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LSDefine

Simple English definitions for legal terms

act of bankruptcy

Read a random definition: in forma pauperis affidavit

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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General

General chat about the legal profession.
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ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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