The Professional
Bankruptcy Dictionary


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F

family farmer

means -

(A) individual or individual and spouse engaged in a farming operation whose aggregate debts do not exceed $1,500,000 and not less than 80 percent of whose aggregate noncontingent, liquidated debts (excluding a debt for the principal residence

of such individual or such individual and spouse unless such debt arises out of a farming operation), on the date the case is filed, arise out of a farming operation owned or operated by such individual or such individual and spouse, and such individual or such individual and spouse receive from such farming operation more than 50 percent of such individual's or such individual and spouse's gross income for the taxable year preceding the taxable year in which the case concerning such individual or such individual and spouse was filed; or

(B) corporation or partnership in which more than 50 percent of the outstanding stock or equity is held by one family, or by one family and the relatives of the members of such family, and such family or such relatives conduct the farming operation,

and

(i) more than 80 percent of the value of its assets consists of assets related to the farming operation;

(ii) its aggregate debts do not exceed $1,500,000 and not less than 80 percent of its aggregate noncontingent, liquidated debts (excluding a debt for one dwelling which is owned by such corporation or partnership and which a shareholder or partner maintains as a principal residence, unless such debt arises out of a farming operation), on the date the case is filed, arise out of the farming operation owned or operated by such corporation or such partnership;

and

(iii) if such corporation issues stock, such stock is not publicly traded.

Sec. 101. Definitions

family farmer with regular annual income

means family farmer whose annual income is sufficiently stable and regular to enable such family farmer to make payments under a plan under chapter 12 of this title;

Sec. 101. Definitions

farmer

means (except when such term appears in the term ''family farmer'') person that received more than 80 percent of such person's gross income during the taxable year of such person immediately preceding the taxable year of such person during which the case under this title concerning such person was commenced from a farming operation owned or operated by such person;

Sec. 101. Definitions

farming operation

includes farming, tillage of the soil, dairy farming, ranching, production or raising of crops, poultry, or livestock, and production of poultry or livestock products in an unmanufactured state;

Sec. 101. Definitions

farmout agreement

means a written agreement in which

(A) the owner of a right to drill, produce, or operate liquid or gaseous hydrocarbons on property agrees or has agreed to transfer or assign all or a part of such right to another entity; and

(B) such other entity (either directly or through its agents or its assigns), as consideration, agrees to perform drilling, reworking, recompleting, testing, or similar or related operations, to develop or produce liquid or gaseous hydrocarbons on the property;

Sec. 101. Definitions

feasibility

The requirement for confirmation of a chapter 13 or chapter 11 plan that the plan be "feasible," i.e., the financial projections, considering income and expenses, appear to make it likely that the plan will succeed.

federal depository institutions regulatory agency

means -

(A) with respect to an insured depository institution (as defined in section 3(c)(2) of the Federal Deposit Insurance Act) for which no conservator or receiver has been appointed, the appropriate Federal banking agency (as defined in section

3(q) of such Act);

(B) with respect to an insured credit union (including an insured credit union for which the National Credit Union Administration has been appointed conservator or liquidating

agent), the National Credit Union Administration;

(C) with respect to any insured depository institution for which the Resolution Trust Corporation has been appointed conservator or receiver, the Resolution Trust Corporation; and

(D) with respect to any insured depository institution for which the Federal Deposit Insurance Corporation has been appointed conservator or receiver, the Federal Deposit Insurance Corporation;

Sec. 101. Definitions

fee application

in order for a professional, such as a lawyer representing the debtor or the trustee, to be paid out of the bankruptcy estate, he or she must file an application with the bankruptcy court and obtain court approval of the compensation to be paid.

11 U.S.C. §§ 327, 329; Bankruptcy Rules 2016, 2017

final discharge

Extinguishing the debtor's personal liability on dischargeable debts, through the granting of a permanent injunction protecting the debtor from efforts to collect such debts as a personal liability. A discharge protects the debtor from personal liability for discharged debts and prevents the creditors owed those debts from taking any action against the debtor or his property to collect the debts.

Public Information Series of the Bankruptcy Judges Division

financial institution

means a person that is a commercial or savings bank, industrial savings bank, savings and loan association, or trust company and, when any such person is acting as agent or custodian for a customer in connection with a securities contract, as defined in section 741 of this title, such customer;

Sec. 101. Definitions

firm

includes a partnership or professional corporation of attorneys or accountants.

Rule 9001. General Definitions

first meeting of creditors

Following the filing of the petition, the first date of the required meeting which provides the creditors and the bankruptcy trustee an opportunity to question and debtor about his or her financial affairs; the meeting may be continued to one or more other dates in order to complete the examination.

floating lien

A security interst that extends to collateral of a specified type acquired by the debtor, to advances made to the debtor after the execution of the security agreement, or to both.

foreclosure

Where a property owner has defaulted on the mortgage or installment agreement, or has become subject to a judgment creditor lien, the process of a mortgagor or other holder of an encumbrance on the debtor's property seizing and liquidating (i.e. selling) the property to pay the debt.

foreign proceeding

means proceeding, whether judicial or administrative and whether or not under bankruptcy law, in a foreign country in which the debtor's domicile, residence, principal place of business, or principal assets were located at the commencement of such proceeding, for the purpose of liquidating an estate, adjusting debts by composition, extension, or discharge, or effecting a reorganization;

Sec. 101. Definitions

foreign representative

means duly selected trustee, administrator, or other representative of an estate in a foreign proceeding;

Sec. 101. Definitions

forward contract

means a contract (other than a commodity contract) for the purchase, sale, or transfer of a commodity, as defined in section 761(8) of this title, or any similar good, article, service, right, or interest which is presently or in the future becomes the subject of dealing in the forward contract trade, or product or byproduct thereof, with a maturity date more than two days after the date the contract is entered into, including, but not limited to, a repurchase transaction, reverse repurchase transaction, consignment, lease, swap, hedge transaction, deposit, loan, option, allocated transaction, unallocated transaction, or any combination thereof or option thereon;

Sec. 101. Definitions

forward contract merchant

means a person whose business consists in whole or in part of entering into forward contracts as or with merchants in a commodity, as defined in section 761(8) of this title, or any similar good, article, service, right, or interest which is presently or in the future becomes the subject of dealing in the forward contract trade;

Sec. 101. Definitions

fraudulent transfer or conveyance

a debtor's conveyance or transfer of an asset, without adequate consideration, primarily for the purpose of concealing it from his or her creditors or the bankruptcy estate

Sec. 548

fresh start

The characertization of a debtor's status after bankruptcy. i.e., free of most debts.

List of Terms; Administrative Office of the United States Courts