bankruptcy proceedings

bankruptcy proceedings
The way a bankruptcy case wends its way through the court system, from the time the bankruptcy petition is filed until the debtor receives a bankruptcy discharge.
Category: Bankruptcy, Foreclosure & Debt → Bankruptcy

Nolo’s Plain-English Law Dictionary. . 2009.

bankruptcy proceedings
n.
   the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, under Chapter 7, Chapter 11, or Chapter 13, to allow reorganization or refinancing under a plan to meet the debts of the party unable to meet his/her/its obligations. The petition is supposed to include a schedule of debts, assets and income potential. b) A hearing called "first meeting of creditors" with notice to all known creditors. This is often brief and usually results in the judge assigning the matter to a professional trustee. c) Later the trustee reports and there is a determination of what debts are dischargeable, what assets are exempt, and what payments are possible. d) If there are assets available then the creditors are requested in writing to file a "creditor's claim." e) There may be other hearings, reports, proposals, hearings on claims of fraudulent debts, petitions for removing the stay on foreclosures and other matters. f) Debts secured by property or by judgment lien are paid up to the amount of assets and funds available. g) The final step is a hearing on discharge of the bankrupt, which wipes out unsecured debts (or a pro rata share of them). Under Chapter 11 and 13 proceedings, the process will be more drawn out and can go on for years as plans are proposed, possibilities of refinancing are considered and, in effect, the debtor tries either to legitimately get out from under his/her/its financial woes or delay while current profits are made and prayers for economic salvation are made.

Law dictionary. . 2013.

Игры ⚽ Поможем написать курсовую

Look at other dictionaries:

  • bankruptcy proceedings — ➔ proceedings * * * bankruptcy proceedings UK US noun [plural] ► LAW, FINANCE the legal process of becoming officially bankrupt (= unable to pay what you owe): »The county emerged from bankruptcy proceedings in June. »The company has been under… …   Financial and business terms

  • bankruptcy proceedings — General term for the various types of proceedings under the Bankruptcy Code (11 U.S.C.A.) that are initiated either by an insolvent individual or business (termed a voluntary bankruptcy) or by creditors (termed an involuntary bankruptcy) seeking… …   Black's law dictionary

  • bankruptcy proceedings — General term for the various types of proceedings under the Bankruptcy Code (11 U.S.C.A.) that are initiated either by an insolvent individual or business (termed a voluntary bankruptcy) or by creditors (termed an involuntary bankruptcy) seeking… …   Black's law dictionary

  • Bankruptcy Code — the name given to the statutory body of bankruptcy laws after the Bankruptcy Reform Act of 1978 (Glossary of Common Bankruptcy Terms) The common name given to title 11 of the United States Code. The Bankruptcy Code is a set of federal statutes… …   Glossary of Bankruptcy

  • Bankruptcy Reform Act of 1994 — the most comprehensive piece of bankruptcy legislation since the Bankruptcy Reform Act of 1978; signed into law on October 22, 1994 with most provisions effective immediately; included in the 1994 Act are: provisions to expedite bankruptcy… …   Glossary of Bankruptcy

  • bankruptcy clerk — This office receives and is responsible for the management and safe keeping of the documents filed under a bankruptcy case or adversary proceeding. The clerk is responsible for keeping a docket for each case, a claims register, correct copies of… …   Glossary of Bankruptcy

  • bankruptcy — bank·rupt·cy / baŋ ˌkrəp sē/ n pl cies 1: the quality or state of a bankrupt filed for bankruptcy 2: the administration of an insolvent debtor s property by the court for the benefit of the debtor s creditors the debt was discharged in bankruptcy …   Law dictionary

  • Bankruptcy Abuse Prevention and Consumer Protection Act (US) — Bankruptcy Abuse Prevention and Consumer Protection Act Full title An Act to amend title 11 of the United States Code, and for other purposes. Acronym BAPCPA Colloquial name(s) Bankruptcy Reform Enacted by the …   Wikipedia

  • proceedings — pro‧ceed‧ings [prəˈsiːdɪŋz] noun [plural] LAW actions taken in a law court or legal case: • The company s creditors asked an Ontario court to begin formal proceedings against the company. ˈbankruptcy proˌceedings LAW FINANCE a legal case taken …   Financial and business terms

  • bankruptcy court — n: a court that is a unit of a federal District Court and has original jurisdiction over bankruptcy cases ◇ Bankruptcy courts were created by Congress as part of the 1898 Bankruptcy Act. Article I, Section 8 of the U.S. Constitution gives… …   Law dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”