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LSDefine

Simple English definitions for legal terms

bankrupt

Read a random definition: eleemosynary defense

A quick definition of bankrupt:

Bankrupt: When someone owes more money than they can pay back, they are called bankrupt. This means they are unable to meet their financial obligations and are insolvent. A bankrupt person may have to give up their property to be divided among their creditors. In the past, bankruptcy laws used the term "bankrupt" to describe someone who was unable to pay their debts, but now the term "debtor" is more commonly used.

A more thorough explanation:

Bankrupt is an adjective used to describe a person or company that owes more money than they can pay back. It means they are insolvent and cannot meet their financial obligations.

Bankrupt can also be used as a verb, meaning to declare someone or something bankrupt. Additionally, it can be a noun referring to a person who is unable to pay their debts.

Example 1: John's business went bankrupt because he couldn't pay his bills.

Example 2: The company was declared bankrupt by the court after failing to pay its creditors.

Example 3: The bankruptcy laws were changed in 1979, and now the term debtor is used instead of bankrupt in the Bankruptcy Code.

Example 4: Mary was a bankrupt and had to forfeit all her property to be divided among her creditors.

These examples illustrate how the term bankrupt is used to describe a person or company that is unable to pay their debts. It can have serious consequences, such as losing property or being declared insolvent by a court.

BANKR. REP. | Bankruptcy Act

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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.
[] 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
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