Bankruptcy Action definition: Copy, customize, and use instantly
Introduction
The term "Bankruptcy Action" refers to a legal process in which an individual or business entity seeks relief from its financial obligations due to an inability to pay its debts. The process is initiated by filing a petition in court, which allows the debtor to either reorganize its finances or liquidate assets under court supervision. Understanding the specifics of a "Bankruptcy Action" is important to clarify the roles and responsibilities of the parties involved, including creditors, debtors, and trustees.
Below are various examples of how "Bankruptcy Action" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Bankruptcy Action" as a court filing for debt relief
This definition ties "Bankruptcy Action" to the formal filing of a petition for debt relief.
"Bankruptcy Action" means a legal proceeding initiated by a debtor through the filing of a petition in bankruptcy court to seek relief from its debts.
Definition of "Bankruptcy Action" as a voluntary process initiated by the debtor
This definition connects "Bankruptcy Action" to voluntary filings by the debtor.
"Bankruptcy Action" refers to a voluntary legal process initiated by a debtor to seek a discharge of its debts through bankruptcy proceedings.
Definition of "Bankruptcy Action" as an involuntary proceeding filed by creditors
This definition links "Bankruptcy Action" to involuntary filings initiated by creditors.
"Bankruptcy Action" means a legal action commenced by creditors against a debtor, typically to force the debtor into bankruptcy proceedings to resolve outstanding debts.
Definition of "Bankruptcy Action" as a liquidation of assets
This definition applies "Bankruptcy Action" to the liquidation of a debtor's assets.
"Bankruptcy Action" refers to a legal process wherein a debtor's assets are liquidated to pay off creditors, under the supervision of a bankruptcy court.
Definition of "Bankruptcy Action" as a Chapter 11 proceeding
This definition ties "Bankruptcy Action" to a specific bankruptcy proceeding, such as Chapter 11.
"Bankruptcy Action" means a legal action under Chapter 11 of the Bankruptcy Code, allowing a debtor to reorganize its business and financial affairs while continuing operations.
Definition of "Bankruptcy Action" as a Chapter 7 filing
This definition connects "Bankruptcy Action" to Chapter 7, which involves liquidation.
"Bankruptcy Action" refers to a filing under Chapter 7 of the Bankruptcy Code, where the debtor's assets are liquidated and the proceeds distributed among creditors.
Definition of "Bankruptcy Action" as a process for reorganization
This definition links "Bankruptcy Action" to the reorganization of a business.
"Bankruptcy Action" means a legal process through which a debtor seeks to reorganize its financial structure and repay creditors under a court-approved plan.
Definition of "Bankruptcy Action" as an automatic stay provision
This definition connects "Bankruptcy Action" to the automatic stay that halts collection efforts.
"Bankruptcy Action" refers to the initiation of a legal process that automatically stays all collection actions against the debtor, as granted by the bankruptcy court.
Definition of "Bankruptcy Action" as a debt restructuring process
This definition applies "Bankruptcy Action" to the restructuring of debt.
"Bankruptcy Action" means a legal process through which a debtor restructures its debts and obligations in order to avoid liquidation and continue operations.
Definition of "Bankruptcy Action" as a court-supervised discharge of debts
This definition ties "Bankruptcy Action" to the discharge of debts under court supervision.
"Bankruptcy Action" refers to a legal proceeding in which a court supervises the discharge of a debtor’s unsecured debts, typically after the liquidation of assets.
Definition of "Bankruptcy Action" as a mechanism to deal with insolvent debtors
This definition connects "Bankruptcy Action" to insolvency resolution.
"Bankruptcy Action" means a legal action used to resolve the financial situation of an insolvent debtor, either through liquidation or restructuring.
Definition of "Bankruptcy Action" as a filing under Chapter 13
This definition applies "Bankruptcy Action" to a specific type of filing.
"Bankruptcy Action" refers to a legal proceeding under Chapter 13 of the Bankruptcy Code, wherein the debtor proposes a repayment plan to creditors over a period of time.
Definition of "Bankruptcy Action" as a debtor’s petition for relief
This definition ties "Bankruptcy Action" to the debtor's request for financial relief.
"Bankruptcy Action" means the filing of a petition by the debtor seeking relief from debts under the applicable provisions of the Bankruptcy Code.
Definition of "Bankruptcy Action" as a petition for involuntary bankruptcy
This definition connects "Bankruptcy Action" to a petition for involuntary bankruptcy.
"Bankruptcy Action" refers to a petition filed by creditors to force a debtor into bankruptcy proceedings without the debtor’s consent.
Definition of "Bankruptcy Action" as a mechanism for debt cancellation
This definition links "Bankruptcy Action" to the cancellation of certain debts.
"Bankruptcy Action" means a legal action taken to cancel or discharge certain debts, typically in a Chapter 7 or Chapter 13 filing.
