Your Legal Vocabulary Chapter 2

Section 707(b)(2) of the Insolvency Code applies a “means test” to determine whether registration of an individual debtor under Chapter 7 is considered an abuse of the Insolvency Code requiring dismissal or conversion of the case (usually Chapter 13). Abuse is suspected if the debtor`s total current monthly income (as defined above) over 5 years, less certain legally eligible expenses, is greater than (i) $10,000 or (ii) 25% of the debtor`s non-priority unsecured debt, provided that this amount is at least $6,000. The debtor can only rebut a presumption of abuse by proving special circumstances justifying additional expenses or adjustments to current monthly income. A legal procedure to deal with the debt problems of individuals and companies; in particular, a case filed under one of the chapters of title 11 of the United States Code. A declaration by a debtor under Chapter 7 regarding plans for dealing with consumer debts secured by estate assets. A full-time lawyer hired by federal courts to legally defend defendants who cannot afford a lawyer. The judiciary administers the Federal Defence Counsel Programme in accordance with criminal law. The Immigration Reform and Control Act of 1986 (IRCA) requires that persons regularized under INA 245A meet a basic citizenship requirement in order to be adapted to LPR status. A candidate has been allowed to demonstrate basic civic competence in: An applicant for naturalization may demonstrate the ability to read, write, speak and understand words only in normal use. [6] Ordinary usage means intelligible and relevant communication through simple vocabulary and grammar, which may include obvious errors in pronunciation, construction, spelling, and comprehension of completely specific words, phrases, and expressions.

A document that commences insolvency proceedings and contains basic information about the debtor, including the name, address, chapter under which the case is filed and estimated assets and liabilities. A court decision in a previous case with facts and points of law similar to a dispute currently pending in court. Judges generally “follow precedents,” that is, they use principles established in previous cases to decide new cases that have similar facts and raise similar legal issues. A judge will disregard precedents if a party can prove that the previous case was ill-decided or that it differs significantly from the current case. Written statements submitted to the court outlining a party`s legal or factual allegations about the case. The chapter of the Bankruptcy Act that provides for the adjustment of the debts of a person with a regular income is often referred to as the “employees” plan. Chapter 13 allows a debtor to keep their assets and use their disposable income to pay off debts over time, usually three to five years. Payment of a debt to a creditor within 90 days prior to a debtor`s bankruptcy filing (or within one year if the creditor was an insider) that gives the creditor more than the creditor would receive in the case of the debtor under Chapter 7. The representative of the bankruptcy estate who exercises legal powers, primarily for the benefit of unsecured creditors, under the general supervision of the court and the direct supervision of the U.S. trustee or receiver.

A trustee is a person or partnership appointed in all cases under Chapters 7, 12 and 13 and, in some cases, Chapter 11. The trustee`s duties include reviewing the debtor`s application and schedules, as well as bringing actions against creditors or the debtor to recover assets from the bankruptcy estate. In Chapter 7, the trustee liquidates the assets of the estate and makes distributions to creditors. Chapter 12 and 13 trustees have similar obligations to a Chapter 7 trustee and the additional responsibilities of monitoring the debtor`s plan, receiving payments from debtors, and making plan payments to creditors. Chapter of the Insolvency Act that provides for the reorganization of municipalities (including cities and municipalities, as well as villages, counties, tax districts, municipal utilities and school districts). All shares of ownership of the debtor at the time of bankruptcy. The estate technically becomes the temporary legal owner of all of the debtor`s assets. A particular type of Chapter 11 case where there is no creditor committee (or the creditor committee is deemed inactive by the court) and the debtor is subject to stricter supervision by the U.S. trustee than other Chapter 11 debtors. The Insolvency Code contains certain provisions to shorten the period of bankruptcy of a debtor of a small business. The right as set out in previous court decisions. Synonymous with precedent.

Similar to the common law, which stems from tradition and judicial decisions. Chapter of the Insolvency Code that provides for “liquidation”, i.e. the sale of a debtor`s non-exempt assets and the distribution of the proceeds to creditors. To be eligible for Chapter 7, the debtor must pass a “means test”. The court assesses the debtor`s income and expenses to determine whether the debtor can sue under Chapter 7. The chapter of the Insolvency Code dealing with cross-border insolvency cases. A written statement filed in court or an appeal that explains a party`s legal and factual arguments. Generally refers to two events in individual bankruptcy cases: (1) the “individual or group briefing” of a nonprofit budget and credit advisory agency, which individual debtors must participate in before filing under a chapter of the Bankruptcy Code; and (2) the “Personal Financial Management Course” in Chapters 7 and 13, which an individual debtor must complete before debt relief is registered.