|
Today's Terms
Petition
Definition:
The document that commences a bankruptcy proceeding. plan of reorganization - the document setting forth how a bankrupt company plans to satisfy its creditors.
Small claims
Definition:
Also sometimes called convenience claims - under a plan of reorganization or liquidation, claims that are small (e.g. in the hundreds or thousands of dollars range) and numerous are often grouped into a single class and settled for cash for administrative convenience.
Set-off
Definition:
The ability to discharge or reduce a debt by applying a counter claim between the same parties.
More Bankruptcy Terms >
|
Did You Know?