Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

debt

Read a random definition: Strategic National Stockpile

A quick definition of debt:

Debt is when someone owes money to another person or organization. It's like borrowing money and promising to pay it back later, usually with extra money called interest. Debt can come in different forms, like loans, bonds, or credit card bills. Sometimes, governments or companies borrow money too. If someone can't pay back their debt, the person or organization they owe money to might take legal action or the debtor might file for bankruptcy.

A more thorough explanation:

Debt is when one person owes money to another person. It has two parts: the amount of money borrowed (called the principal) and the extra money paid back for borrowing (called interest). There are different types of debt, but they all depend on four things: how much money is borrowed, how long it takes to pay it back, how much interest is charged, and how often interest is calculated.

For example, someone might borrow $1,000 and pay it back over ten years with 2% interest added twice a year. Or they might borrow $1,000 and pay it back over five years with 5% interest added once a year.

People, companies, and governments can all have debt. Companies might borrow money by selling bonds to investors. Governments might borrow money by selling bonds to investors too, or by issuing treasury bills, notes, or bonds. Debt issued by local governments is called municipal bonds. The total amount of debt owed by the federal government is called the national debt.

Debt can take many forms, like loans, bonds, promissory notes, debentures, mortgages, and credit card balances. