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LSDefine

Simple English definitions for legal terms

Chapter 22

Read a random definition: time out of mind

A quick definition of Chapter 22:

Chapter 22: When a company or organization files for bankruptcy for the second time after a previous attempt failed because they are unable to pay their debts or are at risk of not being able to pay their debts again.

A more thorough explanation:

Definition: Chapter 22 is a slang term used to describe a situation where a debtor, usually a corporation, files for bankruptcy for the second time shortly after a previous bankruptcy filing has failed. This happens because the debtor has become insolvent again or is threatened with insolvency once more.

Example: ABC Corporation filed for Chapter 11 bankruptcy in 2018 but failed to restructure its debts and emerge from bankruptcy. In 2019, ABC Corporation filed for bankruptcy again, which is known as Chapter 22 bankruptcy.

Explanation: The example illustrates how a corporation can file for bankruptcy twice, with the second filing being referred to as Chapter 22. In this case, ABC Corporation was unable to successfully restructure its debts and become financially stable after its first bankruptcy filing, leading to a second filing.

Chapter 20 | chapter-surfing

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General

General chat about the legal profession.
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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
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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