Examlex
Composite headlights are being discussed. Technician A says they have replaceable bulbs. Technician B says a cracked or broken lens will prevent the operation of a composite headlamp. Who is correct?
Chapter 7
A chapter of the U.S. Bankruptcy Code that deals with the process of liquidation, where a debtor's non-exempt assets are sold off to pay creditors.
Nonexempt Assets
Assets that can be seized in a bankruptcy proceeding because they are not protected by exemption laws.
Avoidance Powers
Legal abilities granted typically to a trustee in bankruptcy to nullify certain transactions made by the debtor before bankruptcy to ensure equitable distribution of assets to creditors.
Bankruptcy Trustee
An individual or corporation appointed in a bankruptcy case to represent the interests of the bankruptcy estate and the creditors.
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