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Flashcards in Chapter 32 Deck (13)
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1

Creditors

Entities to which a debtor owes money

2

Insolvent debtors

Debtors who cannot pay their debts in a timely manner

3

Bankruptcy abuse prevention and consumer protection act of 2005

A

4

Liquidation

When a debtor turns over all assets to a trustee

5

Trustee

An individual who takes over administration of the debtors estate.

6

Bankruptcy estate

All debtors prepetition assets

7

Automatic stay

Creditors must cease legal action against debtor

8

Order if relief

Bankruptcy relief is ordered

9

Creditors meeting

A meeting of all creditors listed in the chapter 7 required schedules for liquidation

10

Preferential payments

Payments made by an insolvent debtor that give preferential treatment to one creditor over another.

11

Fraudulent transfers

Transfers with intent to defraud creditors

12

Reaffirmation agreement

An agreement in which the debtor agrees to pay the debt even though it could be discharged.

13

Debtor

An entity that owed Money to another entity