Bankruptcy law(chapter 30)

Card Set Information

Author:
tmoy4565
ID:
301589
Filename:
Bankruptcy law(chapter 30)
Updated:
2015-04-26 20:49:52
Tags:
consumer law final
Folders:

Description:
The consumer and the law final
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user tmoy4565 on FreezingBlue Flashcards. What would you like to do?


  1. Adequate protection doctrine
    A doctrine hat protects secured creditors from losing their security as a result of an automatic stay on legal proceedings by creditors against the debtor once the debtor petitions for bankruptcy relief. In certain circumstances, the bankruptcy court may provide adequate protection by requiring the debtor or trustee to pay the creditor or provide additional guaranties to protect the creditor against additional losses suffered by the creditor as a result of the stay.
  2. Automatic stay
    The suspension of virtually all litigation and other action by creditors against the debtor or the debtors property; the stay is effective the moment the debtor files a petition in bankruptcy.
  3. Bankruptcy trustee
    A person who is either appointed by the U.S. department of Justice or by creditors in bankruptcy cases. In all bankruptcies under chapter 7,12, or 13, a trustee is appointed by the U.S. trustee, who is an officer of the department of justice. Chapter 11 bankruptcies allow the debtor to continue to manage the property as a, "debtor in possession" but this person can be replaced for cause with a bankruptcy trustee.
  4. Cram down provision
    A provision in the bankruptcy code that allows the court to confirm a debtor's chapter 11 reorganization plan even though only one class of creditors has accepted it. To exercise the court's right under this provision, the court must demonstrate that the plan does not discriminate unfairly against any creditors and is fair and equitable.
  5. Debtor in possession(DIP)
    A debtor who is allowed to continue in possession of the estate in property (the business) and to continue business operations.
  6. Discharge
    The termination of an obligation. In bankruptcy proceedings, this is the extinction of the debtor's dischargeable debts.
  7. Insider
    A corporate director or officer, or other employee or agent, with access to confidential information and a duty not to disclose that information in violation of insider trading laws.
  8. Liquidation
    The sale of all nonexempt assets of a debtor and the distribution of proceeds to the debtors creditors. Chapter 7 of the bankruptcy code provides for liquidation bankruptcy proceedings.
  9. Order for relief
    A court's grant of assistance to a complainant. In bankruptcy proceedings, the order for relieves the debtor of the immediate obligation to pay the debts listed in the bankruptcy petition.
  10. Petition in bankruptcy
    The document that is filed with a bankruptcy court to initiate bankruptcy proceedings. The official forms required for a petition in bankruptcy must be completed accurately, sworn to under oath, and signed by the debtor.
  11. Preference
    Property transfers or payments made by the debtor that favor one creditor over the others. he bankruptcy trustee is allowed to recover payments made both voluntarily and involuntarily to one creditor in preference over another.
  12. Preferred creditor
    One who has received a preferential transfer from a debtor.
  13. Reaffirmation agreement
    An agreement between a debtor and a creditor in which the debtor reaffirms, or promises to pay, a debt dischargeable in bankruptcy. To be enforceable, the agreement must be made prior to the discharge of the debt by the bankruptcy court.
  14. U.S. trustee
    A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.
  15. Workout agreement
    A formal contract between a debtor and his or he creditors in which the parties agree to negotiate a payment plan for the amount due on the loan instead of proceeding to a foreclosure.

What would you like to do?

Home > Flashcards > Print Preview