Legal glossary category
Bankruptcy
Browse 3 glossary entries in the Bankruptcy category, with short plain-English descriptions and direct links to the full term pages.
debtor
If you borrow a toy from your friend, the promise to return it is your debt.
Open term →final distribution
It’s like when you finish playing with your allowance and the last bit of money gets given out based on who was supposed to get paid first, like a...
Open term →insolvent
You owe your classmates ten dollars for lunch, but you only have two dollars in your piggy bank and no allowance coming.
Open term →