Legal definition of bankruptcy proceedings
Personal Bankruptcy Legal Terminology

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 liquidating their assets to pay their debts, or by creating a repayment plan.
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