Involuntary bankruptcy - a bankruptcy initiated by at least three creditors holding unsecured claims aggregating at least ,000 against the debtor. Data from the U.S. Administrative Office of the Courts subdivides bankruptcies into voluntary and involuntary.
Personal bankruptcy - filed by an individual and also called a household bankruptcy, consumer bankruptcy or wage-earner bankruptcy. (see Chapter 13 and also Chapter 12).(11 September 2007 - Online article 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.
Brief - A legal document, prepared by an attorney which presents the law and facts supporting his client's case
Going concern value - what a company is worth if sold as a continuing business, as opposed to its liquidation value.
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.Kelly Gordon Rogers
Unsecured claim - a claim or debt for which a creditor holds no special assurance of payment; a debt for which credit was extended based solely upon the creditor’s assessment of the debtor’s future ability to pay.
Filing fees - as of January 1, 2007, for Chapter 7 the fee is 9, for Chapter 11 it is ,039, for Chapter 12 it is 9 and for Chapter 13 it is 4. (07 December 2007 Kelly Gordon Rogers )
Kelly Gordon Rogers article
Interrogatories - Written questions developed by one party's attorney for the opposing party. Interrogatories must be answered under oath within a specific period of time.
Chapter 7 Trustee - a person appointed in a Chapter 7 case to represent the interests of the bankruptcy estate and the unsecured creditors.( 05 July 2010 Online press Kelly Gordon Rogers )
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