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LSDefine

Simple English definitions for legal terms

cessionary bankrupt

Read a random definition: Specific bequest

A quick definition of cessionary bankrupt:

A cessionary bankrupt is someone who owes so much money that they cannot pay it back. This person has to give up all their property so that it can be divided among the people they owe money to. This term is not used very often anymore, but it means the same thing as someone who files for Chapter 7 bankruptcy.

A more thorough explanation:

Definition: A cessionary bankrupt is a person who forfeits all their property so that it can be divided among their creditors. This term is no longer used in modern bankruptcy laws, but it was used until 1979.

Example: In the past, if someone owed a lot of money to different people and couldn't pay it back, they could declare themselves a cessionary bankrupt. This meant that they would give up all their property, and it would be sold to pay off their debts. For example, if someone owed $100,000 to different creditors and only had a house worth $50,000, they would have to give up their house to be sold and the money would be divided among their creditors.

This example illustrates how a cessionary bankrupt would forfeit all their property to pay off their debts. It also shows how this term is no longer used in modern bankruptcy laws, which now use the term "debtor" instead.

cession | cessment

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17:54
berk…..
shaquilleoatmeal
17:58
what about berk
18:01
i need wave
shaquilleoatmeal
18:04
call them and demand one
@shaquilleoatmeal: did you get double app complete on sub status or just one
letsseehowitgoesnow
18:11
shaq i got that for BU
shaquilleoatmeal
18:13
@Eminatorcookieeater: just one
shaquilleoatmeal
18:14
@letsseehowitgoesnow: lfg!
shaquilleoatmeal
18:14
@Eminatorcookieeater: did you get one or double??
Just one sadly
letsseehowitgoesnow
18:15
I doubt it means anything. I applied like 2 weeks ago lol
letsseehowitgoesnow
18:16
Actually nvm. I don’t have that lol
shaquilleoatmeal
18:17
@Eminatorcookieeater: I think it's still a good sign, seems like we're one stage away from a decision rolling out which is a good thing, whether an A, R, or WL lol
shaquilleoatmeal
18:17
all obviously based on that reddit post which might not be accurate
Exactly at least something is happening haha
shaquilleoatmeal
18:19
lfg just got a vandy interview
Dkk
18:26
Nice, I should get that app in.
Dkk
18:26
Good motivation.
shaquilleoatmeal
18:28
@Dkk: get that app in man, c'mon
[] baddestbunny
18:29
1.5 hours bitches
[] baddestbunny
18:32
but who’s counting?
it’s happennninnnnggg
Dkk
18:37
I will do better! @Shaq
shaquilleoatmeal
18:41
atta boy dk
[] baddestbunny
18:42
I think our opponent’s dad is mad at me
good feed off his malding
JumpySubsequentDolphin
18:52
gulc should send invites so i can take my mind off the election
Dkk
19:11
Man, I just made two steaks, opened a bottle of Chianti Classico. Just gotta relax.
Dkk
19:11
It will all be good!
Dkk
19:15
Btw no Berkeley. Friend at Berkeley law says everyone is checked out already cus of the election.
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