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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.
Insolvency
Definition:
Another term used to describe a firm that is failing; generally it means that a firm's liabilities exceed its assets or that it is unable to satisfy its obligations as they come due.
Chapter Twenty
Definition:
An unofficial term describing the filing of a Chapter 7 proceeding followed by a Chapter 13.
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