nonexempt entity
1bankruptcy — /bangk rupt see, reuhp see/, n., pl. bankruptcies. 1. the state of being or becoming bankrupt. 2. utter ruin, failure, depletion, or the like. [1690 1700; BANKRUPT + CY] * * * Status of a debtor who has been declared by judicial process to be… …
2procedural law — Law that prescribes the procedures and methods for enforcing rights and duties and for obtaining redress (e.g., in a suit). It is distinguished from substantive law (i.e., law that creates, defines, or regulates rights and duties). Procedural law …
3bankruptcy — bank·rupt·cy / baŋ ˌkrəp sē/ n pl cies 1: the quality or state of a bankrupt filed for bankruptcy 2: the administration of an insolvent debtor s property by the court for the benefit of the debtor s creditors the debt was discharged in bankruptcy …
