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Austin Bankruptcy - Terms & Definitions

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Face sheet filing
A bankruptcy case filed either without schedules or with incomplete schedules listing few creditors and debts. (Face sheet filings are often made for the purpose of delaying an eviction or foreclosure.)
Fair and Equitable Standard
a Chapter 11 plan can only be confirmed by the cramdown method if classes of claims and interests are treated in a fair and equitable manner. This requires not only fair treatment in the usual sense, but also that the specific requirements of §1129(b) (such as the absolute priority rule) are satisfied.
Fair Market Value
Is the price that a non-compelled buyer would pay for goods or services offered by a willing but non-compelled seller.
Family Farmer
a debtor meeting the filing qualifications for a Chapter 12 proceeding. A family farmer may be an individual, corporate, or partnership debtor. In the latter two instances, more than 50 percent of the owner- ship must belong to members of the same family. A qualified family farmer's total debt may not exceed $1,500,000. Section 101(17) of the Bankruptcy Code defines family farmer.
Feasibility Requirement
finding that the Bankruptcy Court must make to permit confirmation of a Chapter 11 reorganization plan.
Feasibility Standard
the requirement for plan confirmation that the debtor has demonstrated a reasonable prospect of being able to make the payments and meet the rehabilitative goals set out in the plan.
Federal Exemptions
exemptions permitted under federal law, specifically, Section 522(d) of the Bankruptcy Code.
Federal Judges
judges appointed to the federal bench pursuant to U.S. Const., art. III, §2.
Federal public defender
An attorney employed by the federal courts on a full-time basis to provide legal defense to defendants who are unable to afford counsel. The judiciary administers the federal defender program pursuant to the Criminal Justice Act.
Federal Public Defender Organization
As provided for in the Criminal Justice Act, an organization established within a federal judicial circuit to represent criminal defendants who cannot afford an adequate defense. Each organization is supervised by a federal public defender appointed by the court of appeals for the circuit.
Federal question jurisdiction
Jurisdiction given to federal courts in cases involving the interpretation and application of the U.S. Constitution, acts of Congress, and treaties.
Federal Rules of Bankruptcy Procedure
national rules promulgated to govern practice in all bankruptcy proceedings.
Felony
A serious crime, usually punishable by at least one year in prison.
Fiduciary
One who is entrusted with duties on behalf of another. The law requires the highest level of good faith, loyalty and diligence of a fiduciary, higher than the common duty of care. The debtor in possession in a Chapter 11 is a fiduciary for the creditors, owing loyalty to the creditors and not the shareholders of the debtor.
Fieri facias
originally, a common law writ commanding the sheriff to seize chattels of the debtor to satisfy a judgment. The term is still used in some jurisdictions as the name for the writ of execution. (Abbreviated as "fi fa".) See elegit
File
To place a paper in the official custody of the clerk of court to enter into the files or records of a case.
Financing Statement
the document filed in public records to perfect a security interest under UCC Article 9.
First-in-time Rule
the general rule of priority under which an earlier perfected lien or interest in property takes precedence over a later one.
Floating Lien
a line of credit from a bank, financial institution, or other lender secured by the existing and after-acquired inventory, equipment, and proceeds of a debtor's business.
Foreclosure
The legal process by which a borrower in default is deprived of his or her interest in property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the debt.
Foreign Judgment
as used in the Uniform Enforcement of Foreign Judgments Act, "foreign" means judgments of the courts of other states and federal courts, not judgments of the courts of foreign nations.
Fraudulent Transfer
a transfer made by a debtor with an intent to hinder, delay, or defraud creditors. A transfer without reasonable or fair consideration made while a debtor is insolvent or that renders a debtor insolvent will also be fraudulent. Fraudulent transfers are the subject of Bank- ruptcy Code Section 548. Fraudulent transfers are one of the trustee's avoiding powers.
Fresh Cash Rule
portion of a debt incurred by use of a false written financial statement.
Fresh Start
the phrase most frequently used colloquially to describe the basic elements of debtor relief: discharge, exemptions, and the automatic stay.
Future Advance
a loan or credit advanced to the debtor after a security interest has been created, and secured by such preexisting security interest.

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