money and financial problems

341 meeting

A 341 meeting is a mandatory meeting held at the beginning of a bankruptcy proceeding. Also referred to as the creditors meeting, its name comes from section 341 of the Bankruptcy Code. The purpose of a 341 meeting is to examine the debtor’s...

341 notice

A 341 notice is the notice sent by the bankruptcy clerk to the debtor, the creditors, and all other interested parties, notifying them of the date, time, and place in which the 341 meeting (creditors meeting) will be held. Among other things...

342 notice

A 342 notice is the notice sent before the commencement of a bankruptcy proceeding by the bankruptcy clerk of the bankruptcy court to the debtor, which contains:

A brief description of chapters 7, 11, 12, and 13 of the Bankruptcy Code...

401(k)

401(k) plans (also just called 401k) are types of retirement plans that an employer sponsors which allows employees to defer taxes. 401k plans originate from the Internal Revenue Code (IRC) section 401(k) which allows contributions to these...

707(b) action

707(b) action is defined in the Chapter 7 of the United States Bankruptcy code, as a motion by court, the United States trustee, the trustee, the administrator, or any party in interest to dismiss a debtor’s case on the ground that granting a...

A/R

Definition

Abbreviation for accounts receivable.

ab intestato

Definition

A Latin term meaning "by intestacy." The term refers to laws governing the succession of property after its previous owner dies without a valid will.

abatement

See abate.

[Last updated in November of 2021 by the Wex Definitions Team]

absolute-bar rule

Definition

A rule preventing a creditor who sells collateral in a commercially unreasonable manner, e.g. without giving reasonable notice to the debtor, from obtaining a deficiency judgment.

Illustrative caselaw

See, e.g. Beardmore v....

abuse

Abuse is an action that intentionally causes harm or injures another person. This can refer to physical abuse, psychological abuse, mental abuse, or child abuse (see below).

Abuse is also to misuse something - e.g., abuse...

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