7 Guam Code Ann. § 50000
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Terms Used In 7 Guam Code Ann. § 50000
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
The provisions of this Part shall be known and may he cited as The Insolvency Law and in accordance with its provisions every insolvent debtor may be permitted to suspend payments or be discharged from his debt and liabilities.
SOURCE: CCP 1280. This entire part was enacted in 1953. Therefore, all references to the source herein will refer to the original enactment unless there has been a later amendment.
COMMENT: To the best of the Compiler’s knowledge, as of March, 1990 no debtor has used this part since at least 1970. Rather, debtors seeking protection, or forced into it by creditors, have used the federal Bankruptcy Law, enforceable through the District Court of Guam. However, the federal Bankruptcy laws do recognize certain local exemptions, which may be found in this Chapter and elsewhere in this Title.