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Business Law Ch 21

Business Law with UCC Applications Ch 21

TermDefinition
Automatic Stay A self-operating postponement of collection proceedings against a debtor who has filed a petition for bankruptcy.
Case Trustee A person appointed by bankruptcy court to meet with creditors and report whether the case should proceed.
Confirmation In bankruptcy law, the official approval for reorganization plan.
Debtor in Possession A debtor who continues to operate his or her business after filing for bankruptcy.
Disposable Income The amount of money left from a person's income, after subtracting certain allowable deductions.
Homestead Exemption A provision in the bankruptcy Code that allows debtors to exclude a statutory amount of equity in the debtor's place of residence and in property used as a burial ground when filing for bankruptcy.
Impaired Classes Creditors who receive less than the full value of their claims in bankruptcy proceedings.
Liquidation The conversion of property into cash.
Means test Three steps used to qualify someone for Chapter 7 bankruptcy.
Order for Relief In bankruptcy law, a court's command that the liquidation begin.
Reorganization In bankruptcy law, a plan created by a qualified debtor that alters his or her repayment schedule and allows that debtor to stay in business.
Created by: dengler
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