Chapter 15 - The chapter of the Bankruptcy Code dealing with cases of cross-border insolvency.⏎
Bankruptcy estate - All interests of the debtor in property at the time of the bankruptcy filing. The estate technically becomes the temporary legal owner of all of the debtor's property.⏎
Assume - An agreement to continue performing duties under a contract or lease.⏎
Bench trial - A trial without a jury, in which the judge serves as the fact-finder.⏎
Chapter 7 - The chapter of the Bankruptcy Code providing for "liquidation," that is, the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors. In order to be eligible for Chapter 7, the debtor must satisfy a "means test." The court will evaluate the debtor's income and expenses to determine if the debtor may proceed under Chapter 7.⏎