Gnomenclature

Bankruptcy is a legal process by which a court supervises the settlement of debts. This often involves creditors being forced to accept less than the full amount owed them, with the court deciding on the fairest way to distribute the debtor’s resources among the creditors. There are different types of bankruptcy which apply different approaches to the process, including the liquidation of the debtor’s assets and scheduled payments out of the debtor’s future income.

Base price is the listed price of the most stripped-down model of a car, without options. While knowing the base price can be useful for preliminary comparison purposes, cars are routinely shipped to dealers with a variety of options packages included. As a result, base price often is well below the price consumers actually pay.