Bankruptcy and insolvency records document financial distress and the legal process of resolving debts. These records often include terminology related to court proceedings, asset distribution, and creditor claims, and can provide valuable insight into an ancestor’s financial circumstances.
| Term | Definition |
| Adjudication | Legal declaration that a person is bankrupt. |
| Assets | Property or resources owned by debtor. |
| Assignee | Person appointed to manage bankrupt estate. |
| Bankruptcy | Legal process for resolving debts when unable to pay. |
| Bankruptcy Court | Court handling bankruptcy proceedings. |
| Bankruptcy Petition | Formal request to declare bankruptcy. |
| Bond | Financial guarantee filed in proceedings. |
| Claim | Demand by creditor for repayment. |
| Composition | Agreement between debtor and creditors to settle debts. |
| Creditor | Person or entity owed money. |
| Debtor | Person who owes money. |
| Discharge | Release from obligation to repay debts. |
| Dividend | Payment made to creditors from estate. |
| Estate | Property belonging to debtor. |
| Examination | Court questioning of debtor’s finances. |
| Insolvency | Financial condition of inability to pay debts. |
| Inventory | List of debtor’s property and assets. |
| Judgment | Court decision regarding debt. |
| Lien | Legal claim against property for debt repayment. |
| Liquidation | Sale of assets to pay debts. |
| Petition | Request filed with court for bankruptcy. |
| Receiver | Person appointed to manage assets during proceedings. |
| Schedule | List of assets, debts, and creditors. |
| Trustee | Person administering bankruptcy estate. |
| Voluntary Bankruptcy | Bankruptcy initiated by debtor. |
| Involuntary Bankruptcy | Bankruptcy forced by creditors. |
| Proof of Claim | Documentation submitted by creditor. |
| Secured Creditor | Creditor with claim backed by collateral. |
| Unsecured Creditor | Creditor without collateral backing claim. |
| Arrears | Overdue debts. |
| Attachment | Seizure of property for debt payment. |
| Foreclosure | Legal process to recover property for unpaid debt. |
| Garnishment | Withholding wages to satisfy debt. |
| Insolvent Estate | Estate where debts exceed assets. |
| Court Order | Directive issued by judge. |
| Filing | Submission of legal documents. |
| Settlement | Resolution of debts through agreement or court action. |
| Debt Relief | Reduction or elimination of debt obligations. |
| Financial Statement | Summary of assets and liabilities. |
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