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BANKRUPTCY GLOSSARY |
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Glossary of Bankruptcy Law Terms
A
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Schedules: Documents consisting of lists of debts, property and other information that are filed together with the petition at the commencement of a bankruptcy case.
Secured debt: Debts for which the extension of credit was based upon the creditor's right to seize pledged property on default, in addition to the debtor's ability to pay.
Security: May include the following:
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note
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stock
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treasury stock
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bond
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debenture
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collateral trust certificate
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pre-organization certificate or subscription
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transferable share
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voting-trust certificate
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certificate of deposit
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certificate of deposit for security
Security interest: A lien created by an agreement
Setoff: A creditor's right to keep debtor's money that they have in their possession in order to apply it to a pre-petition debt owed by the debtor.
Spendthrift provision: A trust with restrictions on alienation designed to protect the fund from dissipation by the beneficiary or seizure by the beneficiary's creditors.
Statement of intentions: A document that the debtor files at the commencement of a bankruptcy case describing what he or she intends to do with secured assets.
Statutory lien: Lien arising solely by force of a statute on specified circumstances or conditions.
Stay: A restraining order arising out of the filing of a bankruptcy case.
Straight bankruptcy: Chapter 7 bankruptcy in which debts are discharged, non-exempt property is liquidated and there is no extended payment plan involved.
Substantial abuse: The characterization of a bankruptcy case filed by an individual whose debts are primarily consumer debts and where the court finds that the granting of relief would be an abuse under the chapter 7 laws because the debtor can pay its debts.Substantive consolidation:
Putting the assets and liabilities of two or more related debtors into a single pool to pay
creditors.
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Consultwebs.com, Inc., All rights reserved. Personal
Injury Law
Glossary.
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