Bankruptcy Code - Law Dictionary Search Results

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bankruptcy code

bankruptcy code The informal name for title 11 of the United States Code (11 U.S.C. sections 101 -1330), the federal bankruptcy law. Source: Administrative Office of the U.S. Courts ...

bankruptcy

bankruptcy pl: -cies 1 : the quality or state of a bankrupt [filed for ] 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 ] [ proceedings] see also adequate protection Bankruptcy Code in the Important Laws section compare insolvency, receivership NOTE: Bankruptcy protects the debtor from debt collection by creditors. A debtor may file for bankruptcy, which is called “voluntary bankruptcy,” or a creditor may petition the court to declare the debtor bankrupt, which is called “involuntary bankruptcy.” Involuntary bankruptcy is allowed only under chapter 7 or chapter 11 of the U.S. Bankruptcy Code. There are four types of relief available to individuals or corporations under the Bankruptcy Code: liquidation (chapter 7), reorganization (chapter 11), debt adjustment for a family farmer (chapter 12), and debt adjustment for an individual with a regular income (chapter 13). M...

family farmer

family farmer : an individual or business entity whose debts and income arise primarily from a family owned and operated farming operation as set out in the Bankruptcy Code see also Bankruptcy Code in the Important Laws section NOTE: Only a person who qualifies as a family farmer with a regular annual income under the Bankruptcy Code may file for bankruptcy under chapter 12, although a family farmer may also have the option of filing under chapter 7 or chapter 13. ...

exemption

exemption 1 : the act of exempting or state of being exempt 2 : one that exempts or is exempted: as a : an amount of income exempted from taxation that may be deducted from adjusted gross income under the tax laws see also Internal Revenue Code in the Important Laws section compare deduction, exclusion, tax credit de·pen·den·cy exemption [də-pen-dən-sē-] : an exemption that is allowed for each dependent who qualifies under the tax laws (as sections 151 and 152 of the Internal Revenue Code) NOTE: Under the federal income tax laws, the dependency exemption is allowed for each dependent whose gross income is less than the exemption or who is a child of the taxpayer and is under 19 or a student under 24. per·son·al exemption : an exemption that is allowed for the taxpayer or for the taxpayer and spouse if filing a joint return b : the right created by federal and state laws to exempt specified types of property from a bankruptcy estate [pre...

reorganization

reorganization 1 : the act of reorganizing : the state of being reorganized 2 a : the rehabilitation of the finances of a business in accordance with a plan approved by a bankruptcy court under the provisions of chapter 11 of the Bankruptcy Code b : any of various procedures (as recapitalization or merger) that affect the tax structure of a corporation under the Internal Revenue Code and often produce favorable tax treatment A reorganization [ā-] : a reorganization that consists of a merger or consolidation which complies with the requirements of applicable state statute B reorganization [bē-] : a reorganization involving the acquisition by one corporation of the stock of another corporation in exchange solely for all or some of the voting stock of the acquiring corporation or its parent either of which has control of the acquired corporation immediately after the acquisition C reorganization [sē-] : a reorganization involving the acquisition by one corporation...

trust

trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...

cash collateral

cash collateral : cash or cash equivalents (as negotiable instruments, securities, and documents of title) as specified in section 363 of chapter 11 of the Bankruptcy Code in which both the estate and another entity have an interest see also Bankruptcy Code in the Important Laws section ...

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