agency shall mean a person engaged in business the principal purpose of which is to regularly collect or attempt to collect debts owed or due or asserted to be owed or due to another and shall also include a buyer of delinquent debt who seeks to collect such debt either directly or through the services of another by, including but not … Full Definition »
Law topic: Collections << Legal issue: Bankruptcy Law
Debt collection agency
Debt collection agency shall mean a person engaged in business the principal purpose of which is to regularly collect or attempt to collect debts owed or due or asserted to be owed or due to another and shall also include a buyer of delinquent debt who seeks to collect such debt either directly or through the services of another by, including but not … Full Definition »
Law topic: Collections << Legal issue: Bankruptcy Law
Debt collection agency
Debt collection agency shall mean a person engaged in business the principal purpose of which is to regularly collect or attempt to collect debts owed or due or asserted to be owed or due to another and shall also include a buyer of delinquent debt who seeks to collect such debt either directly or through the services of another by, including but not … Full Definition »
Law topic: Collections << Legal issue: Bankruptcy Law
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trustee in bankruptcy
n. a person appointed by a bankruptcy court to supervise the affairs of a person or business which is in bankruptcy, determine both assets and debts, gather and manage the assets if necessary. The representative of the bankruptcy estate who exercises statutory powers, principally for the benefit of the unsecured creditors, under the general supervision of … Full Definition »
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