to petition for bankruptcy
71substantial abuse — a term that refers to the abuse of the privilege to file a petition. It usually describes fraud in cases of personal bankruptcy (Glossary of Common Bankruptcy Terms) The court may dismiss a Chapter 7 bankruptcy of an individual whose debts are… …
72property of the estate — All legal and equitable interests of the debtor in property as of the petition date (SA Bankruptcy.com) The property that is not exempt and belongs to the bankruptcy estate. Property of the estate is usually sold by the trustee and the claims of… …
73Chapter 11, Title 11, United States Code — Bankruptcy in the United States Bankruptcy in the United States Authority · History U.S. Trustee Court  …
74debt relief agency — Any person who provides any bankruptcy assistance to an assisted person in return for the payment of money or other valuable consideration. Does not include nonprofit organizations, creditors of assisted persons, depository institutions, or… …
75unsecured claim — a claim or debt for which a creditor holds no special assurance of payment; a debt for which credit was extended based solely upon the creditor s assessment of the debtor s future ability to pay (Glossary of Common Bankruptcy Terms) A pre… …
76exclusivity period — 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… …
77Foreclosure — For Lacan s psychoanalytic process, see Foreclosure (psychoanalysis). House in Salinas, California under foreclosure, following the popping of the U.S. real estate bubble. Foreclosure is the legal process by which a mortgage lender (mortgagee),… …
78meeting 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… …
79discharge — An order from the Bankruptcy Court releasing the debtor from any and all dischargeable debts which arose prior to the petition date (SA Bankruptcy.com) The legal elimination of debt through a bankruptcy case. When a debt is discharged, it is no… …
80gap period — the period between the filing of an involuntary petition and the dismissal of the petition, the entry of an order for relief or the filing of a voluntary petition (whatever the outcome) (Glossary of Common Bankruptcy Terms) United Glossary of… …
