OF TERMS - PAGE 16
— A business owned by an individual; not incorporated.
classification — Legally allowed to be treated
Judgment — An agreement between the bankrupt debtor and
creditor which ends the lawsuit. The document is filed with the
court usually requiring repayment of a debt. In the event of
default, a judgment may be immediately entered in favor of the
Substantial abuse —
The court may dismiss a bankruptcy case on the motion of a U.S.
Trustee, if the debts are primarily consumer debts and if the
Trustee believes that the Chapter 7 petition represents
substantial abuse under the Bankruptcy Code. (See Section 707(b)
of the Bankruptcy Code.)
A formal notice usually issued by a court, commanding specific
action be taken under penalty or contempt of court.