Questions and Answers
What is abandoned property?
What are administrative expenses?
The actual, necessary costs of presenting and administering the estate.
Define adversary proceeding.
A lawsuit in bankruptcy that is commenced by the filing of a complaint.
What are avoidance powers in bankruptcy?
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Who is a bankruptcy petition preparer?
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What is a codebtor?
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What characterizes a community property state?
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Define contested matter in bankruptcy.
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What is a contingent claim?
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What does the term 'creditor holding a secured claim' mean?
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What are current monthly expenditures of an individual debtor?
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What is current monthly income for an individual debtor?
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Define a disputed claim.
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What are domestic support obligations?
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What is an executory contract?
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What is exempt property?
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Who is an interim trustee?
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What is a joint case in bankruptcy?
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What is required in the list of creditors?
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What occurs at a meeting of creditors?
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What is a meeting of equity security holders?
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What is an order for relief?
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What is property of the estate?
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What is a reaffirmation agreement?
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What does setoff mean in bankruptcy?
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Study Notes
Bankruptcy Terminology
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Abandoned Property: Property the trustee opts not to manage, leaving it outside the administration process.
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Administrative Expenses: Essential costs incurred to present and manage the bankruptcy estate.
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Adversary Proceeding: A lawsuit initiated in bankruptcy through the filing of a complaint, governed by Federal Rules of Bankruptcy Procedure (Fed.R.Bank P. 7001).
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Avoidance Powers: Trustees and debtors can annul certain transfers or obligations made by the debtor prior to bankruptcy.
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Bankruptcy Petition Preparer: An individual, not an attorney, who prepares bankruptcy documents for a fee, as defined under 11 U.S.C.A. sec. 110(a)(1).
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Codebtor: An individual who shares liability on a consumer debt with the debtor, regardless of their status in the bankruptcy case.
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Community Property State: States where marital property is equally owned by both spouses, acquired during the marriage.
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Contested Matter: A bankruptcy dispute resolved through a motion process, distinct from adversary proceedings, as defined by Fed.R.Bank.P. 9014.
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Contingent Claim: A claim reliant on the occurrence of a future, uncertain event.
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Creditor Holding a Secured Claim: An individual or entity with a security interest allowing repossession rights upon debtor default.
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Current Monthly Expenditures: The average monthly spending of an individual debtor and family, calculated over the six months leading to the bankruptcy case.
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Current Monthly Income: Average monthly income of the individual debtor (and spouse in joint cases) from the six months before filing, used for means testing.
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Disputed Claim: A claim whose validity or amount is challenged.
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Domestic Support Obligation: Debts owed for alimony, maintenance, or child support, even if assigned to a governmental entity.
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Executory Contract: A contract where not all performance obligations have been fulfilled by either party.
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Exempt Property: Assets protected from creditors, allowing the debtor to retain certain property during bankruptcy.
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Interim Trustee: A trustee appointed by the U.S. trustee in Chapter 7 cases who remains unless replaced at the creditors' meeting.
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Joint Case: A bankruptcy petition filed by both spouses.
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List of Creditors: A mandatory document detailing creditors involved in the bankruptcy, filed under Fed.R.Bank.P. 1007(a).
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Meeting of Creditors: A court meeting for creditors to interrogate the debtor under oath regarding the bankruptcy estate and potential discharge.
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Meeting of Equity Security Holders: A gathering for equity security holders to discuss their rights and enforcement methods.
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Order for Relief: A legal remedy granted to a debtor upon filing a voluntary petition or by court approval of an involuntary petition.
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Property of the Estate: All legal and equitable interests in the debtor's property that constitute the bankruptcy estate post-filing, as detailed in 11 U.S.C.A.sec. 545.
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Reaffirmation Agreement: A formal agreement filed to maintain a before-bankruptcy debt post-discharge, ensuring the debt survives the bankruptcy process.
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Setoff: The ability to offset one claim against another without an exchange being involved.
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Dive into key terms from Chapter 5 of bankruptcy legislation with these flashcards. Each card features a word and its definition, helping you grasp the complexities of bankruptcy concepts. Perfect for students and legal professionals alike.