bankruptcy assets
61no asset case — A Chapter 7 bankruptcy case in which there are no assets available for distribution (SA Bankruptcy.com) If, after consideration of exemptions and secured creditors and lien holders, there is no property that can be liquidated/distributed for the… …
62automatic stay — the suspension of actions, such as debt collection or foreclosure, against the company in bankruptcy. This occurs automatically when a bankruptcy petition is filed. This action protects the debtor from creditors seeking to seize its assets. It… …
63conversion — changing chapters in bankruptcy (e.g., converting from Chapter 11 to Chapter 7 or vice versa) (Glossary of Common Bankruptcy Terms) In bankruptcy, the converting of a case from one chapter to another. When a debtor in possession under Chapter 11… …
64exemptions — this refers to assets or properties owned by the debtor that cannot be recovered by creditors (Glossary of Common Bankruptcy Terms) Property that may be kept by an individual debtor that is not used for distribution to creditors and is free from… …
65meeting of creditors — The debtor must appear at a meeting with the trustee to be examined under oath about assets and liabilities. Creditors are invited but seldom attend. The meeting is sometimes called the 341 meeting, after the section of the Bankruptcy Code that… …
66confirmation — the final approval by the bankruptcy court of a debtor s plan of reorganization. Confirmation takes place after the plan has been approved by creditors (Glossary of Common Bankruptcy Terms) The official act of the court in approving a plan or a… …
67judgment proof — A term to describe assets protected from being seized by a creditor. i.e. assets a creditor cannot seize by going to court and getting a judgment. (California Bankruptcy Dictionary) A term to describe assets protected from being seized by a… …
68no-asset case — A Chapter 7 bankruptcy case in which there are no assets available for distribution (SA Bankruptcy.com) If, after consideration of exemptions and secured creditors and lien holders, there is no property that can be liquidated/distributed for the… …
69estate — The intangible entity containing all of the non exempt assets and liabilities of the debtor. (Bernstein s Dictionary of Bankruptcy Terminology) Under the Bankruptcy and insolvency Act, the name given to the file or bankruptcy estate. (Dictionary… …
70prebankruptcy 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… …
