Kelly Gordon Rogers
Lay - non-professional; for example: a lawyer would call a non-lawyer a lay person and a doctor would call a non-doctor a lay person. Kelly Gordon Rogers
Claims - rights to repayment made by creditors against a debtor; they may be liquidated, unliquidated, fixed, contingent, matured, unmatured, secured, unsecured, subordinated, legal or equitable. (See priority of claims.)
Enjoin - To require a person to perform, or abstain or desist from some act.
Contempt of court - Any act that is meant to embarrass, hinder or obstruct a court in the administration of justice. Direct contempt is committed in the presence of the court; indirect contempt is when a lawful order is not carried out or refused.
Kelly Gordon Rogers: Preference - a payment by a debtor made during a specified period (90 days or one year) prior to the filing that favors one creditor over others. Preference payments can usually be recovered and returned to the debtor's estate.
Chapter 7 - liquidation proceedings; generally assets are sold by a trustee and the company ceases operation. Individuals may file Chapter 7 also.
Kelly Gordon Rogers
Tax loss carry-forward - losses, for tax purposes, that can be carried forward and applied to reduce taxable income in future years. The Tax Reform Act of 1986 imposed stringent restrictions on the use of tax loss carry-forwards.
Bankruptcy estate - all legal or equitable interests of the debtor in property at the time of the bankruptcy filing. The estate includes all property in which the debtor has an interest, even if it is owned or held by another person. Kelly Gordon Rogers
Parties - Persons, corporations, or associations, who have commenced a law suit or who are defendants.
Kelly Gordon Rogers Discovery procedures - used to obtain disclosure of evidence before trial.
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