Bankruptcy Law Dictionary (Duhaime. org)

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Absolute Priority Rule
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The highest rank amongst creditors; he who gets paid in full before any other creditor.

To make void forever; to cancel an event or judicial proceeding both retroactively and for the future so that in the eyes of the law, it never occurred.

Automatic Stay
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In bankruptcy law; a stay of collection and other similar debt enforcement proceedings against a bankrupt.

A corporation empowered to deal with cash, domestic and foreign, and to receive the deposits of money and to loan those monies to third-parties.

A person who has legally declared bankruptcy.

The formal condition of an insolvent person being declared bankrupt under law.

Bankruptcy Trustee
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An officer generally appointed by the court, who takes over the assets of a bankrupt to the benefit of creditors.

One of two or more debtors who are primarily liable to the same debt.

Co-debtor Stay
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A stay upon the debt enforcement or collection upon a co-debtor.

Consumer Debt
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Debt incurred by an individual primarily for a personal, family, or household purpose.

Consumer Debtor
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A term of bankruptcy law designating debtors who have debts under a prescribed amount.

Consumer Proposal
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A summary form of bankruptcy for qualified individuals.

In a bankruptcy proceeding, forcing a secured creditor to lose his collateral and instead to take a specified cash payment.

A person to whom money, goods or services are owed by the debtor.

An amount of money due and payable, from one person to another.

A person who owes money, goods or services to another, the latter being referred to as the creditor.

The sale of real property secured by a mortgage, in order to satisfy an outstanding loan.

A person not able to pay his or her debts as they become due.

The converting of the the assets of a person into cash.

Personal Living Expenses
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Expenses reasonably necessary to maintain health and well-being, to enjoy life's activities, and the capacity to earn money.

Personal Use
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Non-business use.

To stop; to suspend; also known as a stay of proceedings; when a law suit is suspended either indefinitely or until the occurrence of a condition imposed by the court.

Substantial Abuse
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A term of American bankruptcy law which precludes a debtor from availing him or herself of bankruptcy protection.

A payment to a public authority, required by statute, for a public purpose.


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