A proceeding in a federal court in which a debtor who owes more than his or her assets can receive debt relief by transferring his or her assets to a trustee or agreeing to reorganization of assets and liabilities Usually, at least two years must elapse from the discharge of the bankruptcy before lenders will consider making a loan to someone who had declared bankruptcy
Proceedings under federal bankruptcy statutes to relieve a debtor (bankrupt) from insurmountable debt The bankrupt's property is distributed by the court to the creditors as full satisfactions of the debts, in accordance with certain priorities and exemptions Voluntary bankruptcy is petitioned by the debtor for, involuntary by the creditors
inability to discharge all your debts as they come due; "the company had to declare bankruptcy"; "fraudulent loans led to the failure of many banks"
A proceeding in a federal court in which a debtor (who owes more than his/her assets or cash flow) is relieved from the payment of debts This can affect the borrower's personal liability or the mortgage debt but not the lien of a mortgage
The state of being unable to pay your debts such that you submit yourself to the protection of the state A person or business may voluntarily assign himself into bankruptcy or may be petitioned into bankruptcy by his creditors Once in bankruptcy, the person surrenders his assets to a trustee in bankruptcy who sells the assets for the benefit of the bankrupt's creditors, first secured creditors then unsecured creditors Once a person is discharged from bankruptcy, none of his former creditors may pursue him for his former debts
emphasis If you refer to something's bankruptcy, you are emphasizing that it is completely lacking in value or worth. The massacre laid bare the moral bankruptcy of the regime. Status of a debtor who has been declared by judicial process to be unable to pay his or her debts. It also refers to the legal process involved: the administration of an insolvent debtor's property by the court for the benefit of the debtor's creditors. Filing by a debtor is called voluntary bankruptcy; involuntary bankruptcy is declared by the court upon petition by a creditor. The U.S. Bankruptcy Code makes four types of relief available to bankrupt individuals or corporations: liquidation (under Chapter 7), reorganization (Chapter 11), debt adjustment for a family farmer (Chapter 12), and debt adjustment for an individual with a regular income (Chapter 13). Municipalities may file under Chapter
State of being unable to pay debts The ownership of the enterprises assets is transferred from the stockholders to the bondholders
a legal process intended to insure equality among the creditors of a corporation declared in bankruptcy
A condition in which a business cannot meet its debt obligations and petitions a federal district court for either reorganization of its debts or liquidation of its assets In the action the property of a debtor is taken over by a receiver or trustee in b
a legal process intended to insure equality among the creditors of a corporation declared in bankruptcy inability to discharge all your debts as they come due; "the company had to declare bankruptcy"; "fraudulent loans led to the failure of many banks"
The process by which a debtor, through a trustee under court supervision, may clear their debts by paying creditors an approved portion of what is owed A bankrupt is prohibited from certain activities, including being a member of parliament, a Councillor or a company director
Bankruptcy is the state of being bankrupt. Many established firms were facing bankruptcy. = insolvency
A legally declared inability of an individual or organisation to pay their creditors
A bankruptcy is an instance of an organization or person going bankrupt. The number of corporate bankruptcies climbed in August. = insolvency
A tactic that individuals use to relieve themselves of debts and/or liabilities when they are no longer able to repay The most common form of individual bankruptcy is a Chapter 7, when an individual frees himself from most of his/her debts Borrowers who have undergone bankruptcy usually cannot qualify for "A" paper loans until after two years after declaration and a re-establishment of credit
The financial inability to pay one's debts when due The debtor surrenders his assets to the bankruptcy court An individual typically files for Chapter 7 (all debts wiped out) or Chapter 13 (establishes a payment plan to pay off debts) A bankruptcy stays on an individual's credit report for 7 years
A state of insolvency of an individual or an organization - in other words, an inability to pay debts The U S bankruptcy code is divided into chapters that provide different types of relief from insolvency Under Chapter 7 bankruptcy, you petition the court to be freed from all your debts following the liquidation of almost all your assets Certain assets, like your house, are usually exempt from liquidation Chapter 11 allows you to remain in possession of your assets, but a repayment schedule must be negotiated with creditors BACK TO TOP
declaration from someone who is unable to pay their debts The assets are sold for money and the courts divide these funds among her creditors
Proceedings under federal statures to relieve a debtor who is unable or unwilling to pay its debts After addressing certain priorities and exemptions, the bankrupt's property and other assets are distributed by the court to creditors as full satisfaction for the debt See also: "Chapter 11"
a state of complete lack of some abstract property; "spiritual bankruptcy"; "moral bankruptcy"; "intellectual bankruptcy
Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt Bankruptcy judges preside over these proceedings
A proceeding in a court in which a debtor who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee
a federal law Whereby a person's assets are turned over to a trustee and used to pay off outstanding debts; this usually occurs when someone owes more than they have the ability to repay
Generally, not all debts are paid in a bankruptcy. The court determines which debts are to be repaid, and the debtor is typically granted a discharge of the rest. See also insolvency
A provision of Federal Law whereby a debtor surrenders his assets to the Bankruptcy Court and is relieved of the future obligation to repay his unsecured debts A Trustee in Bankruptcy administers the assets, selling them to pay as much of the debt as possible If your seller is in bankruptcy, the Trustee in Bankruptcy owns the property and is the party to sign the contract and make decisions After bankruptcy, the debtor is discharged and his unsecured creditors may not pursue further collection efforts against him Secured creditors, those holding deeds of trust or judgment liens, continue to be secured by the property but they may not take other action to collect from the debtor
A proceeding in a federal court in which a debtor who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee
a state of complete lack of some abstract property; "spiritual bankruptcy"; "moral bankruptcy"; "intellectual bankruptcy"
A person's legal declaration that he or she is legally insolvent There are two types of bankruptcy: Involuntary Bankruptcy, where creditors or lenders file a petition against the debtor (person in debt), and Voluntary Bankruptcy, where the debtor files a petition claiming inability to meet creditors' requirements A court decides whether or not a debtor can declare bankruptcy
A legal way to seek relief from creditors Bankruptcy must be filed for in court, and has serious long-term financial implications for a person's credit history In bankruptcy proceedings, student loans less than five years old can be challenged by the lender
Bankruptcy is a legal declaration of the inability to repay debts Bankruptcy should be viewed as a last resort It will have a severe impact on a credit rating and will remain on a credit report for ten years Furthermore, bankruptcy is not a solution in all cases Federal student loans, Federal tax debt and child support are all exempt from bankruptcy protection Bankruptcy agreements vary but there are two types of agreements that most people choose: Chapter 7 and Chapter 13
(Kanun) A discharge in United States bankruptcy law, when referring to a debtor's discharge, is a statutory injunction against the commencement or continuation of an action (or the employment of process, or an act) to collect, recover or offset a debt as a personal liability of the debtor. The discharge is one of the primary benefits afforded by relief under the Bankruptcy Code and is essential to the "fresh start" of debtors following bankruptcy that is a central principle under federal bankruptcy law. A discharge of debts is granted to debtors but can be denied or revoked by the court based on certain misconduct of debtors, including fraudulent actions or failure of a debtor to disclose all assets during a bankruptcy case
A decision to close an e-mail account, wipe it clean, or ignore all the incoming messages, possibly sending automatic replies to the senders that a bankruptcy has been declared, due to an overwhelming receipt of messages
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