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BANKRUPTCY GLOSSARY |
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Glossary of Bankruptcy Law Terms
A
B C
D E
F G
H I
J K L
M N
O P
Q R
S T
U V
W X Y Z #
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Cash collateral: Various
kinds of cash assets such as, money, securities, documents of title, and
proceeds, products, offspring, rents or profits of property, upon which a
creditor has a lien or other secured interest.
Chapter 7: A liquidation
bankruptcy for an individual, husband and wife, partnership or corporation;
typically, nonexempt property is liquidated (sold) and the proceeds paid out to
creditors on a pro-rata bases, and the debtor is discharged of liability for the
debts. Certain categories of debtors are not entitled to a discharge, and
certain categories of property are exempt (i.e., can not be taken from the
debtor).
Chapter 9: A
financial reorganization of a public entity.
Chapter 11: A financial
reorganization of a business.
Chapter 12: A financial
reorganization of a family farming enterprise.
Chapter 13: An adjustment of
debts of an individual.
Chapter 20: Courthouse slang;
a chapter 7 bankruptcy which, after final discharge, is quickly followed by the
same debtor filing a chapter 13.
Claim: Right to payment,
whether or not such right is reduced to judgment, liquidated, unliquidated,
fixed, contingent, matured, un-matured, disputed, undisputed, legal, equitable,
secured, or unsecured; or a right to an equitable remedy for breach of
performance if such breach gives rise to a right to payment, whether or not such
right to an equitable remedy is reduced to judgment, fixed, contingent, matured,
un-matured, disputed, undisputed, secured, or unsecured.
Claims agent: A claims agent
is a person appointed to manage the filing and retention of proofs of claim.
Class of creditors: A group
of creditors entitled to similar treatment in a bankruptcy case
Co-debtor stay: In Chapter 13
cases, an automatic stay which restrains creditor actions against someone who is
co-liable with the debtor on a consumer debt, but who has not filed bankruptcy,
and the debtor has agreed to pay the 100% of the debt through the chapter 13
plan.
Collateral Property pledged
to secure payment of a debt
Collective bargaining agreement: An
employment agreement entered into by an employee with a group of employees to
negotiate with the employer over pay, benefits etc.
Confirmation: A court's
approval of a debtor's proposed plan in one of the reorganization chapters.
Consensual lien: A lien granted by
agreement between the lien holder and the debtor, such as a mortgage or a UCC
security interest.
Constructive trust: An equitable remedy
under which a person who has acquired property by a wrongful act is deemed to
hold the property in trust for the victim of the wrong.
Consumer debt: Debt incurred by an
individual primarily for a personal, family, or household purpose.
Contested matter: A dispute in a
bankruptcy proceeding that may be adjudicated by motion in the bankruptcy
court.
Contingent debt: A claim for which the
debtor's legal duty to pay does not come into existence until triggered by the
occurrence of a future event. conversion Changing a case from one chapter to
another.
Core proceeding: A proceeding in a
bankruptcy case that involves the adjudication of rights created by the Code, or
concerns issues that could only arise in a bankruptcy case.
Creditor: An entity that has a claim
against the debtor.
Custodian: May mean any of the following:
(A) a receiver or trustee of any of the property of the debtor, appointed in a
case or proceeding not under this title; or
(B) an assignee under a general assignment for the benefit of the debtor's
creditors; or
(C) a trustee, receiver, or agent that is appointed or authorized to take charge
of property of the debtor for the purpose of enforcing a lien against such
property.
Customer property: Cash,
security, or other property received, acquired, or held by or for the account of
the debtor, from or for the securities account of a customer.
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information contained within this personal injury site is of a general nature
and is not meant to be a restatement of any rules of law. Your
use of this site does not create an attorney-client
relationship. You should hire an attorney to obtain legal
advice for your specific case.
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Injury Law
Glossary.
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