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money and financial problems

Law about consumer financial problems

342 notice

in

Definition

In a bankruptcy case, a notice the court clerk must give the debtor that describes the "general purpose, benefits, and costs" of proceeding under particular chapters of the United States Bankruptcy Code and specifies the consequences of concealing assets and making false statements.

See also

 

707(b) action

in

Definition

In a Chapter 7 bankruptcy case, a motion by the court, the United States trustee, the trustee, the administrator, or any party in interest to dismiss a debtor's case on the ground that granting that debtor relief would constitute an abuse of the provisions of Chapter 7 of the United States Bankruptcy Code.

341 notice

in

Definition

In a bankruptcy case, a notice sent to creditors when a bankruptcy petition is filed, naming the trustee (in chapter 7, 12, and 13 cases), setting the date and time of the 341 meeting — the first meeting of creditors, and setting deadlines, including for creditors to file objections to the debtor's discharge of debt in a chapter 7 bankruptcy case. 

341 meeting

in

Definition

In a bankruptcy case, a meeting of creditors or equity security holders convened by and presided over by the United States trustee. A meeting of creditors is mandatory whereas a meeting of equity security holders is discretionary. During a 341 meeting, the United States trustee must ask the debtor questions to ensure that he or she is aware of the consequences of discharging and reaffirming debts in bankruptcy. 

Variable annuity

in

Definition

An annuity — periodic payments to a recipient — that varies in amount based on the performance of the underlying investments.

Illustrative caselaw

See, e.g. NationsBank of North Carolina, N.A. v. Variable Annuity Life Ins. Co., 513 U.S. 251 (1995).

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