Chapter 13 - Law Dictionary Search Results
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chapter 13 : chapter 13 of the U.S. Bankruptcy Code see also Bankruptcy Code in the Important Laws section ...
chapter 13 bankruptcy
chapter 13 bankruptcy this type of bankruptcy sets a payment plan between the borrower and the creditor monitored by the court. The homeowner can keep the property, but must make payments according to the court's terms within a 3 to 5 year period. Source: U.S. Department of Housing and Urban Development ...
chapter 13 (wage earner's plan)
chapter 13 (wage earner's plan) A petition designed for any insolvent debtor who is a wage earner to provide the debtor with additional time to pay off creditors. Source: FindLaw ...
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...
trustee in bankruptcy
trustee in bankruptcy :an officer of the court in whom ownership of a debtor's property is vested for the benefit of the creditors and who administers the property for the purpose of making payments to the creditors according to the priority of their claims: as a : the trustee in a chapter 7 or chapter 11 case who is charged with duties that include collecting the property comprising the bankruptcy estate and reducing it to money for payment of claims b : the trustee in a chapter 12 or chapter 13 case who is charged with duties that include distributing payments made by the debtor in accordance with a confirmed plan called also bankruptcy trustee see also debtor in possession ...
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. ...
means test
means test Section 707(b)(2) of the Bankruptcy Code applies a "means test" to determine whether an individual debtor's chapter 7 filing is presumed to be an abuse of the Bankruptcy Code requiring dismissal or conversion of the case (generally to chapter 13). Abuse is presumed if the debtor's aggregate current monthly income (see definition above) over 5 years, net of certain statutorily allowed expenses, is more than (i) $10,000, or (ii) 25% of the debtor's nonpriority unsecured debt, as long as that amount is at least $6,000. The debtor may rebut a presumption of abuse only by a showing of special circumstances that justify additional expenses or adjustments of current monthly income. Source: Administrative Office of the U.S. Courts ...
plan
plan 1 : a diagram of an area of land (as a subdivision) filed in the registry of deeds see also plot plan 2 : a detailed program ;esp : one made under chapter 13 of the Bankruptcy Code that places future earnings under the control of a trustee, provides for the payment of creditors, and is subject to approval by the creditors ...
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...
debt adjustment
debt adjustment : the arrangements made for the repayment or satisfaction of debts in an amount or manner that differs from the original arrangements esp. in accordance with a bankruptcy plan under chapter 13 of the Bankruptcy Code ...
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