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Today's Terms
Small claims
Definition:
Also sometimes called convenience claims - under a plan of reorganization or liquidation, claims that are small (e.g. in the hundreds or thousands of dollars range) and numerous are often grouped into a single class and settled for cash for administrative convenience.
Bankrupt
Definition:
The entity that files a bankruptcy; the debtor; the insolvent entity. This is a non-technical term and is not used in the Bankruptcy Code.
Adversary proceeding
Definition:
Litigation within a bankruptcy proceeding instituted by the filing of a complaint.
More Bankruptcy Terms >
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State Statutes Resource Center 