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Today's Terms
Set-off
Definition:
The ability to discharge or reduce a debt by applying a counter claim between the same parties.
Skeleton filing
Definition:
Term used at bankruptcy courts to describe a bankruptcy filing in which not all the necessary forms have been filed. Certain courts allow a case to commence if only certain important forms are filed so long as the balance of required forms are forthcoming within a certain period of time.
Avoidance power
Definition:
The power of the court to invalidate certain obligations or transactions undertaken by a debtor prior to filing bankruptcy.
More Bankruptcy Terms >
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