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LSDefine

Simple English definitions for legal terms

bankrupt

Read a random definition: Uniform Controlled Substances Act

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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18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
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
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