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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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18:13
Babycat are you drinking the chemical waters
BulbasaurNoLikeCardio
18:13
Told them this is ridiculous and they took $140 off so my patience has been bought. Now I need to find another distraction from this shitty teacher
18:13
Original price was 460 they just ripped ya off
18:13
jk that is nice
babycat
18:14
@EvolBunny: I love fluoride 😍😍😍
18:14
omg me too
BulbasaurNoLikeCardio
18:15
@EvolBunny: I am fine with them making their cut and all that but I bought it with an adjustable gas block, new LVPO and foregrip so I just have a bunch of parts and ammo with no way to shoot it
@BulbasaurNoLikeCardio: i mean getting paid for their incompetence is based
18:15
they think you are going to attack dj trump
BulbasaurNoLikeCardio
18:18
@BulbasaurNoLikeCardio: they blaimed it on their IT team for not updating it as out of stock when I paid but like buying something in stock in September then being told I won't get it until mid January is pretty wild. I do not hunt anymore but their mistake would of caused me to miss the entire season. If it wasn't so hard to get left handed ARs I would of gone elsewhere
oh that's kind of worth more than $140
that's at least $300
18:19
@BulbasaurNoLikeCardio: what you gonna do when january hits and they are like "it still isnt here come back in april"
BulbasaurNoLikeCardio
18:20
Its a $600 part, they already covering shipping and paying the tax so $140 is an additional 25% off.
BulbasaurNoLikeCardio
18:20
If it doesn't come January I am going to just say fuck it and toss everything on the right handed upper and just eat gas.
18:21
You should have said to refund you or give 300 off
18:21
wasp is wasp
18:21
knows how be rich and demand shit lmfao
i am atheist not protestant
18:22
same thing tho ya? - catholic
BulbasaurNoLikeCardio
18:23
Ill just keep arguing for more money off until I get it or they end up paying me to take it lmao
18:24
what other guns ya got
are we losing hope for gtown lol
yeah i dont think gtown does A's this late unfortunately
18:25
it is like 630 on a friday there bud
18:25
think it is safe to say it aint happenin today\
damn it was a slow day today
BulbasaurNoLikeCardio
18:26
I got a custom built Leftie ar15 I run suppressed, a regular ar15, a .270 axis savage bolt gun, xd9, xd40 and have my AR10 I run suppressed.
BulbasaurNoLikeCardio
18:26
I do not think we will see a wave until after thanksgiving. Adcoms will be nice and not ruin someones thanksgiving with an R
18:28
ruin my thanksgiving law schools uwu
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