Debt - Law Dictionary Search Results
legal tender
legal tender : money that is legally valid for the payment of debts and that must be accepted for that purpose when offered
insolvency
or state of being insolvent compare bankruptcy 2 : insufficiency (as of an estate) to discharge all enforceable debts NOTE: Insolvency matters are covered under the Bankruptcy Code.
hearing
confirmation of a proposed bankruptcy plan discharge hearing : a hearing in a bankruptcy case in which a debtor is informed that his or her discharge has been granted or is told the reasons why it has
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trust
a spendthrift who is paid income therefrom and that cannot be reached by creditors to satisfy the spendthrift's debts tentative trust : totten trust in this entry testamentary trust : a trust created in a will to
fresh start
fresh start The characterization of a debtor's status after bankruptcy, i.e., free of most debts. (Giving debtors a fresh start is one purpose of the
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
credit history
credit history a record of an individual that lists all debts and the payment history for each. The report that is generated from the history is called a credit
composition
composition : an agreement between an insolvent debtor and several creditors whereby partial payment of the debts discharges in full the original obligations compare accord, compromise
charge
on [ the estate] b : to impose or record as a financial burden or liability [ the debts to the estate] [charging the loss against earnings] 4 a : to fix or ask as a fee
automatic stay
of a bankruptcy petition in accordance with bankruptcy law that prevents creditors from attempting to collect from the debtor for debts incurred before the filing
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