Palm Beach County Office

4400 Northcorp Parkway
Palm Beach Gardens, FL 33410
Phone: 561.626.7561
Fax: 561.626.7561

Martin County Office

8902 S.E. Bridge Road
Hobe Sound, FL. 33455
Phone: 772.408.6969
Fax: 772.781.8969

St. Lucie Information

2400 SE Veterans Memorial Parkway
Port St. Lucie, FL 34952
Phone: 772.408.6969
Fax: 772.781.8969

Friday 27 Nov 2015

Bankruptcy Terms

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Term Definition
Fair Market Value

The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept. Foreclosure: The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.


One who is entrusted with duties on behalf of another. The law requires the highest level of good faith, loyalty and diligence of a fiduciary, higher than the common duty of care that we all owe one another. The debtor in possession in a Chapter 11 is a fiduciary for the creditors, owing loyalty to the creditors and not the shareholders of the debtor.

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