Bankruptcy Protection

Homestead
A homestead refers to a house and the surrounding land that is owned and used as a dwelling. Under modern homestead exemption laws enacted in most states, any property designated as a homestead is exempt from execution and sale by creditors in case of bankruptcy.
Petition in Bankruptcy
A legal document filed by an insolvent debtor to declare bankruptcy and seek protection from creditors.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.