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Adversary Proceeding
An adversary proceeding in bankruptcy is a type of lawsuit in the American legal system. It is distinguished from other suits by being filed a United States bankruptcy court in connection with a larger bankruptcy proceeding. Procedure Adversary proceedings are governed by certain court rules found in Part VII of the Federal Rules of Bankruptcy Procedure and, in part, by the Federal Rules of Civil Procedure. A bankruptcy case may contain one or more adversary proceedings or (most commonly) none at all. Other than their connection to a bankruptcy proceeding, adversary proceedings are largely similar to a standard lawsuit in federal district court. The suit is opened by a complaint filed with the Bankruptcy Court, and proceeds through the same stages of litigation, including discovery and trial (including jury trial in appropriate cases). The adversary proceeding may address claims to do with federal or state law, or in rare cases other law, as well. The only limitation is that the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lawsuit
- A lawsuit is a proceeding by a party or parties against another in the civil court of law. The archaic term "suit in law" is found in only a small number of laws still in effect today. The term "lawsuit" is used in reference to a civil action brought by a plaintiff (a party who claims to have incurred loss as a result of a defendant's actions) requests a legal remedy or equitable remedy from a court. The defendant is required to respond to the plaintiff's complaint. If the plaintiff is successful, judgment is in the plaintiff's favor, and a variety of court orders may be issued to enforce a right, award damages, or impose a temporary or permanent injunction to prevent an act or compel an act. A declaratory judgment may be issued to prevent future legal disputes. A lawsuit may involve dispute resolution of private law issues between individuals, business entities or non-profit organizations. A lawsuit may also enable the state to be treated as if it were a private party ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Law (United States)
In the United States, state law refers to the law of each separate U.S. state. The fifty states are separate sovereigns, with their own state constitutions, state governments, and state courts. All states have a legislative branch which enacts state statutes, an executive branch that promulgates state regulations pursuant to statutory authorization, and a judicial branch that applies, interprets, and occasionally overturns both state statutes and regulations, as well as local ordinances. States retain plenary power to make laws covering anything not preempted by the federal Constitution, federal statutes, or international treaties ratified by the federal Senate. Normally, state supreme courts are the final interpreters of state institutions and state law, unless their interpretation itself presents a federal issue, in which case a decision may be appealed to the U.S. Supreme Court by way of a petition for writ of ''certiorari''. State laws have dramatically diverged in the ce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unfair Preference
An unfair preference (or "voidable preference") is a legal term arising in bankruptcy law where a person or company transfers assets or pays a debt to a creditor shortly before going into bankruptcy, that payment or transfer can be set aside on the application of the liquidator or trustee in bankruptcy as an unfair preference or simply a preference. Overview The law on unfair preferences varies from country to country, but characteristically, to set a transaction or payment aside as an unfair preference, the liquidator will need to show that: #the person or company was insolvent at the time the payment was made (either on the ''cash-flow'' test, or on the ''balance sheet'' test - it varies from country to country) #the person or company then went into bankruptcy within a specified time thereafter, usually referred to as the ''vulnerability period'' #the payment had the effect of putting the creditor in a better position than other unsecured creditors #in some jurisdictions, it is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tort
A tort is a civil wrong that causes a claimant to suffer loss or harm, resulting in legal liability for the person who commits the tortious act. Tort law can be contrasted with criminal law, which deals with criminal wrongs that are punishable by the state. While criminal law aims to punish individuals who commit crimes, tort law aims to compensate individuals who suffer harm as a result of the actions of others. Some wrongful acts, such as assault and battery, can result in both a civil lawsuit and a criminal prosecution in countries where the civil and criminal legal systems are separate. Tort law may also be contrasted with contract law, which provides civil remedies after breach of a duty that arises from a contract. Obligations in both tort and criminal law are more fundamental and are imposed regardless of whether the parties have a contract. While tort law in civil law jurisdictions largely derives from Roman law, common law jurisdictions derive their tort law from cus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Executory Contract
