40. Bankruptcy
a 2005 change in the Bankruptcy Code, making it more difficult for people to declare bankruptcy and extending the time between repeat bankruptcy filings
40. Bankruptcy Abuse Prevention and Consumer Protection Act [BAPCA] (F) /
a method for family farmers to adjust their financial affairs while continuing to operate their farms
40. Chapter 12 bankruptcy (i) / aka family farmer debt adjustment
a method by which an individual with regular income can pay his or her debts from future income over an extended period
40. Chapter 13 bankruptcy (J) / aka adjustment of debts of individuals
a proceeding designed to liquidate a debtor's property, pay off creditors, and discharge the debtor from most debts. AKA liquidation (T), straight bankruptcy (BB)
40. Chapter 7 bankruptcy (G) /
property
40. assets (A) /
a self-operating postponement of collection proceedings against a debtor AKA automatic suspension (C)
40. automatic stay (B) /
the state of a person (or a business) of being unable to pay debts as they become due
40. bankrupt (D) /
the legal process by which the assets of a debtor are sold to pay off creditors so that the debtor can make a FRESH START financially
40. bankruptcy (E) /
a right to payment
40. claim (K) /
people TO WHOM money is owed
40. creditors (L) /
one who owes a debt to another
40. debtor (M) /
another name for a debtor in chapters 11 and 13 cases
40. debtor-in-possession (N) / 11,12, 13
a release of a debtor from all debts that were proved in a bankruptcy proceeding
40. discharge in bankruptcy (O) /
items of property that are excepted from bankruptcy proceedings and may be RETAINED BY the debtor
40. exemptions (P) /
in bankruptcy, the exemption of one's residence to the extent of $16,150 ($21,625) to a specific amount
40. homestead exemption (Q) /
a bankruptcy proceeding that is initiated by one or more creditors
40. involuntary bankruptcy (R) /
convert to cash
40. liquidate (S) /
a comparison to determine whether a debtor meets the eligibility requirements to be in Chapter 7 or 13
40. mean testing (U) /
the acceptance of a case by a bankruptcy court
40. order for relief (V) /
transfers made by a debtor to creditors, BEFORE a bankruptcy proceeding, enabling them to receive a greater percentage of their claim than they would have otherwise received
40. preferences (W) /
a signed, written statement setting forth a creditor's claim together with the basis for it
40. proof of claim (X) /
divided proportionately
40. prorated (Y) /
a method for businesses to reorganize their financial affairs, keep their assets, and remain in business AKA Chapter 11 bankruptcy (H)
40. reorganization (Z) /
creditors who hold mortgages and other liens
40. secured creditors (AA) /
a person appointed by a bankruptcy court to hold the debtor's assets in trust for the benefit of creditors
40. trustee in bankruptcy (CC) /
a bankruptcy proceedings that is initiated by the debtor
40. voluntary bankruptcy (DD) /
a plan for the installment payments of outstanding debts under a chapter 13 bankruptcy
40. wage earner's plan (EE) /
