bankruptcy
n. state of losing property to one's creditors due to unpaid debts | ||||
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Bankruptcy definition was found in categories: Business & Finance(4) Language, Idioms & Slang(3) Law(5) Sports(1) Encyclopedia(1)
Bankruptcy Definition from Business & Finance Dictionaries & Glossaries
| Campbell R. Harvey's Hypertextual Finance Glossary |
Bankruptcy
State of being unable to pay debts. Thus, the ownership of the firm's assets is transferred from the stockholders to the bondholders.
State of being unable to pay debts. Thus, the ownership of the firm's assets is transferred from the stockholders to the bondholders.
| BASSAM Trade, Real Estate, Mortgage, Fund,Invest, Insurance,& Tax,Terms/abbreviations/defin. |
BANKRUPTCY (Chapter 11)
The process in which the court allows a company to present a reorganization plan to pay debtors., while under court debtor protection.
The process in which the court allows a company to present a reorganization plan to pay debtors., while under court debtor protection.
BANKRUPTCY (Chapter 7)
The final stage in a bankruptcy which terminates a business operation by liquidating all assets as determined by the court.
| Leasing |
Bankruptcy
An action taken by a party to legally protect its remaining assets by declaring that it cannot pay its bills. Typically- liabilities exceed assets.
An action taken by a party to legally protect its remaining assets by declaring that it cannot pay its bills. Typically- liabilities exceed assets.
| Dictionary of Real Estate Terms |
BANKRUPTCY
A provision of Federal Law whereby a debtor surrenders his assets to the Bankruptcy Court and is relieved of the future obligation to repay his unsecured debts. A Trustee in Bankruptcy administers the assets, selling them to pay as much of the debt as possible. If your seller is in bankruptcy, the Trustee in Bankruptcy owns the property and is the party to sign the contract and make decisions. After bankruptcy, the debtor is discharged and his unsecured creditors may not pursue further collection efforts against him. Secured creditors, those holding deeds of trust or judgment liens, continue to be secured by the property but they may not take other action to collect from the debtor.
A provision of Federal Law whereby a debtor surrenders his assets to the Bankruptcy Court and is relieved of the future obligation to repay his unsecured debts. A Trustee in Bankruptcy administers the assets, selling them to pay as much of the debt as possible. If your seller is in bankruptcy, the Trustee in Bankruptcy owns the property and is the party to sign the contract and make decisions. After bankruptcy, the debtor is discharged and his unsecured creditors may not pursue further collection efforts against him. Secured creditors, those holding deeds of trust or judgment liens, continue to be secured by the property but they may not take other action to collect from the debtor.
Bankruptcy Definition from Language, Idioms & Slang Dictionaries & Glossaries
| Webster's Revised Unabridged Dictionary (1913) |
Bankruptcy
(n.)
The state of being actually or legally bankrupt.
(n.)
The act or process of becoming a bankrupt.
(n.)
Complete loss; -- followed by of.
(n.)
The state of being actually or legally bankrupt.
(n.)
The act or process of becoming a bankrupt.
(n.)
Complete loss; -- followed by of.
| WordNet 2.0 |
bankruptcy
Noun
1. a state of complete lack of some abstract property; "spiritual bankruptcy"; "moral bankruptcy"; "intellectual bankruptcy"
(hypernym) failure
2. inability to discharge all your debts as they come due; "the company had to declare bankruptcy"; "fraudulent loans led to the failure of many banks"
(synonym) failure
(hypernym) insolvency
(derivation) bankrupt, ruin, break, smash
3. a legal process intended to insure equality among the creditors of a corporation declared in bankruptcy
(hypernym) proceeding, legal proceeding, proceedings
(classification) law, jurisprudence
Noun
1. a state of complete lack of some abstract property; "spiritual bankruptcy"; "moral bankruptcy"; "intellectual bankruptcy"
(hypernym) failure
2. inability to discharge all your debts as they come due; "the company had to declare bankruptcy"; "fraudulent loans led to the failure of many banks"
(synonym) failure
(hypernym) insolvency
(derivation) bankrupt, ruin, break, smash
3. a legal process intended to insure equality among the creditors of a corporation declared in bankruptcy
(hypernym) proceeding, legal proceeding, proceedings
(classification) law, jurisprudence
| hEnglish - advanced version |
bankruptcy
bankruptcy
\bank"rupt*cy\ (&?;), n.; pl. bankruptcies(&?;).
