For Bankruptcy we have terms and definitions in 23 topics. The topics are Accounting, Accounting Terms, Auto Loan, Business, Canadian Law, Credit Cards, Debt Consolidation, Divorce, Finance, Foreclosure, Frauds and Scams, Home Equity, Housing, Insolvency, Law, Legal, Mortgage, Personal Injury Law, Purchasing A Home, Real Estate, Real Estate Appraisal, Refinance and Tax.

Bankruptcy (Accounting)

Legal process, governed by federal statute, whereby the DEBTS of an insolvent person are liquidated after being satisfied to the greatest extent possible by the DEBTOR'S ASSETS. During bankruptcy, the debtor's assets are held and managed by a court appointed TRUSTEE.

Bankruptcy (Accounting Terms)

Legal process, governed by federal statute, whereby the DEBTS of an insolvent person are liquidated after being satisfied to the greatest extent possible by the DEBTOR'S ASSETS. During bankruptcy, the debtor's assets are held and managed by a court appointed TRUSTEE.

Bankruptcy (Auto Loan)

A

Bankruptcy (Business)

The condition of being unable to pay debts, with liabilities greater than assets.

Bankruptcy (Canadian Law)

The formal condition of an insolvent person being declared bankrupt under law. The legal effect is to divert most of the debtor's assets and debts to the administration of a third person, sometimes called a " trustee in bankruptcy", from which outstanding debts are paid pro rata. Bankruptcy forces the debtor into a statutory period during which his or her commercial and financial affairs are administered under the strict supervision of the trustee. Bankruptcy usually involves the removal of several special legal rights such as the right to sit on a board of directors or, for some professions that form part of the justice system, to practice, such as lawyers or judges. Commercial organizations usually add other non-legal burdens upon bankrupts such as the refusal of credit. The duration of "bankruptcy" status varies from state to state but it does have the benefit of erasing most debts even if they were not satisfied by the sale of the debtor's assets.

Bankruptcy (Credit Cards)

A

Bankruptcy (Debt Consolidation)

Bankruptcy is a legal declaration of the inability to repay debts. Bankruptcy should be viewed as a last resort. It will have a severe impact on a credit rating and will remain on a credit report for ten years. Furthermore, bankruptcy is not a solution in all cases. Federal student loans, Federal tax debt and child support are all exempt from bankruptcy protection. Bankruptcy agreements vary but there are two types of agreements that most people choose: Chapter 7 and Chapter 13.

Bankruptcy (Divorce)

A legal proceeding in which a person who is financially insolvent requests the federal bankruptcy court to determine his or her debts and use his or her assets to pay those debts. Property in bankruptcy usually is administered for the benefit of the bankrupt person's creditors. Some forms of bankruptcy seek to discharge all debt if there are no assets to distribute to the creditors. Child support obligations cannot be discharged by bankruptcy.

Bankruptcy (Finance)

Inability to pay debts. In bankruptcy of a publicly owned entity, the ownership of the firm's assets is transferred from the stockholders to the bondholders.

Bankruptcy (Foreclosure)

An action filed in a federal bankruptcy court that allows a creditor to reorganize or discharge credit obligations due to insolvency. A property owner may halt foreclosure action by filing bankruptcy. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.
* Chapter 7 - "Debtor Wipeout" The court oversees the liquidation of the debtors' non-exempt assets, distributing the cash proceeds proportionally amongst their creditors.
* Chapter 11 - This is a business reorganization proceeding.
* Chapter 13 - "Debtor Workout" This is the almost-automatic choice of most trustors seeking to use a bankruptcy filing to delay the in- evitable trustee's sale as long as they can. The purpose of this proceeding is to give a "wage earner" time for rehabilitation . . . a temporary respite free from the collection efforts of creditors.

Bankruptcy (Frauds and Scams)

Private individuals, privately held corporations and publicly traded companies may file for protection from creditors under federal bankruptcy laws. With regard to publicly held companies, these laws govern how they go out of business or recover from unmanageable debt. In the event that they file under Chapter 11 of the Bankruptcy Code in an effort to reorganize and become profitable again, management continues to run the day-to-day business operations, but oversight is exercised by the Court. If the company files under Chapter 7, they cease to do business, and their assets are liquidated by the Trustee who uses the money to satisfy debts to creditors and investors. The SEC may intervene if it appears that the company's officers and directors filed bankruptcy to shield themselves from lawsuits for securities fraud.

Bankruptcy (Home Equity)

A proceeding in a federal court in which a borrower who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee. Different chapters or types of bankruptcy exist. If a person files bankruptcy, a record of the filing appears on the borrower's credit report for up to 10 years.

Bankruptcy (Housing)

A federal law Whereby a person's assets are turned over to a trustee and used to pay off outstanding debts; this usually occurs when someone owes more than they have the ability to repay.

Bankruptcy (Insolvency)

The state of being bankrupt.

Bankruptcy (Law)

Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may be released from or "discharged" from their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings. The person with the debts is called the debtor and the people or companies to whom the debtor owes money are called creditors.

Bankruptcy (Legal)

Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may be released from or "discharged" from their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings. The person with the debts is called the debtor and the people or companies to whom the debtor owes money are called creditors.

Bankruptcy (Mortgage)

Legal relief from the payment of all debts after the surrender of all assets to a court-appointed trustee. Assets are distributed to creditors as full satisfaction of debts, with certain priorities and exemptions. A person, firm or corporation may declare bankruptcy under one of several chapters of the U. S. Bankruptcy Code: Chapter 7 covers liquidation of the debtor's assets; Chapter 11 covers reorganization of bankrupt businesses; Chapter 13 covers payment of debts by individuals through a bankruptcy plan.

Bankruptcy (Personal Injury Law)

Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may be released from or "discharged" from their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings. The person with the debts is called the debtor and the people or companies to whom the debtor owes money to are called creditors.

Bankruptcy (Purchasing A Home)

A proceeding in a federal court in which a debtor who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee.

Bankruptcy (Real Estate)

Proceedings under federal statutes to relieve a debtor who is unable or unwilling to pay its debts. After addressing certain priorities and exemptions, the bankrupt entity's property and other assets are distributed by the court to creditors as full satisfaction for the debt.

Bankruptcy (Real Estate Appraisal)

A proceeding in the U.S. District Court wherein assets of an insolvent debtor are protected and distributed in an equitable manner.

Bankruptcy (Refinance)

A proceeding in a federal court in which a borrower who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee. Different chapters or types of bankruptcy exist. If a person files bankruptcy, a record of the filing appears on the borrower's credit report for up to 10 years.

Bankruptcy (Tax)

State of being bankrupt.

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