Personal Bankruptcy Legal Terms and Legal Words. Bankruptcy Law Terminology

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
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insolvency
Insufficiency of financial resources to pay one’s debt … Full Definition »
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