Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S corporation, whose profits are passed through to shareholders and taxed on their personal returns under subchapter S of the Internal Revenue Code.
CC&R
See covenants, conditions & restrictions.
CCCS
See Consumer Credit Counseling Service.
Chapter 13 bankruptcy
The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.
Chapter 13 plan
A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.
Chapter 7 bankruptcy
The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 bankruptcy takes from three to six months, costs about $200, and commonly requires only one trip to the courthouse.
Civil Rights Act of 1964
Federal legislation designed to end discrimination based on religion, color, race or national origin. This law guarantees the right of access to education, public facilities and public accommodations, such as restaurants and hotels. It also prohibits discrimination in employment.
Consolidated Omnibus Budget Reconciliation Act (COBRA)
A federal law requiring that employers offer employees -- and their spouses and dependents -- continuing insurance coverage if their work hours are cut or they lose their job for any reason other than gross misconduct. Courts are still in the process of determining the meaning of gross misconduct, but it's clearly more serious than poor performance or judgment. COBRA also makes an ex-spouse and children eligible to receive group rate health insurance provided by the other ex-spouse's employer for three years following a divorce.
Consumer Credit Counseling Service (CCCS)
A national non-profit agency that, at no cost, helps debtors plan budgets and repay their debts. One major criticism of CCCS is that each office is primarily funded by voluntary donations from the creditors that receive payments from debtors repaying their debts through that office. Despite this criticism, most CCCS counselors provide clients with thorough and neutral advice.
Consumer Leasing Act
A federal law that requires lease agreements to include certain terms, including a statement of the number of lease payments and their dollar amounts, penalties for not paying on time and whether a lump sum payment is due at the end of the agreement. Despite this law, many vehicle lease agreements are nearly impossible to decipher.
Copyright Office
A branch of the U.S. Library of Congress that oversees the implementation of the federal copyright laws, including issuing regulations and processing applications for the registration of copyrights.
County Attorney
See District Attorney.
capital case
A prosecution for murder in which the jury is also asked to decide if the defendant is guilty and, if he is, whether he should be put to death. When a prosecutor brings a capital case (also called a death penalty case), she must charge one or more "special circumstances" that the jury must find to be true in order to sentence the defendant to death. Each state (and the federal government) has its own list of special circumstances, but common ones include multiple murders, use of a bomb or a finding that the murder was especially heinous, atrocious or cruel.
capital gains
The profit on the sale of a capital asset, such as stock or real estate. If you sell your primary residence, you can exclude $250,000 in profit from capital gains tax. A couple can exclude $500,000.
capital punishment
The decision by a jury, in the second phase of a captital case, that the convicted defendant should be put to death.
