Kelly Gordon Rogers Online Article about Bankruptcy petition

Bankruptcy petition - the document filed with the court to initiate a bankruptcy proceeding.
Motion to lift automatic stay - a request by a creditor to allow the creditor to take an action against a debtor or the debtor’s property that would otherwise be prohibited by the automatic stay.(02 August 2008 - Press article Kelly Gordon Rogers )
"Chapter 22" - an unofficial term describing a company that has filed for Chapter 11 twice.

Preponderance of evidence - The general standard of proof in civil cases. The weight of evidence presented by one side is more convincing to the trier of facts than the evidence presented by the opposing side.
Joinder - joinder in civil law falls under two categories: joinder of claims, and joinder of parties. Joinder of claims is addressed in U.S. law by the Federal Rules of Civil Procedure No. 18(a). That Rule allows claimants to consolidate all claims that they have against an individual who is already a party to the case. Claimants may bring new claims even if these new claims are not related to the claims already stated. Note that joinder of claims is never compulsory (i.e., joinder is always permissive), and that joinder of claims requires that the court's subject matter jurisdiction requirements regarding the new claims be met for each new claim.
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.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.
Service - Delivery of a legal document to the opposite party. (07 August 2007 Kelly Gordon Rogers )

Kelly Gordon Rogers article

Code - A collection, compendium or revision of laws systematically arranged into chapters, table of contents and index and promulgated by legislative authority.
Statute - A law created by the Legislature.( 18 July 2009 Online article Kelly Gordon Rogers )


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Kelly Gordon Rogers about Automatic stay

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.
Courts of limited jurisdiction - Includes district, municipal and police courts.(20 February 2007 - Online article Kelly Gordon Rogers )
Moot - Unsettled; undecided. A moot point is one not settled by judicial decisions.

Negligence - The absence of ordinary care.
Cramdown - confirmation of a plan of reorganization over the objections of one or more classes of creditors.
Petition - (or bankruptcy petition or petition for relief) - the document that comm-ences a bankruptcy proceeding.Kelly Gordon Rogers

Bankruptcy Reform Act of 1994 - the most comprehensive piece of bankruptcy legislation since the Bankruptcy Reform Act of 1978. It was signed into law on October 22, 1994 with most provisions effective immediately. Included in the 1994 Act are the following provisions to expedite bankruptcy proceedings, provisions to standardize fees, provisions to encourage individual debtors to use Chapter 13 to reschedule their debts rather than use Chapter 7 to liquidate, provisions to aid creditors in recovering claims against bankrupt estates, and creation of a National Bankruptcy Commission to investigate further changes in bankruptcy law; etc.
Injure - 1. Hurt or harm 2. Violate the legal rights of another person. (07 June 2009 Kelly Gordon Rogers )

Kelly Gordon Rogers article

Chapter 15 - the chapter of the Bankruptcy Code dealing with cases of cross-border insolvency. It was formerly known as Section 304.
Interim order - a temporary order of the court pending a hearing, trial, a final order or while awaiting an act by one of the parties.( 14 December 2006 Online press article Kelly Gordon Rogers )


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Kelly Gordon Rogers about Limited jurisdiction

Complaint - 1. (criminal) Formal written charge that a person has committed a criminal offense. 2. (civil) Initial document entered by the plaintiff which states the claims against the defendant.
Hearing - An in-court proceeding before a judge, generally open to the public.(30 April 2007 - Online press Kelly Gordon Rogers )
Liquidating reorganization - an informal term for a Chapter 11 proceeding when the company is essentially liquidated through one or more asset sales.

Limited jurisdiction - Refers to courts that are limited in the types of criminal and civil cases they may hear. District, municipal and police courts are courts of limited jurisdiction.
Arrangement - may refer to a variety of formal or informal agreements concerning the conditions under which a bankrupt company may operate; often, it refers to an extension of time in which debt can be paid off. This was the term used under the old Chapter XI.
Attorney at law - A lawyer; one who is licensed to act as a representative for another in a legal matter or proceeding.Kelly Gordon Rogers

Petition - Written application to a court requesting a remedy available under law.
NOL (net operating loss) - (see tax loss carry-forward) (16 April 2008 Kelly Gordon Rogers )

