In a bankruptcy case, a meeting of creditors or equity security holders convened by and presided over by the United States trustee. A meeting of creditors is mandatory whereas a meeting of equity security holders is discretionary. During a...
money and financial problems
341 meeting
Definition
341 notice
Definition
In a bankruptcy case, a notice sent to creditors when a bankruptcy petition is filed, naming the trustee (in chapter 7, 12, and 13 cases), setting the date and time of the 341 meeting — the first meeting of creditors, and setting deadlines,...
342 notice
Definition
In a bankruptcy case, a notice the court clerk must give the debtor that describes the "general purpose, benefits, and costs" of proceeding under particular chapters of the United States Bankruptcy Code and specifies the consequences...
401(k)
Definition
A type of savings account made possible by federal law. By creating a financial plan under 26 U.S.C. 401(k), employers can help their workers save for retirement while reducing taxable income. Workers can choose to deposit part of their...
707(b) action
Definition
In a Chapter 7 bankruptcy case, a motion by the 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 that debtor relief would constitute an abuse of...
A/R
Definition
Abbreviation for accounts receivable.
Ab intestato
Definition
A Latin term meaning "by intestacy." The term refers to laws governing the succession of property after its previous owner dies without a valid will.
Absolute-Bar Rule
Definition
A rule preventing a creditor who sells collateral in a commercially unreasonable manner, e.g. without giving reasonable notice to the debtor, from obtaining a deficiency judgment.
Illustrative caselawSee, e.g. Beardmore v. American...
Abuse
Definition
1) Abuse, generally: physically, sexually, or mentally injuring a person.
2) Child abuse: physically, sexually, or mentally injuring a child either with intent or through neglect.
3) Substance abuse: excessively using or misusing...