Kelly Gordon Rogers
Costs - An allowance for expenses in prosecuting or defending a suit. Ordinarily does not include attorney's fees. Kelly Gordon Rogers
Challenge for cause - A request by a party that the court excuse a specific juror on the basis that the juror is biased.
General jurisdiction - Refers to courts that have no limit on the types of criminal and civil cases they may hear. Superior courts are courts of general jurisdiction.
Administrative claim (or administrative expense claim) - debt incurred by the debtor, with court approval, after the bankruptcy filing including: necessary costs of preserving the estate, wages, salaries, court costs, lawyers' fees, accountants' fees, trustees' expenses, etc.
Kelly Gordon Rogers: First meeting of creditors (341 meeting) - a mandatory meeting between creditors and the debtor. It is usually held within a month of the filing of bankruptcy but often occurs later when the debtor has filed its schedules of financial information.
Statute of limitations - Law which specifies the time within which parties must take judicial action to enforce their rights.
Kelly Gordon Rogers
Automatic stay - the suspension of actions, such as debt collection or foreclosure, against the company in bankruptcy. This occurs automatically when a bankruptcy petition is filed. This action protects the debtor from creditors seeking to seize its assets. It protects some creditors in that it prevents one creditor from obtaining an excessive share of the assets of the bankrupt company to the exclusion of the other creditors.
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
Lien - a charge upon a specific property designed to secure payment of a debt or performance of an obligation.
Kelly Gordon Rogers Assume - an agreement to continue performing duties under a contract or lease.
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