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BANKRUPTCY GLOSSARY |
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Glossary of Bankruptcy Law Terms
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Abandonment:
The act of a trustee relinquishing possession and control of property out of the estate and giving it back to the debtor.
Absolute priority rule:
In a Chapter 11 case, the rule that no junior class of claims or interests may receive anything of value from the estate unless a more senior non-accepting class of unsecured claims or interests is paid in full.
Accountant: A person authorized under applicable law to practice public accounting.
Action or civil action:
An adversary proceeding or a contested petition or proceedings to vacate an order for relief or to determine any other contested matter.
Adequate protection:
Security, collateral or some other measure undertaken or provided by the debtor in bankruptcy, to protect a claim holder from depreciation of its collateral pending confirmation of a plan, for the period during which the debtor has continued possession or use of the collateral.
Administrative expenses:
Actual and necessary costs and expenses involved in preserving an estate, including wages, salaries, or commissions for services rendered.
Adversary matter:
A dispute in a bankruptcy proceeding that may be adjudicated by means of an adversary proceeding (lawsuit) filed in bankruptcy court.
Allowed claim:
A claim or debt deemed allowed in a bankruptcy case
Antecedent debt:
A debt that is accrued or acquired prior to the debtor making a payment to the creditor on account of the debts
Anti-alienation clause:
A term or provision of a trust that forbids transfer of the debtor's beneficial interest in the trust to another.
Assignment:
A transfer of a right or property and duties in connection with a contract, to another.
Assumption:
A debtor or the estate may assume or reject a lease or executory contract; the act of continuing to be responsible for the lease or contract.
Avoidance of lien:
The act of obtaining a release from the effect of a lien, judgment or security interest in property, typically in connection with exempt property but also on any grounds provided by the Bankruptcy Code.
Avoidance powers:
The trustee's or debtor's powers to avoid a lien.
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