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Today's Terms
Set-off
Definition:
The ability to discharge or reduce a debt by applying a counter claim between the same parties.
Exclusivity (period of)
Definition:
A debtor in Chapter 11 has the exclusive right to file a plan of reorganization for the first 120 days of its bankruptcy. Thereafter, unless the period of exclusivity is extended by the court, other parties may file reorganization plans.
Bankruptcy estate
Definition:
Generally, the property of the debtor that is subject to the jurisdiction of the bankruptcy court.
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