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LSDefine

Simple English definitions for legal terms

Bankruptcy Act

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A quick definition of Bankruptcy Act:

Bankruptcy Act: The Bankruptcy Act is a law that was created in 1898 to help people who cannot pay their debts. It was used until 1979 to help people who were bankrupt. Bankruptcy is when someone owes more money than they can pay back. The Bankruptcy Act helped these people by giving them a way to start over and pay back their debts in a fair way.

A more thorough explanation:

The Bankruptcy Act is a law that was in effect from 1898 until October 1, 1979. It governed bankruptcy cases during that time period.

For example, if someone filed for bankruptcy in 1965, their case would have been governed by the Bankruptcy Act.

This law set out the rules and procedures for how bankruptcy cases were handled. It provided a way for people who were overwhelmed by debt to get a fresh start by having their debts discharged.

Overall, the Bankruptcy Act was an important piece of legislation that helped many people get back on their feet financially.

bankrupt | bankruptcy case

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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