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Simple English definitions for legal terms

assignment for the benefit of creditors

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A quick definition of assignment for the benefit of creditors:

An assignment for the benefit of creditors is when a person who owes money to many people gives their property to someone else to sell and use the money to pay back the people they owe. If there is any money left over, it goes back to the person who owed the money. This is like a different way to handle money problems instead of going to court for bankruptcy. But, the person who owed the money still has to pay back what they owe because the people they owe did not agree to let them off the hook.

A more thorough explanation:

An assignment for the benefit of creditors is a legal process where a debtor's property is transferred to another person, who then sells the assets to pay off the debtor's debts. This process is an alternative to filing for bankruptcy and is governed by state law.

For example, let's say a small business owner is struggling to pay off their debts. They may choose to make an assignment for the benefit of creditors, which means they transfer ownership of their assets to a trustee. The trustee then sells the assets and uses the proceeds to pay off the business's debts. Any remaining funds are returned to the business owner.

Another example could be an individual who owes a large amount of money to various creditors. They may choose to make an assignment for the benefit of creditors, which means they transfer ownership of their assets to a trustee. The trustee then sells the assets and uses the proceeds to pay off the individual's debts. Any remaining funds are returned to the individual.

Overall, an assignment for the benefit of creditors is a way for debtors to pay off their debts without going through the formal bankruptcy process. However, it's important to note that the debtor is not discharged from their unpaid debts through this process.

Assignment Division | assignment of dower

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SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
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Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
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.
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