bankruptcy

Absolute-Bar Rule

Definition

A rule preventing a creditor who sells collateral in a commercially unreasonable manner, e.g. without giving reasonable notice to the debtor, from obtaining a deficiency judgment.

Illustrative caselaw

See, e.g. Beardmore v. American...

Abuse

Definition

1) Abuse, generally: physically, sexually, or mentally injuring a person.

2) Child abuse: physically, sexually, or mentally injuring a child either with intent or through neglect.

3) Substance abuse: excessively using or misusing...

Administrative Expenses

Definition from Nolo’s Plain-English Law DictionaryIn a Chapter 13 bankruptcy case, the trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case, which the debtor must pay in full. Administrative costs are typically 10% of...

After-Acquired Property

Definition from Nolo’s Plain-English Law Dictionary1) Property that a person acquires after taking on a debt, which becomes additional collateral for the debt. Typically, this occurs when the debtor has signed an agreement pledging all property as...

Appraisal

Definition from Nolo’s Plain-English Law DictionaryA determination of the value of something, such as a house, jewelry, or stock. A professional appraiser -- a qualified, disinterested expert -- makes an estimate by examining the property, and looking at...

Appraise

Definition from Nolo’s Plain-English Law DictionaryTo professionally evaluate the value of property, such as real estate, jewelry, antique furniture, or securities; typically done in order to determine the value of assets for insurance coverage, divide...

Appraiser

Definition from Nolo’s Plain-English Law DictionaryA professional who is hired to determine the current value of real estate or other property. Some appraisers specialize in residential houses for the purpose of setting a sales price or securing a...

Assume

Definition from Nolo’s Plain-English Law Dictionary1) To take over another person's rights and/or obligations. For example, one person might assume another's car lease, residential lease, or debt. 2) In bankruptcy, for the bankruptcy trustee to take over...

Assumption

Definition from Nolo’s Plain-English Law DictionarySee: assume, assumption of risk

Definition provided by Nolo’s Plain-English Law Dictionary.

Attached

Definition from Nolo’s Plain-English Law Dictionary1) In real estate, when equipment, shelving, or furniture is solidly incorporated into a structure, such as bolted to the floor or wired to the ceiling (and not capable of being removed without damage to...

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