Chapter 13 of the United States Bankruptcy Code allows individuals with regular income to develop a plan to repay some or all of their debts. Debtors are required under this chapter to propose a repayment plan to make installment payments...
financial services
Chapter 7 bankruptcy
Overview
When a debtor becomes insolvent and the bankruptcy proceeding begins, the debtor will either liquidate its assets or reorganize its debts. The liquidation route is governed by Chapter 7 of the Bankruptcy Code.
In a...
charity
A charity is a nonprofit organization whose efforts are focused on aiding those in need. This can take several forms, which can be local or international in scope. Some raise money or provide services like food, clothing, or shelter to...
chart of accounts
A chart of accounts (COA) is a list of all the financial accounts identified in the general ledger of any business. In other words, COAs list all the accounts involved in the company’s day-to-day operations. The COA is used to locate any...
chattel mortgage
Chattel Mortgage is an antiquated term for a mortgage on movable personal goods such as a machinery or vehicle (as opposed to real estate) where the lender holds an interest in the property as security/collateral for the loan. Today these...
chattel paper
Chattel paper refers to a document used in secured transactions to sell property on credit while retaining some interest in the property. Chattel paper must show:
A monetary obligation from Party A to Party B, and A security...check
A check is a draft upon an account that is used to instruct a bank or other financial institution to transfer funds from the payor’s account (the person who has the account and signs the check) to the payee’s account. There are different...
check-kiting
Kiting or check-kiting is defined as the practice of covering a bad check from one bank account to another. Persons with multiple bank accounts use this advantage because it takes multiple days to process checks. The check that has been...
churning
Churning is an unethical business practice by some stock brokers which occurs when a broker, exercising control over the volume and frequency of trades, abuses their customer’s confidence for personal gain by initiating transactions that are...
claim in bankruptcy
A claim in bankruptcy refers to a claim made by a creditor to establish that they are entitled to a portion of the assets of an estate which filed bankruptcy.
Filing a claim in bankruptcy is necessary if a creditor wants to...