Bankruptcy Flashcards

0.0(0)
studied byStudied by 0 people
GameKnowt Play
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/16

encourage image

There's no tags or description

Looks like no tags are added yet.

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

17 Terms

1
New cards
Bankruptcy
A legal process governed by the Federal Bankruptcy Code that allows individuals or organizations to eliminate or repay some or all debts.
2
New cards
Discharge
The release of a debtor from personal liability for certain debts, meaning they are no longer legally required to pay them.
3
New cards
Automatic Stay
An injunction that automatically halts actions by creditors to collect debts from a debtor who has declared bankruptcy.
4
New cards
Chapter 7
A bankruptcy chapter focusing on personal liquidation where non-exempt assets are sold to pay creditors.
5
New cards
Nondischargeable Debts
Debts that cannot be eliminated through bankruptcy, such as taxes, alimony, and child support.
6
New cards
Creditor
An individual or institution to whom money is owed.
7
New cards
Trustee
An individual appointed by the court to manage the debtor's estate and ensure fair distribution to creditors.
8
New cards
Pre-petition Assets
All property and assets the debtor owns before filing for bankruptcy.
9
New cards
Post-petition Assets
All property and assets the debtor earns or acquires after filing the bankruptcy petition.
10
New cards
Fraudulent Conveyance
A transfer of property made with the intent to deceive or defraud creditors within a certain time before the bankruptcy filing.
11
New cards
Preferential Transfer
A payment or transfer made by a debtor to a creditor that gives the creditor more than they would receive in bankruptcy proceedings.
12
New cards
Exempt Property
Assets that a debtor is allowed to keep during bankruptcy, as defined by law.
13
New cards
Credit Counseling
A requirement for individual debtors to receive guidance on financial management before filing for bankruptcy.
14
New cards
Chapter 13
A bankruptcy chapter allowing individuals to create a repayment plan to pay back all or part of their debts over three to five years.
15
New cards
Chapter 11
A bankruptcy chapter allowing businesses to reorganize their debts while continuing operations.
16
New cards
Chapter 9
A bankruptcy chapter specifically for municipalities.
17
New cards
Chapter 12
A bankruptcy chapter designed for family farmers to restructure their debts.