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LSDefine

Simple English definitions for legal terms

act of bankruptcy

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A quick definition of act of bankruptcy:

Act of bankruptcy: An action or event that can lead to a person or business being forced into bankruptcy. This can include things like fraudulently giving away property or assets. In the past, an act of bankruptcy was required to start a bankruptcy case, but this is no longer the case under current bankruptcy laws.

A more thorough explanation:

Definition: An act of bankruptcy is an event that triggers an involuntary bankruptcy proceeding against a debtor. This can include fraudulent conveyance of property, failure to pay debts, or other actions that indicate the debtor is unable to pay their debts.

Example: If a debtor sells their property to a family member for far less than its market value in an attempt to hide assets from creditors, this could be considered an act of bankruptcy. The sale is fraudulent and indicates that the debtor is not acting in good faith to pay their debts.

Explanation: An act of bankruptcy is a serious matter that can lead to involuntary bankruptcy proceedings against a debtor. This means that creditors can force the debtor into bankruptcy, even if they do not want to file for bankruptcy themselves. The examples illustrate how certain actions by a debtor can trigger an involuntary bankruptcy proceeding and the consequences that can result from these actions.

act of attainder | act of commission

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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