1. the state of being actually or legally bankrupt.
2. the act or process of becoming a bankrupt.
3. complete loss; -- followed by of.
similar words(2)
commission of bankruptcy
act of bankruptcy
bankruptcy
\bank"rupt*cy\ (&?;), n.; pl. bankruptcies(&?;).
1. the state of being actually or legally bankrupt.
2. the act or process of becoming a bankrupt.
3. complete loss; -- followed by of.
similar words(2)
commission of bankruptcy
act of bankruptcy
Bankruptcy Definition from Law Dictionaries & Glossaries
| The 'Lectric Law Library |
Bankruptcy, Bankrupt
BANKRUPTCY - The state or condition of a bankrupt. Insolvency; a process governed by federal law to help when people or entities cannot or will not pay their debts. The condition of being unable to pay one's debts as they become due.
Bankrupt laws are an encroachment upon the common law. The first in England was the stat.34 and 35 H.VIII., c.4, although the word bankrupt appears only in the title, not in the body of the act. The stat.13 Eliz. c.7, is the first that defines the term bankrupt, and discriminates bankruptcy from mere insolvency.
The U.S. Constitution, Art. I, sec. 8, authorizes congress 'to establish an uniform rule of naturalization, and uniform laws on the subject of bankruptcies throughout the United States.' With the exception of a short interval during which bankrupt laws existed in this country, this power lay dormant till the passage of the act of 1841, since repealed.
Any one of the states may pass a bankrupt law, but no state bankrupt or insolvent law can be permitted to impair the obligation of contracts; nor can the several states pass laws conflicting with an act of congress on this subject and the bankrupt laws of a state cannot affect the rights of citizens of another state.
BANKRUPT - A person who has done, or suffered some act to be done, which is by law declared an act of bankruptcy; in such case he may be declared a bankrupt.
It is proper to notice that there is much difference between a bankrupt and an insolvent. A man may be a bankrupt, and yet be perfectly solvent; that is, eventually able to pay all his debts or, he may be insolvent, and, in consequence of not having done, or suffered, an act of bankruptcy. He may not be a bankrupt. Again, the bankrupt laws are intended mainly to secure creditors from waste, extravagance, and mismanagement, by seizing the property out of the hands of the debtors, and placing it in the custody of the law; whereas the insolvent laws only relieve a man from imprisonment for debt after he has assigned his property for the benefit of his creditors. Both under bankrupt and insolvent laws the debtor is required to surrender his property, for the benefit of his creditors. Bankrupt laws discharge the person from imprisonment, and his property, acquired after his discharge, from all liabilities for his debts insolvent laws simply discharge the debtor from imprisonment, or liability to be imprisoned, but his after-acquired property may be taken in satisfaction of his former debts.
This entry contains material from Bouvier's Legal Dictionary, a work published in the 1850's.
BANKRUPTCY - The state or condition of a bankrupt. Insolvency; a process governed by federal law to help when people or entities cannot or will not pay their debts. The condition of being unable to pay one's debts as they become due.
Bankrupt laws are an encroachment upon the common law. The first in England was the stat.34 and 35 H.VIII., c.4, although the word bankrupt appears only in the title, not in the body of the act. The stat.13 Eliz. c.7, is the first that defines the term bankrupt, and discriminates bankruptcy from mere insolvency.
The U.S. Constitution, Art. I, sec. 8, authorizes congress 'to establish an uniform rule of naturalization, and uniform laws on the subject of bankruptcies throughout the United States.' With the exception of a short interval during which bankrupt laws existed in this country, this power lay dormant till the passage of the act of 1841, since repealed.
