nonexempt
41conversion — 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… …
42Chapter 7 bankruptcy — The chapter of the Bankruptcy Code providing for liquidation, (i.e. the sale of a debtor s nonexempt property and the distribution of the proceeds to creditors). What s up with the new bankruptcy law? United Glossary of Bankruptcy Terms 2012 …
43assisted person — A person whose debts consist primarily of consumer debts and whose non exempt assets are less than $150,000. also see debt relief agency (Bernstein s Dictionary of Bankruptcy Terminology) Under Title 11 U.S.C. Section 101: (3) The term assisted… …
44non-exempt — UK US (also nonexempt) adjective ► LAW, TAX, FINANCE used to describe something that has to be done, paid, etc. because it is not one of the situations where a particular rule or law does not have to be obeyed: »People going bankrupt sometimes… …
45exempt — [adj] freed from responsibility absolved, beat the rap*, clear, cleared, discharged, excepted, excluded, excused, favored, free, immune, let go*, let off*, liberated, not liable, not responsible, not subject, off the hook*, outside, privileged,… …
46comp time — Compensatory time; time off for past extra work. ► “According to a recent opinion letter from the US DEPARTMENT OF LABOR (DOL), nonexempt employees who work overtime, must be paid for the extra hours rather than receiving compensatory time off …
47bankruptcy trustee — A court appointed individual who oversees the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee gathers the debtor s nonexempt property, liquidates it, and distributes it proportionally to… …
48Chapter 7 bankruptcy — Liquidation or straight bankruptcy, the most familiar sort, in which many or all debts are discharged (i.e., wiped out) completely in exchange for an individual s or business nonexempt property. Proceeds are distributed to creditors. Chapter 7 …
49Chapter 13 bankruptcy — Reorganization bankruptcy for individual consumers that may allow the full repayment of debts. Individuals keep their property and use their income to pay their debts (partly or fully) over three to five years, according to a plan presented to …
50creditor's bill — Equitable proceeding brought to enforce payment of debt out of property or other interest of debtor which cannot be reached by ordinary legal process. Sackin v. Kersting, 105 Ariz. 464, 466 P.2d 758. By use of the creditor s bill, a judgment… …