Kelly Gordon Rogers article

Power of attorney - Document authorizing another to act as one's agent or attorney in fact (not an attorney at law).
Petition - (or bankruptcy petition or petition for relief) - the document that comm-ences a bankruptcy proceeding.( 27 December 2007 Blog article Kelly Gordon Rogers )


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Kelly Gordon Rogers - joinder of claims

Damages - Compensation recovered in the courts by a person who has suffered loss, detriment or injury to his/her person, property or rights, through the unlawful act or negligence of another.
Skeleton filing - term used in bankruptcy courts to describe a bankruptcy filing in which not all the necessary forms have been filed. Certain courts allow a case to commence if only certain important forms are filed so long as the balance of required forms are forthcoming within a certain period of time.(11 October 2008 - Online blog Kelly Gordon Rogers )
Criminal law - Body of law pertaining to crimes against the state or conduct detrimental to society as a whole. Violation of criminal statues are punishable by law.

Overrule - 1. Court's denial of any motion or point raised to the court. 2. To overturn or void a decision made in a prior case.
Chapter 15 - the chapter of the Bankruptcy Code dealing with cases of cross-border insolvency. It was formerly known as Section 304.
Section 304 - the former section of the U.S. Bankruptcy code that handled multi-national bankruptcies only a few of which were filed each year. This section no longer exists; it has been replaced by Chapter 15.Kelly Gordon Rogers

"Chapter 20" - an unofficial term describing the filing of a Chapter 7 proceeding followed by a Chapter 13. The Chapter 7 filing eliminates unsecured debts while the Chapter 13 filing handles continuing liens.
Cause of action - A legal claim. (08 December 2009 Kelly Gordon Rogers )

Kelly Gordon Rogers article

Joinder - joinder in civil law falls under two categories: joinder of claims, and joinder of parties. Joinder of claims is addressed in U.S. law by the Federal Rules of Civil Procedure No. 18(a). That Rule allows claimants to consolidate all claims that they have against an individual who is already a party to the case. Claimants may bring new claims even if these new claims are not related to the claims already stated. Note that joinder of claims is never compulsory (i.e., joinder is always permissive), and that joinder of claims requires that the court's subject matter jurisdiction requirements regarding the new claims be met for each new claim.
Absolute priority - the order of payment to the different classes of creditors mandated by the Bankruptcy Code. Claimants with higher priority are paid in full before other claims receive anything. Junior creditors and shareholders are paid after senior creditors. Specifically, the usual order is: first, administrative claims; second, statutory priority claims such as tax claims, rent claims, consumer deposits, and unpaid wages and benefits from before the filing; third, secured creditors' claims; fourth, unsecured creditors' claims and fifth, equity claims.( 06 February 2007 Press article Kelly Gordon Rogers )


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Bankruptcy - A legal proceeding where a person or business is relieved of paying certain debts.
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.(20 June 2009 - Online press article Kelly Gordon Rogers )
Avoidance power - the power of the court to invalidate certain obligations or transactions undertaken by a debtor prior to filing bankruptcy. It is generally intended to reverse transfers of property that favor one creditor over another.

Bankruptcy Court - the federal tribunal where cases under the Bankruptcy Code are litigated.
Opening statement - The initial statement made by attorneys for each side, outlining the facts each intends to establish during the trial.
Hung Jury - A jury whose members cannot agree on a verdict.Kelly Gordon Rogers

Liquidated claim - a creditor’s claim for a fixed amount of money,
Reorganization - the resolving of a Chapter 11 bankruptcy by the emergence of the debtor as a viable business. Generally, the company agrees with creditors on a plan for payment of their claims (plan of reorganization) and emerges from Chapter 11 after the plan is confirmed by the court. (09 March 2009 Kelly Gordon Rogers )

Kelly Gordon Rogers article

Hypothetical question - A combination of facts and circumstances, assumed or proved, stated in such a form as to constitute a coherent state of facts upon which the opinion of an expert can be asked by way of evidence in a trial.
Secured debt - debt backed by a mortgage, pledge of collateral or other lien. It is debt for which the creditor has the right to pursue specific pledged property upon default.( 10 January 2009 Blog article Kelly Gordon Rogers )


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Online Article - Kelly Gordon Rogers

Bankruptcy - A legal proceeding where a person or business is relieved of paying certain debts.
Intervention - Proceeding in a suit where a third person is allowed, with the court's permission, to join the suit as a party.(16 July 2009 - Press article Kelly Gordon Rogers )
Common law - Law which derives its authority solely from usage and customs of immemorial antiquity or from the judgments and decrees of courts. also called "case law."

