Instructions: Identify the Following Terms

question 88

Short Answer

Instructions: Identify the following terms.
William Shakespeare

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Definitions:

Order for Relief

A court order in a bankruptcy case that allows the bankruptcy process to proceed and provides the petitioner with temporary relief from debt collection actions by creditors.

Automatic Stay

In bankruptcy proceedings, the suspension of almost all litigation and other action by creditors against the debtor or the debtor’s property. The stay is effective the moment the debtor files a petition in bankruptcy.

Willful Malicious

Refers to actions taken with the intent to harm or with deliberate disregard of lawful considerations.

Bankruptcy Estate

The collective pool of assets that is formed upon the filing of bankruptcy, which will be used to pay off creditors.