Definition of "Bankruptcy Action" as a court-managed reorganization plan
This definition connects "Bankruptcy Action" to a specific court-managed reorganization process.
"Bankruptcy Action" refers to a legal proceeding wherein the court manages a debtor’s reorganization plan, allowing the debtor to continue business operations while repaying debts.
Definition of "Bankruptcy Action" as the adjudication of creditor claims
This definition applies "Bankruptcy Action" to the adjudication of claims.
"Bankruptcy Action" means a legal process in which the court adjudicates the claims of creditors against a debtor in a bankruptcy proceeding.
Definition of "Bankruptcy Action" as a discharge of financial obligations
This definition links "Bankruptcy Action" to the discharge of obligations.
"Bankruptcy Action" refers to the process by which a debtor’s financial obligations are discharged or restructured under the guidance of the bankruptcy court.
Definition of "Bankruptcy Action" as the appointment of a trustee
This definition ties "Bankruptcy Action" to the appointment of a trustee.
"Bankruptcy Action" refers to the appointment of a bankruptcy trustee to oversee the administration of a debtor’s estate during bankruptcy proceedings.
Definition of "Bankruptcy Action" as an asset liquidation process
This definition connects "Bankruptcy Action" to asset liquidation.
"Bankruptcy Action" means the legal process in which a debtor’s assets are liquidated to satisfy outstanding debts under court supervision.
Definition of "Bankruptcy Action" as a process for reorganizing liabilities
This definition applies "Bankruptcy Action" to the reorganization of liabilities.
"Bankruptcy Action" refers to a process where a debtor seeks to reorganize its liabilities and assets in order to continue business operations.
Definition of "Bankruptcy Action" as a response to creditor pressure
This definition links "Bankruptcy Action" to creditor-induced filings.
"Bankruptcy Action" means a legal action taken in response to pressure from creditors, often initiated to prevent further collection actions or litigation.
Definition of "Bankruptcy Action" as an insolvency proceeding
This definition connects "Bankruptcy Action" to insolvency.
"Bankruptcy Action" refers to a legal proceeding initiated by a debtor to address insolvency issues and seek relief from financial obligations.
Definition of "Bankruptcy Action" as a legal process for debt forgiveness
This definition applies "Bankruptcy Action" to debt forgiveness.
"Bankruptcy Action" means a legal proceeding through which a debtor seeks forgiveness or reduction of certain debts, typically following asset liquidation.
Definition of "Bankruptcy Action" as the restructuring of business obligations
This definition ties "Bankruptcy Action" to business restructuring.
"Bankruptcy Action" refers to a legal process through which a debtor, typically a business, restructures its obligations and financial affairs.
Definition of "Bankruptcy Action" as a judicial review of debts
This definition connects "Bankruptcy Action" to judicial debt review.
"Bankruptcy Action" means a judicial process in which the court reviews and adjudicates a debtor’s debts and liabilities to determine an appropriate solution.
Definition of "Bankruptcy Action" as a debt repayment plan under court supervision
This definition links "Bankruptcy Action" to court-supervised repayment plans.
"Bankruptcy Action" refers to a process where the debtor proposes a repayment plan to creditors, subject to court approval, to repay debts over time.
Definition of "Bankruptcy Action" as a remedy for default
This definition connects "Bankruptcy Action" to a remedy for default.
"Bankruptcy Action" means a remedy sought by a debtor in response to defaulting on financial obligations, seeking court protection from creditors.
Definition of "Bankruptcy Action" as a method of resolving financial disputes
This definition applies "Bankruptcy Action" to resolving disputes.
"Bankruptcy Action" refers to a legal method of resolving financial disputes between debtors and creditors through the bankruptcy court.
Definition of "Bankruptcy Action" as a process for discharging liabilities
This definition ties "Bankruptcy Action" to discharging liabilities.
"Bankruptcy Action" means a legal process in which a debtor seeks to discharge or reduce their liabilities through bankruptcy proceedings.
Definition of "Bankruptcy Action" as a legal mechanism for halting debt collection
This definition connects "Bankruptcy Action" to halting collection efforts.
"Bankruptcy Action" refers to a legal proceeding that automatically halts debt collection efforts, providing temporary relief for a debtor.
Definition of "Bankruptcy Action" as a formal request for financial relief
This definition links "Bankruptcy Action" to formal financial relief.
"Bankruptcy Action" means the formal request made by a debtor to the court for relief from financial obligations through bankruptcy proceedings.
Definition of "Bankruptcy Action" as the discharge of business debts
This definition connects "Bankruptcy Action" to business debt discharge.
"Bankruptcy Action" refers to the legal process through which a business can discharge its debts, either through liquidation or reorganization under bankruptcy law.
Definition of "Bankruptcy Action" as a mechanism for protecting a debtor from creditors
This definition applies "Bankruptcy Action" to debtor protection.
"Bankruptcy Action" means a legal process that provides protection to a debtor from creditors while the debtor seeks a solution to its financial troubles.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.