Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Chapter
1. The chapter of the Bankruptcy Code allowing a trustee to collect and liquidate a debtor's property, either voluntarily or by court order, to satisfy creditors. 2. A bankruptcy case filed under this chapter. 0 An individual debtor who undergoes this type of liquidation (the most common type of bankruptcy) usu. gets a fresh financial start by receiving a discharge of all debts. - Also termed (in sense 2) straight bankruptcy. A Chapter 7 case has five stages: (1) getting the debtor into bankruptcy court; (2) collecting the debtor's property; (3) selling this property; (4) distributing the proceeds of the sale to creditors; and (5) determining whether the debtor is discharged from further
Chapter 9
1. The chapter of the Bankrupt( Code governing the adjustment of a municipal ty's debts. 2. A bankruptcy case filed under th chapter.
Chapter 11
by an individue nonbusiness debtor, the vast majority of Chap ter 11 cases involve business debtors. 2. 1 business reorganization conducted under thi chapter; REORGANIZATION (2).
Chapter 12
1. The chapter of the Bankrupts Code providing for a court-approved debt-pay ment relief plan for family farmers with t regular income. 2. A bankruptcy case filed un der this chapter. - Also termed (in sense 2 family-farmer bankruptcy; farmer bankruptcy
Chapter 13
1. The chapter of the Bankruptcy Code allowing a person's future earnings to be collected by a trustee and paid to unsecured creditors. 0 A plan filed under Chapter 13 is sometimes called a wage-earner's plan, a wage earner plan, or an income-based plan. A Chapter 13 debtor does not receive a discharge of debts; rather, Chapter 13 allows the debtor to propose a plan of rehabilitation to extend or reduce the balance of any obligations. A plan made in good faith will be confirmed if the creditors acquiesce, if they receive the fair value of their claims, or if the plan pledges all of the debtor's disposable income for three years. 2. A bankruptcy case filed under this chapter.
subchapter-C corporation
See C corporation.
subchapter-S corporation
See S corporation under CORPORATION.