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15 Cards in this Set
- Front
- Back
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Straight Bankruptcy
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liquidation proceeding
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Bankruptcy Trustee
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seperates out certain property that the debtor is permitted to keep and then administers, liquidates, and distributes the remainder of the bankrupt debtor's estate
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Discharge
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person who has not been guilty of certain dishonest acts and who has fulfilled his duties as a bankrupt
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Core Proceeding
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dispute falls, bankruptcy judge can hear and determine the controversy
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Voluntary Petition
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may be filed by an individual, a partnershup, or a corporation. by debtor
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Involuntary Petition
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by the creditors
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Automatic Stay
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stops collection efforts for 90 days,
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Trustee
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takes over administration of the bankrupt's estate
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Exemptions
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permit the bankrupt person to retain a minimum amount of assets considered necessary to life and to his ability to continue to earn a living
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Preferential Payments
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made by an insolvent debtor within 90 days of filing the petition in bankruptcy that enables a creditor to receive a greater percentage of pre-existing debt than other similarly situated creditors
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Preferential LIen
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treated must like preferential payments
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Voidable
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if a debtor transfers property or incurs an obligation with intent to hinder, delay or, defraud creditors
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Proof of Claim
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creditors wish to participate in the estate of a bankrupt debtor
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Prepackaged Plan
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debtor solicits acceptances of the plan prior to filing for bankruptcy
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Cram Down
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court forces dissenting creditors whose claims would be imparied by aproposed plan to accept the plan
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