financial events

Bankruptcy

Overview

Bankruptcy law provides for the reduction or elimination of certain debts, and can provide a timeline for the repayment of nondischargeable debts over time. It also permits individuals and organizations to repay secured debt--typically debt...

Bankruptcy court

There are 94 federal judicial districts. Each of these handle bankruptcy matters. In almost every district, bankruptcy courts hear bankruptcy cases and bankruptcy cases cannot be filed in state court. Bankruptcy laws help debtors who can no longer...

bankruptcy discharge

Definition from Nolo’s Plain-English Law DictionaryAn order issued by the bankruptcy court at the end of a bankruptcy case, wiping out all of the debtor's dischargeable debts.

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

bankruptcy estate

Definition from Nolo’s Plain-English Law DictionaryEverything a debtor owns when filing for bankruptcy, except certain pensions and educational trusts.

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

Bankruptcy fraud

Overview

Bankruptcy fraud is a white-collar crime that commonly takes four general forms:

A debtor conceals assets to avoid having to forfeit them.An individual intentionally files false or incomplete forms. Including false information on a...

bankruptcy petition preparer

Definition from Nolo’s Plain-English Law DictionaryA nonlawyer who helps debtors complete their bankruptcy paperwork for a fee. Bankruptcy petition preparers may not give legal advice or represent people in court; instead, they act as a typing service,...

Bankruptcy power

The Constitution authorizes Congress under Article I, Section 8, Clause 4 with power "to establish uniform Laws on the subject of Bankruptcies throughout the United States".

See congressional powers

bankruptcy proceedings

Definition from Nolo’s Plain-English Law DictionaryThe way a bankruptcy case wends its way through the court system, from the time the bankruptcy petition is filed until the debtor receives a bankruptcy discharge.

Definition provided by Nolo’s Plain-...

bankruptcy trustee

Definition from Nolo’s Plain-English Law DictionaryA person appointed by the court to oversee a bankruptcy case. In a Chapter 7 case, the trustee's role is to gather the debtor's nonexempt property, sell it, and distribute the proceeds to creditors. In a...

biweekly mortgage

A twist on the standard mortgage in which payments are made every other week, as opposed to the traditional payment schedule of once a month.

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