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Plano Bankruptcy - Terms & Definitions

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Magistrate judge
A judicial officer of a district court who conducts initial proceedings in criminal cases, decides criminal misdemeanor cases, conducts many pretrial civil and criminal matters on behalf of district judges, and decides civil cases with the consent of the parties.
Mandatory Provision
a provision in a reorganization plan required by the Bankruptcy Code.
Market Value
the value of an asset, real or personal, sold in the ordinary course of business according to commercially reasonable terms.
Marshalling of Assets
an equitable doctrine that applies when two creditors are competing for satisfaction of their claims from the same fund and one of them has another fund available for application to its debt. Marshalling requires that creditor resort to the other fund before having recourse to the shared fund.
Materialman's Lien
See Mechanic's lien.
Mature Claim
See unmatured claim.
Bankruptcy Means test
Section 707(b)(2) of the Bankruptcy Code applies a "bankruptcy means test" to determine whether an individual debtor's chapter 7 filing is presumed to be an abuse of the Bankruptcy Code requiring dismissal or conversion of the case (generally to chapter 13). Abuse is presumed if the debtor's aggregate current monthly income (see definition above) over 5 years, net of certain statutorily allowed expenses is more than (i) $10,000, or (ii) 25% of the debtor's nonpriority unsecured debt, as long as that amount is at least $6,000. The debtor may rebut a presumption of abuse only by a showing of special circumstances that justify additional expenses or adjustments of current monthly income.
Mechanic's Lien
a statutory lien on real property available to a person who, at the request of the owner or the owner's agent, has furnished services or labor on credit in connection with the improvement of the property. The supplier of materials used in the construction may assert a similar statutory lien called a "materialman's lien". These traditional names for the liens have been abandoned in some states in favor of the more modern "construction lien".
Meeting of Creditors
a mandatory hearing,held within 40 days after the entry of an order for relief in any Chapter proceeding. At the meeting of creditors, the trustee and creditors may examine the debtor regarding the assets and liabilities of the bankruptcy estate. Section 341(a) of the Bankruptcy Code mandates the meeting of creditors.
Mental Health Treatment
Special condition the court imposes to require an individual to undergo evaluation and treatment for a mental disorder. Treatment may include psychiatric, psychological, and sex offense-specific evaluations, inpatient or outpatient counseling, and medication.
Misdemeanor
An offense punishable by one year of imprisonment or less. See also felony.
Mistrial
An invalid trial, caused by fundamental error. When a mistrial is declared, the trial must start again with the selection of a new jury.
Moot
Not subject to a court ruling because the controversy has not actually arisen, or has ended.
Motion
A request by a litigant to a judge for a decision on an issue relating to the case.
Motion For Relief From The Automatic Stay
a motion made by a creditor, pursuant to 11 U.S.C. §362(d), to be freed from the effect of the automatic stay.
Motion in Limine
A pretrial motion requesting the court to prohibit the other side from presenting, or even referring to, evidence on matters said to be so highly prejudicial that no steps taken by the judge can prevent the jury from being unduly influenced.

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