Confirmation - Approval of a plan of reorganization by a bankruptcy judge.⏎
De facto - Latin, meaning "in fact" or "actually." Something that exists in fact but not as a matter of law.⏎
Equity - The value of a debtor's interest in property that remains after liens and other creditors' interests are considered. (Example: If a house valued at $60,000 is subject to a $30,000 mortgage, there is $30,000 of equity.)⏎
Due process - In criminal law, the constitutional guarantee that a defendant will receive a fair and impartial trial. In civil law, the legal rights of someone who confronts an adverse action threatening liberty or property.⏎
Contract - An agreement between two or more people that creates an obligation to do or not to do a particular thing.⏎