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Bankruptcy Glossary |
Bankruptcy Law Terms -S-
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Glossary of
Bankruptcy Law Terms
Legal Glossaries Index Page
- S -
Schedules: Documents consisting of lists
of debts, property and other information that are
filed together with the petition at the commencement
of a bankruptcy case.
Secured debt: Debts for which the extension
of credit was based upon the creditor's right to
seize pledged property on default, in addition to
the debtor's ability to pay.
Security: May include the following:
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note
-
stock
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treasury stock
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bond
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debenture
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collateral trust certificate
-
pre-organization certificate or
subscription
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transferable share
-
voting-trust certificate
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certificate of deposit
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certificate of deposit for
security
Security interest: A lien created by an
agreement
Setoff: A creditor's right to keep debtor's
money that they have in their possession in order to
apply it to a pre-petition debt owed by the debtor.
Spendthrift provision: A trust with
restrictions on alienation designed to protect the
fund from dissipation by the beneficiary or seizure
by the beneficiary's creditors.
Statement of intentions: A document that the
debtor files at the commencement of a bankruptcy
case describing what he or she intends to do with
secured assets.
Statutory lien: Lien arising solely by force
of a statute on specified circumstances or
conditions.
Stay: A restraining order arising out of the
filing of a bankruptcy case.
Straight bankruptcy: Chapter 7 bankruptcy in
which debts are discharged, non-exempt property is
liquidated and there is no extended payment plan
involved.
Substantial abuse: The characterization of a
bankruptcy case filed by an individual whose debts
are primarily consumer debts and where the court
finds that the granting of relief would be an abuse
under the chapter 7 laws because the debtor can pay
its debts.
Substantive consolidation:
Putting the assets and liabilities of two or more
related debtors into a single pool to pay creditors.
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