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Why is positive bonding between parent and child so important?
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.
Debtor's Property
refers to all tangible or intangible assets owned by an individual or entity who owes money to another party.
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