- straight bankruptcy
an informal term for a Chapter 7 bankruptcy or liquidation; used more commonly to describe liquidation before the Bankruptcy Reform Act of 1978 (Glossary of Common Bankruptcy Terms)
United Glossary of Bankruptcy Terms 2012.
Glossary of Bankruptcy.
Look at other dictionaries:
straight bankruptcy — (Chapter 7). A proceeding designed to liquidate the debtor s property, pay off his or her creditors, and discharge the debtor from his or her other debts. It can be either voluntary (started by the debtor himself or herself) or involuntary… … Black's law dictionary
bankruptcy — bank·rupt·cy / baŋ ˌkrəp sē/ n pl cies 1: the quality or state of a bankrupt filed for bankruptcy 2: the administration of an insolvent debtor s property by the court for the benefit of the debtor s creditors the debt was discharged in bankruptcy … Law dictionary
bankruptcy, Chapter 7 — n. Straight bankruptcy; a proceeding that liquidates property, pays off debts, and leaves the debtor discharged. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 … Law dictionary
Bankruptcy — Notice of closure attached to the door of a computer store the day after its parent company declared bankruptcy (strictly, put into administration see text) in the United Kingdom. Bankruptcy is a legal status of an insolvent person or an… … Wikipedia
bankruptcy proceedings — General term for the various types of proceedings under the Bankruptcy Code (11 U.S.C.A.) that are initiated either by an insolvent individual or business (termed a voluntary bankruptcy) or by creditors (termed an involuntary bankruptcy) seeking… … Black's law dictionary
bankruptcy — /bangk rupt see, reuhp see/, n., pl. bankruptcies. 1. the state of being or becoming bankrupt. 2. utter ruin, failure, depletion, or the like. [1690 1700; BANKRUPT + CY] * * * Status of a debtor who has been declared by judicial process to be… … Universalium
Bankruptcy Code — A federal law (11 U.S.C.A.) for the benefit and relief of creditors and their debtors in cases in which the latter are unable or unwilling to pay their debts. The Bankruptcy Code of 1978 substantially revised and replaced the Bankruptcy Act of… … Black's law dictionary
straight-line depreciation — A method of deducting the cost of a business asset by deductions in equal annual amounts. The period of time is specified by the Internal Revenue Code for different categories of assets, typically from three to 39 years. Category: Business, LLCs… … Law dictionary
Chapter 7 bankruptcy — Liquidation or straight bankruptcy, the most familiar sort, in which many or all debts are discharged (i.e., wiped out) completely in exchange for an individual s or business nonexempt property. Proceeds are distributed to creditors. Chapter 7 … Business law dictionary
Chapter 7 (liquidation) bankruptcy — See bankruptcy proceedings (straight bankruptcy) … Black's law dictionary