bankruptcy assets
21Bankruptcy — A legal proceeding involving a person or business that is unable to repay outstanding debts. The bankruptcy process begins with a petition filed by the debtor (most common) or on behalf of creditors (less common). All of the debtor s assets are… …
22schedules of assets and liabilities — Every debtor is required to file lists of assets and liabilities. These lists are on prescribed forms and divide assets and liabilities into various categories. (Bernstein s Dictionary of Bankruptcy Terminology) United Glossary of Bankruptcy… …
23Bankruptcy in the United Kingdom — There is no single law on bankruptcy in the United Kingdom with there being one system for England and Wales, one for Northern Ireland and one for Scotland.In the United Kingdom, bankruptcy refers only to insolvency of individuals and… …
24pre-bankruptcy planning — The transmutation of a debtor s property in an effort to maximize the benefits afforded by the exemption statutes. Prebankruptcy planning typically includes converting nonexempt assets into exempt assets (SA Bankruptcy.com) The arrangement (or… …
25assets — /aesets/ Property of all kinds, real and personal, tangible and intangible, including, inter alia, for certain purposes, patents and causes of action which belong to any person including a corporation and the estate of a decedent. The entire… …
26assets — /aesets/ Property of all kinds, real and personal, tangible and intangible, including, inter alia, for certain purposes, patents and causes of action which belong to any person including a corporation and the estate of a decedent. The entire… …
27Bankruptcy Trustee — A person appointed by the United States Trustee, an officer of the Department of Justice, to represent the debtor s estate in a bankruptcy proceeding. Although a bankruptcy judge has the ultimate authority on the distribution of assets, the… …
28Bankruptcy and Insolvency Act — The Canadian Bankruptcy and Insolvency Act is An Act Respecting Bankruptcy and Insolvency that sets out the law on bankruptcy in Canada, and applies to both businesses and individuals. The legislation includes the duties and powers of the Office… …
29bankruptcy — Proceedings under federal law whereby a debtor can discharge (i.e., wipe out) his or her debts or have protection from creditors while trying to repay them. Liquidation bankruptcy (Chapter 7) involves discharging debts by the surrender of… …
30newly discovered assets — Assets of a bankrupt coming to light after the closing of the estate in bankruptcy. Assets of a bankrupt which the bankrupt did not schedule, and which should have been administered for the benefit of the creditors. 9 Am J2d Bankr § 1273 …
