Question

can you do short definitions of these

the Automatic stay provision,

a debtor in possession,

reaffirmation agreement.

employee,

independent

contractor.

Personal Property,

Real Property,

Fixtures,

Bailments.

Answer 1

The automatic stay provision:- A automatic stay is one of the fundamental debtor protection provide by the bankruptcy laws. it give the debtor a breathing spell from his creditors. It protect the debtor against certains creditors including beginning or continuing judicial proceeding against the debtor.

A debtor in possession:- It is a person or corporation that has files for bankruptcy protection but still hold property to which a creditor has right

Reaffirmation agreement:- It is type of agreement a debtor makes with lender to repay some or all of debt despite going through bankruptcy proceeding.

Employee:- A person below executive level who is hired by another to perform a service expecially for wages or salary and is under the other control.

Independent:- Not controlled by any outside factors including opinions and regulation.

Contractor:- A person or firm that undertakes a contract to provide materials or labour to perform a service or to do job. A contractor, however is responsible for their own business dealing and has control of how and when they do their work.

Personal property:- Personal property is generally a movable property. Personal property refer to tangible items that are not permanently attached to or part of real property.

Real Property:- Real property is land and object attached to land in a relatively permanent manner.

Fixture:-  FIxture means physical property that is permanently attached (fixed) to real property in a manner that it become part of that property.

Bailment:- It is transfer of custody of a property rather than a transfer of ownership of property. A bailment is a form of contractual relationship,even if no contract has been signed.The person receiving the property (the bailee) has the possession and control over property. The original owner of the property(bailor) retains ownership interest.