A 341 meeting is a mandatory meeting held at the beginning of a bankruptcy proceeding. Also referred to as the creditors meeting, its name comes from section 341 of the Bankruptcy Code. The purpose of a 341 meeting is to examine the debtor’s...
bankruptcy
341 notice
A 341 notice is the notice sent by the bankruptcy clerk to the debtor, the creditors, and all other interested parties, notifying them of the date, time, and place in which the 341 meeting (creditors meeting) will be held. Among other things...
342 notice
A 342 notice is the notice sent before the commencement of a bankruptcy proceeding by the bankruptcy clerk of the bankruptcy court to the debtor, which contains:
A brief description of chapters 7, 11, 12, and 13 of the Bankruptcy Code...707(b) action
707(b) action is defined in Chapter 7 of the United States Bankruptcy code as a motion by court, the United States trustee, the trustee, the administrator, or any party in interest to dismiss a debtor’s case on the ground that granting a...
absolute-bar rule
The absolute bar rule prohibits a creditor who disposes of collateral in a commercially unreasonable manner from obtaining a deficiency judgment.
For example:
§ 9-610 of the Uniform Commercial Code (UCC) codifies the...abuse
Abuse is an action that intentionally causes harm or injures another person. This can refer to physical abuse, psychological abuse, mental abuse, or child abuse (see below).
Abuse is also to misuse something - e.g., abuse...
administrative expenses
Administrative expenses are defined under §507(a)(1) of the U.S. Bankruptcy Code which states that claims that are given first priority distribution are those claims allowed as administrative expenses under §503(b). Administrative expenses...
adversary proceeding
An adversary proceeding may refer to any case in which two opposing parties resolve a dispute through a neutral third party, however, the term is more frequently used to refer to a specific type of action in bankruptcy court.
...after-acquired property
Also called “future-acquired property”.
Personal or real property that a borrower acquires after having taken on a debt secured by all of their property, which becomes additional collateral for the debt. Based on UCC § 9-204, such...appraisal
An appraisal is the process by which the value of an item or property is determined. This is necessary in a variety of contexts. One common instance is in the purchase, sale or refinancing of homes or other real estate. Appraisals are also...