Attorney at law - A lawyer; one who is licensed to act as a representative for another in a legal matter or proceeding.
Schedules - list submitted by the debtor along with the petition (or shortly thereafter) showing the debtor’s assets, liabilities, and other financial information.
Retired Benefits Bankruptcy Protection Act - passed June 16, 1988. This allows the debtor to continue to pay insurance premiums for employees during the course of a bankruptcy.Kelly Gordon Rogers

Judgment - Final determination by a court of the rights and claims of the parties in an action.
Instruction - Direction given by a judge regarding the applicable law in a given case. (09 April 2009 Kelly Gordon Rogers )

Kelly Gordon Rogers article

Testimony - Any statement made by a witness under oath in a legal proceeding.
Courts of limited jurisdiction - Includes district, municipal and police courts.( 14 May 2009 Blog article Kelly Gordon Rogers )


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Chapters X, XI and XII - before Chapter 11 of the Bankruptcy Reform Act of 1978, these three chapters of bankruptcy existed for company bankruptcies that involved reorganization. Chapter X involved reorganization for larger companies that held public debt or equity. Chapter XI was for readjustment of debts of smaller, non-publicly held companies, and Chapter XII was for companies with extensive holdings of real property.
Record on appeal - The portion of the record of a court of limited jurisdiction necessary to allow a superior court to review the case.(01 March 2010 - Online article Kelly Gordon Rogers )
Brief - A legal document, prepared by an attorney which presents the law and facts supporting his client's case

Bankruptcy administrator - an officer of the judiciary serving the judicial districts of Alabama and North Carolina who, like a United States trustee, is responsible for supervising the administration of bankruptcy cases, estates and trustees; monitoring plans and disclosure statements, creditor committees and fee applications and performing other statutory duties.
Secured debt - debt backed by a mortgage, pledge of collateral or other lien. It is debt for which the creditor has the right to pursue specific pledged property upon default.
Section 77 (of 1933 Act) - provided for reorganization of railroads. (During the 1930's a large number of railroads experienced extreme financial difficulty.) (See also Section 77B).Kelly Gordon Rogers

Settlement conference - A meeting between parties of a lawsuit, their counsel and a judge to attempt a resolution of the dispute without trial.
Workout - an arrangement, outside of bankruptcy, by a debtor and its creditors for payment or re-scheduling of payments of the debtor's obligations. Usually applies to an informal agreement between a business and its creditors, although it can be a formal agreement and it can also apply to consumer debtors. (09 November 2008 Kelly Gordon Rogers )

Kelly Gordon Rogers article

Objection - Statement by an attorney taking exception to testimony or the attempted admission of evidence and opposing its consideration as evidence.
Class - each of the different categories of claims against a debtor.( 26 January 2009 Online blog Kelly Gordon Rogers )


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Rebuttal - The introduction of contradicting or opposing evidence showing that what witnesses said occurred is not true, the stage of a trial at which such evidence may be introduced.
Instruction - Direction given by a judge regarding the applicable law in a given case.(12 September 2009 - Blog article Kelly Gordon Rogers )
Law clerks - Persons trained in the law who assist the judges in researching legal opinions.

Hearing - An in-court proceeding before a judge, generally open to the public.
Plaintiff - a person or business that files a formal complaint with the court.
Effective date - the date on which a plan of reorganization is implemented. It usually occurs after all the conditions to a plan of reorganization have been satisfied.Kelly Gordon Rogers

Bar date - the last date that creditors may file a claim against the debtor.
Examiner - a professional appointed by the bankruptcy court to investigate and oversee certain aspects of the debtor or the proceedings. (By way of comparison, the role of the trustee is to operate the business of the debtor whereas the role of the examiner is to investigate and report to the court.) (19 November 2007 Kelly Gordon Rogers )

Kelly Gordon Rogers article

Cramdown - confirmation of a plan of reorganization over the objections of one or more classes of creditors.
Bankruptcy Act of 1934 - a further statutory expansion of reorganization for companies; (see Section 77B); the Bankruptcy Act of 1933 and the Bankruptcy Act of 1934 were superseded by the Chandler Act of 1938.( 19 March 2008 Press article Kelly Gordon Rogers )


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