a petition in bankruptcy
101period of exclusivity — a debtor in Chapter 11 has the exclusive right to file a plan of reorganization for the first 120 days of its bankruptcy. Thereafter, unless the period of exclusivity is extended by the court, other parties may file reorganization plans. (see… …
102preference — a payment by a debtor made during a specified period (90 days or one year) prior to the filing that favors one creditor over others. Preference payments can usually be recovered and returned to the debtor s estate (Glossary of Common Bankruptcy… …
103priority claims — administrative expenses and salaries, wages, employee benefits, customer deposits and taxes which occurred pre petition (Glossary of Common Bankruptcy Terms) Certain debts, such as unpaid wages, spousal or child support, and taxes are elevated in …
104confirmation order — The order issued by a Bankruptcy Judge, which order authorizes the implementation of the plan of reorganization thereby making the terms of the plan (under chapter 11, 12 or 13) binding upon the debtor and all creditors. The terms of the… …
105meeting of Creditors — See Section 341(a) Meeting (SA Bankruptcy.com) United Glossary of Bankruptcy Terms 2012. meeting of creditors Also known as the section 341 meeting or first meeting of creditors. This is an opportunity for the trustee and the creditors to… …
106priority of claim — Claims of some employees, employee benefit plans, domestic support obligations, taxing bodies, and others may be entitled to payment prior to the claims of general unsecured creditors. Wages owed to employees for the last pay period prior to… …
107face sheet filing — A bankruptcy case filed either without schedules or with incomplete schedules listing few creditors and debts. (Face sheet filings are often made for the purpose of delaying an eviction or foreclosure.) family farmer An individual, individual and …
108Chapter 11 - Business Reorganization — A petition designed to reorganize business debt. The business normally is permitted to continue its operations under court supervision until some plan of reorganization is approved by the creditors (Legal Dictionary: Bankruptcy Law) United… …
109Chapter 13 - Wage Earner's Plan — A petition designed for any insolvent debtor who is a wage earner to provide the debtor with additional time to pay off creditors (Legal Dictionary: Bankruptcy Law) United Glossary of Bankruptcy Terms 2012 …
110disinterested person — Under Title 11 U.S.C. Section 101: (14) The term disinterested person means a person that (A) is not a creditor, an equity security holder, or an insider; (B) is not and was not, within 2 years before the date of the filing of the petition, a… …
