BANKRUPTCY GLOSSARY

- N -

“New debtor” syndrome: A practice whereby a company in trouble transfers a parcel of “distressed” real property that is on the eve of foreclosure, to a new corporation, then puts the new corporation into chapter 11 to halt the foreclosure.

No-asset case: A Chapter 7 case where there are no assets available to satisfy the creditor's unsecured claims; a case in which all of the debtor's property is "exempt.” 

Nol: Net operating loss

Non-dischargeable debt: A debt that may not be discharged under one or more chapters of the Bankruptcy Code.

Nonexempt property: Property that the debtor owns free and clear of liens and the debtor's property which has market value above the amount of any security interest or lien and any exemption that the debtor holds in the property.
 

DISCLAIMER: The information contained within this personal injury site is of a general nature and is not meant to be a restatement of any rules of law. Your use of this site does not create an attorney-client relationship. You should hire an attorney to obtain legal advice for your specific case. 
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