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Austin Bankruptcy - Terms & Definitions

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UCC
The Uniform Commercial Code. A uniform code, adopted in all states except Louisiana, covering sales, negotiable instruments, security interests in personal property, and other commercial transactions.
UFCA/UFTA
The Uniform Fraudulent Conveyance Act of 1918 and its successor, the Uniform Fraudulent Transfer Act of 1984. Uniform Acts, adopted in one version or the other in most states, providing for the avoidance of fraudulent dispositions by a debtor.
Undersecured claim
A debt secured by property that is worth less than the amount of the debt. unlawful detainer action A lawsuit brought by a landlord against a tenant to evict the tenant from rental property—usually for nonpayment of rent.
Undersecured Creditor
a secured creditor whose collateral is worth less than the total amount of its allowed claim.
Undersecured Debt
See deficiency.
Undue hardship
The most widely used test for evaluating undue hardship in the dischargeability of a student loan includes three conditions: (1) the debtor cannot maintain––based on current income and expenses––a minimal standard of living if forced to repay the loans; (2) there are indications that the state of affairs is likely to persist for a significant portion of the repayment period; and (3) the debtor made good faith efforts to repay the loans.
Unfair Discrimination
unjustified differentiation in a plan between claims of comparable rank that should be treated equally.
Unimpaired (class of claims or interests)
See impaired (class of claims or interests).
Unimpaired Claim
a claim paid according to its terms on the effective date of a Chapter 11 reorganization plan. For example, if a debtor-in-possession pays all unsecured claims in full on the effective date of a plan the claims are unimpaired. An unimpaired class of claims will be deemed to have accepted a Chapter 11 plan.
United States Attorney
A lawyer appointed by the President in each judicial district to prosecute and defend cases for the federal government. The U.S. Attorney employs a staff of Assistant U.S. Attorneys who appear as the government's attorneys in individual cases.
United States Trustee
a division of the Department of Justice responsible for monitoring the administration of bankruptcy estates.
Unliquidated Claim
a claim on which the debtor's liability has arisen, but the amount of which is uncertain and cannot be calculated arithmetically from known data.
Unlisted Debt
a debt not included in a debtor's schedules.
Unmatured Claim
a claim for a debt that has come into existence but whose date of payment has not yet fallen due.
Unscheduled debt
A debt that should have been listed by the debtor in the schedules filed with the court but was not. (Depending on the circumstances, an unscheduled debt may or may not be discharged.)
Unsecured
A claim or debt is unsecured if there is no collateral that is security for the debt. Most consumer debts are unsecured.
Unsecured claim
A claim or debt for which a creditor holds no special assurance of payment, such as a mortgage or lien; a debt for which credit was extended based solely upon the creditor's assessment of the debtor's future ability to pay.
Unsecured Debt
A debt is unsecured if you have simply promised to pay a creditor a sum of money at a particular time, and you have not put up any real or personal property as collateral.
Uphold
The appellate court agrees with the lower court decision and allows it to stand. See affirmed.

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