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...
financial events
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...
ab intestato
Ab intestato is a Latin term meaning "by intestacy." The term refers to laws governing the succession of property after the previous owner of the property dies without a valid will.
[Last updated in June of 2022 by the Wex...
AB Trust
AB trust (also called a bypass trust or a credit shelter trust) is a tool used by well-off married individuals to legally maximize their estate tax exemptions.
The strategy involves creating two separate trusts after one...
abscond
Abscond means leaving a jurisdiction secretly or suddenly, e.g. to avoid service of process, arrest, or prosecution; or leaving with another person's money or property. Absconding is generally a criminal offense which may lead to imprisonment...
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...
accounting
Accounting is the practice of accurately and timely recording, analyzing, summarizing, and classifying financial transactions of a business. Commonly, those financial transactions are recorded in a set of financial records called financial...