JumpySubsequentDolphin
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Simple English definitions for legal terms
breathing room
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A quick definition of breathing room:
Term: Breathing Room
Definition: Breathing room is a time period after someone has gone through bankruptcy where they can come up with a plan to pay back their debts without being bothered by their creditors. It's like a break that gives them space to figure things out and get back on their feet.
A more thorough explanation:
BREATHING ROOM
Breathing room is a slang term used to describe the period of time after someone has declared bankruptcy. During this time, the debtor is given the opportunity to create a plan to repay their debts without being bothered or interrupted by their creditors.
After declaring bankruptcy, John was given a six-month breathing room to come up with a plan to repay his debts.
During the breathing room, creditors are not allowed to contact the debtor or take any legal action against them.
The term breathing room refers to the time given to a debtor to create a debt-repayment plan without any interference from their creditors. This period is usually granted after someone has declared bankruptcy and is meant to give the debtor a chance to get back on their feet. During this time, creditors are not allowed to contact the debtor or take any legal action against them, giving them the space they need to come up with a plan to repay their debts.