Bankruptcy Proceedings
Known as a liquidation proceeding and classic fresh start bankruptcy.
Chapter 7 bankruptcy
These rules control the procedure in all types of civil proceedings in bankruptcy courts.
Federal Rules of Civil Procedure.
The opportunity provided to a debtor following a discharge in bankruptcy.
Fresh start
Proceeding in which a person is appointed to take control of a debtor's property and manage it under court supervision.
Receivership.
A person who purchases goods and services for personal use.
A consumer
Reorganization proceeding designed for a business and can run up to 5 years.
Chapter 11 bankruptcy
Where is the Bankruptcy Code found in the U.S. Code?
U.S.C. Title 11
1978 statute that introduced the current Code. Also the name of the 1994 statute that amended the code.
Bankruptcy Reform Act
A contract made between a debtor and his creditors pursuant to which partial payment is made and accepted in full satisfaction of claims.
Composition agreement.
A person who files a petition under the Code.
Debtor in bankruptcy
Reorganization proceeding not for a business, but for an individual with regular income.
Chapter 13 bankruptcy
The formal rules supplementing the Code and governing proceedings in bankruptcy cases.
Federal Rules of Bankruptcy Procedure.
Predecessor of the current Bankruptcy Code. Enacted in 1898 and superseded in 1978.
Bankruptcy Act
Article 6 of the UCC providing a non-bankruptcy procedure for the sale of all of the assets of a business outside the ordinary course of business. Appealed in most states.
Bulk Sale Transfer Act
Debt incurred for personal, family, or household purposes.
Consumer debt
Reorganization proceeding designed for debtors who qualify as family farmers or family fishermen.
Chapter 12 bankruptcy.
The written rules of procedure and practice that prevail in a particular court.
Local court rules
Office created under Bankruptcy Act of 1898. Predecessor to the modern bankruptcy judge.
Bankruptcy referee.
______ is when the debtor conveys his nonexempt property to an assignee, often a lawyer or accountant, who will liquidate the property and then distribute the proceeds pro rata to the claimants.
Assignment for the benefit of creditors.
A bankruptcy case in which the debtor is an entity or an individual with primarily business debts.
Business bankruptcy case
Ancillary proceeding filed in bankruptcy court in the United States after the primary proceeding has been commenced in a foreign country. It provides mechanisms for dealing with insolvency cases involving debtors, assets, and creditors in more than one country.
Chapter 15 bankruptcy
Who governs the admissibility of evidence at hearings conducted in all federal courts?
The Federal Rules of Evidence
Passed by Congress in 2005 intended to reduce the number of bankruptcies and encourage repayment by making it more difficult to file for Chapter 7 liquidation relief and to force more debtors to file for Chapter 13.
Bankruptcy Abuse Prevention and Consumer Protection Act.
Judicial process where the court separates the warring partners by forcing a sale of ownership from one to the other, or by forcing a sale of the entire business.
Involuntary dissolution.
A bankruptcy case in which the debtor is an individual with primarily consumer debts.
Consumer bankruptcy case