Legal Terminology and Law Definition of 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
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 bankruptcy
Debtor in bankruptcy means a person who owes money to a creditor and who filed for bankruptcy because of inability to pay the debt, and subsequently such a debtor in bankruptcy is the subject of an order of relief under the US Bankruptcy Code. … Full Definition »
Law topic: Bankruptcy Law << 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
nondischargeable debt
A debt that cannot be eliminated in bankruptcy. Examples include a home mortgage, debts for alimony or child support, certain taxes, debts for most government funded or guaranteed educational loans or benefit overpayments, debts arising from death or personal injury caused by driving while intoxicated or under the influence of drugs, and debts for … Full Definition »
Law topic: Personal Bankruptcy << Legal issue: Bankruptcy Law
receiver
A receiver is an indifferent person appointed by the court to manage the property of the debtor. A judge appoints a neutral person as receiver or conservator upon request of the Plaintiff. In federal courts, receivers are attorneys or professional trustees. In state courts, where conservatorships occur, there is no requirement for receivers or … Full Definition »
Law topic: Personal Bankruptcy << Legal issue: Bankruptcy Law
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 »
Law topic: Personal Bankruptcy << Legal issue: Bankruptcy Law
unliquidated claim
A claim for which a specific value has not been determined. … Full Definition »
Law topic: Personal Bankruptcy << Legal issue: Bankruptcy Law
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unliquidated claim
A claim for which a specific value has not been determined. … Full Definition »
David A DettmannAttorney at LawPRACTICE AREA: Personal Injury, Real Estate Law, Business Law, Trusts & Estate Planning, Litigation, Industrial Development Law
Edward F FlynnAttorney at LawPRACTICE AREA: Administrative Law, Real Estate Law, Business Law, Labor & Employment Law, Litigation, Workers Compensation, Industrial Development Law
Michael W BucknerAttorney at LawPRACTICE AREA: Personal Injury, Professional Malpractice, Family Law, Real Estate Law, Tax Law, Trusts & Estate Planning, Industrial Development Law
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