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Questions and Answers
What is the definition of 'proof of claim'?
What is the claims bar date?
the deadline set for creditors in a case to file proofs of claim
What is a claims docket?
the official registry of claims filed in a BR case
A waiver is defined as a voluntary relinquishment of a known right.
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Laches refers to the neglect of a claim or right for an appropriate amount of time.
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What does setoff mean?
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What is meant by property of the estate?
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Study Notes
Key Bankruptcy Terms and Definitions
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Proof of Claim: Document submitted by a creditor providing evidence of their claim against the bankruptcy estate.
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Claims Bar Date: The established deadline for creditors to file proofs of claim in a bankruptcy case, which is critical for ensuring they are considered for payment.
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Claims Docket: The official registry that lists all claims submitted in a bankruptcy case, serving as a public record of creditor claims.
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Waiver: The act of voluntarily giving up a known right or claim, which can impact the rights of the party waiving them in bankruptcy proceedings.
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Laches: Legal principle regarding the neglect or delay in asserting a claim, which may result in losing the right to enforce it due to the passage of time.
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Setoff: A financial arrangement where mutual debts between two parties can be deducted from each other, allowing for a net payment rather than settling each individual debt.
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Property of the Estate: Encompasses all assets and interests held by the debtor at the start of a bankruptcy case, which will be evaluated in the distribution process.
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Description
Enhance your understanding of Chapter 10 bankruptcy with these flashcards. Each card presents key terms and their definitions, essential for anyone studying bankruptcy law. Test your knowledge and prepare for discussions around claims and waivers in bankruptcy cases.
