A bankruptcy case filed either without schedules or with incomplete schedules listing few creditors and debts. (Face sheet filings are often made for the purpose of delaying an eviction or foreclosure.)
Fair and Equitable Standard
a Chapter 11 plan can only be confirmed by the cramdown
method if classes of claims and interests are treated in a fair
and equitable manner. This requires not only fair treatment in
the usual sense, but also that the specific requirements of
§1129(b) (such as the absolute priority rule) are satisfied.
Fair Market Value
Is the price that a non-compelled buyer would pay for goods or services offered by a willing but non-compelled seller.
a debtor meeting the filing qualifications for a Chapter 12 proceeding.
A family farmer may be an individual, corporate, or partnership
debtor. In the latter two instances, more than 50 percent of the owner-
ship must belong to members of the same family. A qualified family
farmer's total debt may not exceed $1,500,000. Section 101(17) of
the Bankruptcy Code defines family farmer.
finding that the Bankruptcy Court must make to permit confirmation
of a Chapter 11 reorganization plan.
the requirement for plan confirmation that the debtor has
demonstrated a reasonable prospect of being able to make the
payments and meet the rehabilitative goals set out in the plan.
exemptions permitted under federal law, specifically, Section 522(d)
of the Bankruptcy Code.
judges appointed to the federal bench pursuant to U.S. Const., art. III,
Federal public defender
An attorney employed by the federal courts on a full-time basis to provide legal defense to defendants who are unable to afford counsel. The judiciary administers the federal defender program pursuant to the Criminal Justice Act.
Federal Public Defender Organization
As provided for in the Criminal Justice Act, an organization established within a federal judicial circuit to represent criminal defendants who cannot afford an adequate defense. Each organization is supervised by a federal public defender appointed by the court of appeals for the circuit.
Federal question jurisdiction
Jurisdiction given to federal courts in cases involving the interpretation and application of the U.S. Constitution, acts of Congress, and treaties.
A serious crime, usually punishable by at least one year in prison.
One who is entrusted with duties on behalf of another. The law requires the highest level of good faith, loyalty and diligence of a fiduciary, higher than the common duty of care. The debtor in possession in a Chapter 11 is a fiduciary for the creditors, owing loyalty to the creditors and not the shareholders of the debtor.
originally, a common law writ commanding the sheriff to seize
chattels of the debtor to satisfy a judgment. The term is still used in
some jurisdictions as the name for the writ of execution.
(Abbreviated as "fi fa".) Seeelegit
To place a paper in the official custody of the clerk of court to enter into the files or records of a case.
the document filed in public records to perfect a security interest
under UCC Article 9.
the general rule of priority under which an earlier perfected lien or
interest in property takes precedence over a later one.
a line of credit from a bank, financial institution, or other lender
secured by the existing and after-acquired inventory, equipment,
and proceeds of a debtor's business.
The legal process by which a borrower in default is deprived of his or her interest in property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the debt.
as used in the Uniform Enforcement of Foreign Judgments Act,
"foreign" means judgments of the courts of other states and federal
courts, not judgments of the courts of foreign nations.
a transfer made by a debtor with an intent to hinder, delay, or
defraud creditors. A transfer without reasonable or fair consideration
made while a debtor is insolvent or that renders a debtor insolvent will
also be fraudulent. Fraudulent transfers are the subject of Bank-
ruptcy Code Section 548. Fraudulent transfers are one of the trustee's
Fresh Cash Rule
portion of a debt incurred by use of a false written financial
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