An executory contract is a contract that has not yet been fully performed or fully executed. It is a contract in which both sides still have important performance remaining. However, an obligation to pay money, even if such obligation is material, does not usually make a contract executory. An obligation is material if a breach of contract would result from the failure to satisfy the obligation. A contract that has been fully performed by one party but not by the other party is not an executory contract. See, generally, Countryman, Vern, "Executory Contracts in Bankruptcy: Part I" (1973). Minnesota Law Review. 2459. https://scholarship.law.umn.edu/mlr/2459 and "Executory Contracts in Bankruptcy: Part II" (1974). Minnesota Law Review. 2460.https://scholarship.law.umn.edu/mlr/2460. In US bankruptcy law In US bankruptcy law, "executory contract" assumes a special meaning, a contract in which continuing obligations exist ''on both sides'' of the contract at the time of the bankruptcy pe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 11, Title 11, United States Code
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. Chapter 11 overview When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Automatic Stay
In United States bankruptcy law, an automatic stay is an automatic injunction that halts actions by creditors, with certain exceptions, to collect debts from a debtor who has declared bankruptcy. Under section 362 of the United States Bankruptcy Code, the stay begins at the moment the bankruptcy petition is filed. Secured creditors may, however, petition the bankruptcy court for relief from the automatic stay upon a showing of cause. Provisions A filed bankruptcy petition immediately operates as an automatic stay, holding in abeyance various forms of creditor action against the debtor. Automatic stay provisions work to protect the debtor against certain actions from the creditor, including: * beginning or continuing judicial proceedings against the debtor * actions to obtain debtor's property * actions to create, perfect or enforce a lien against a debtor's property * set-off of indebtedness owed to the debtor before commencement of the bankruptcy proceeding. A court may give ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy Discharge
A discharge in United States bankruptcy law, when referring to a debtor's discharge, is a statutory injunction against the commencement or continuation of an action (or the employment of process, or an act) to collect, recover or offset a debt as a personal liability of the debtor. The discharge is one of the primary benefits afforded by relief under the Bankruptcy Code and is essential to the "fresh start" of debtors following bankruptcy that is a central principle under federal bankruptcy law. Discharge is also believed to play an important role in credit markets by encouraging lenders, who may be more sophisticated and have better information than debtors, to monitor debtors and limit risk-taking.Michael SimkovicRisk-Based Student Loans(2012) A discharge of debts is granted to debtors but can be denied or revoked by the court based on certain misconduct of debtors, including fraudulent actions or failure of a debtor to disclose all assets during a bankruptcy case. Some debt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of The United States
The law of the United States comprises many levels of Codification (law), codified and uncodified forms of law, of which the most important is the nation's Constitution of the United States, Constitution, which prescribes the foundation of the federal government of the United States, federal government of the United States, as well as various civil liberties. The Constitution sets out the boundaries of federal law, which consists of Act of Congress, Acts of Congress, treaty, treaties ratified by the United States Senate, Senate, regulations promulgated by the executive branch, and case law originating from the United States federal courts, federal judiciary. The United States Code is the official compilation and Codification (law), codification of general and permanent federal statutory law. Federal law and treaties, so long as they are in accordance with the Constitution, preempt conflicting state and territorial laws in the 50 U.S. states and in the territories. However, the s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jury Trial
A jury trial, or trial by jury, is a Trial, legal proceeding in which a jury makes a decision or Question of law, findings of fact. It is distinguished from a bench trial in which a judge or Judicial panel, panel of judges makes all decisions. Jury trials are used in a significant share of serious criminal cases in many but not all common law judicial systems. The majority of common law jurisdictions in Asia (such as Singapore, India, Pakistan and Malaysia) have abolished jury trials on the grounds that juries are susceptible to bias. Juries or lay judges have also been incorporated into the legal systems of many civil law (legal system), civil law countries for criminal cases. Only Seventh Amendment to the United States Constitution, the United States makes routine use of jury trials in a wide variety of non-criminal cases. Other common law legal jurisdictions use jury trials only in a very select class of cases that make up a tiny share of the overall civil docket (like malici ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
