Legal Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z #

-G-

Gap period: The time between the filing of an involuntary petition and adjudication that the debtor is a "bankrupt."

Garnishment: A creditor's seizure of property of the debtor in the possession of a third party (for example a wage garnishment).

Garnishment of wages: Taking or seizing the amount owing pursuant to a child support order or other order, directly from the employee's wages; a proceeding whereby a debtor's money, or other property, which is under the control of another is given to a third person to whom the debtor owes a debt.

General partner: Usually one of the owners and operators of a partnership, which is a joint business entered into for profit, in which responsibility for management, profits and, most importantly,

Go public: The process of becoming a public, fully reporting company either by filing a registrations statement with the SEC, or by merging with a public company.

Good faith: Debtors who have filed their cases or plans in an honest way showing they are trying to solve their debt problems without unfair manipulation of the system or fraud against a creditor.

Good-faith estimate: An estimate from an institutional lender that shows the costs a borrower will incur, including loan-processing charges and inspection fees.

Good standing: A state a corporation enjoys when it is in full compliance with the law.

Goods: Items held for sale in the regular course of business, as in a retail store.

Government National Mortgage Association (GNMA): Commonly known as Ginnie Mae, this agency buys home loans from lenders, pools them with other loans and sells shares to investors. Unlike similar agencies Fannie Mae and Freddie Mac, Ginnie Mae only purchases loans backed by the federal government.

GPM (graduated-payment mortgage): A mortgage that requires a borrower to make larger monthly payments over the term of the loan. The payment is unusually low for the first few years but gradually rises until year three or five, then remains fixed.

Grantee: A person to whom an interest in a piece of property is conveyed.

Greenbelt or Greenway: Any stretch of park, open space or other natural setting in a community.