Any one of the states may pass a bankrupt law, but no state bankrupt or insolvent law can be permitted to impair the obligation of contracts; nor can the several states pass laws conflicting with an act of congress on this subject and the bankrupt laws of a state cannot affect the rights of citizens of another state.
BANKRUPT - A person who has done, or suffered some act to be done, which is by law declared an act of bankruptcy; in such case he may be declared a bankrupt.
It is proper to notice that there is much difference between a bankrupt and an insolvent. A man may be a bankrupt, and yet be perfectly solvent; that is, eventually able to pay all his debts or, he may be insolvent, and, in consequence of not having done, or suffered, an act of bankruptcy. He may not be a bankrupt. Again, the bankrupt laws are intended mainly to secure creditors from waste, extravagance, and mismanagement, by seizing the property out of the hands of the debtors, and placing it in the custody of the law; whereas the insolvent laws only relieve a man from imprisonment for debt after he has assigned his property for the benefit of his creditors. Both under bankrupt and insolvent laws the debtor is required to surrender his property, for the benefit of his creditors. Bankrupt laws discharge the person from imprisonment, and his property, acquired after his discharge, from all liabilities for his debts insolvent laws simply discharge the debtor from imprisonment, or liability to be imprisoned, but his after-acquired property may be taken in satisfaction of his former debts.
This entry contains material from Bouvier's Legal Dictionary, a work published in the 1850's.
Bankruptcy, Chapter 13
BANKRUPTCY, CHAPTER 13 - A type of bankruptcy in which a person keeps his assets and pays creditors according to an approved plan.
Bankruptcy, Chapter 7
BANKRUPTCY, CHAPTER 7 - A type of bankruptcy in which a person's assets are liquidated (collected and sold) and the proceeds are distributed to the creditors.
| Duhaime.org Legal Dictionary |
Bankruptcy
The formal condition of an insolvent person being declared bankrupt under law. - (read more on Bankruptcy)
The formal condition of an insolvent person being declared bankrupt under law. - (read more on Bankruptcy)
| Law Dictionary |
Bankruptcy
Popularly defined as insolvency, the inability of a debtor to paydebts as they become due. Technically, however, it is the legal process underthe Federal Bankruptcy Act by which assets of the debtor are liquidated asquickly as possible to pay off creditors and to discharge the bankrupt, or freehim of his debts, so that he may start anew.
Popularly defined as insolvency, the inability of a debtor to paydebts as they become due. Technically, however, it is the legal process underthe Federal Bankruptcy Act by which assets of the debtor are liquidated asquickly as possible to pay off creditors and to discharge the bankrupt, or freehim of his debts, so that he may start anew.
| Divorcesource.com Dictionary |
BANKRUPTCY
a legal proceeding in which a person who is financially insolvent requests the federal bankruptcy court to determine his or her debts and use his or her assets to pay those debts. Property in bankruptcy usually is administered for the benefit of the bankrupt person's creditors. Some forms of bankruptcy seek to discharge all debt if there are no assets to distribute to the creditors. Child support obligations cannot be discharged by bankruptcy.
a legal proceeding in which a person who is financially insolvent requests the federal bankruptcy court to determine his or her debts and use his or her assets to pay those debts. Property in bankruptcy usually is administered for the benefit of the bankrupt person's creditors. Some forms of bankruptcy seek to discharge all debt if there are no assets to distribute to the creditors. Child support obligations cannot be discharged by bankruptcy.
| Canadian Insolvency Dictionary |
Bankruptcy
The state of being bankrupt.
The state of being bankrupt.
Bankruptcy Definition from Sports Dictionaries & Glossaries
| maritime&shipping&trade |
Bankruptcy
The condition of a legal entity that does not have the financial means to pay their incurred debts as they
The condition of a legal entity that does not have the financial means to pay their incurred debts as they
Bankruptcy Definition from Encyclopedia Dictionaries & Glossaries
| Wikipedia English - The Free Encyclopedia |
Bankruptcy
Bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their creditors. Creditors may file a bankruptcy petition against a debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed. In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the bankrupt individual or organization).
| See more at Wikipedia.org... |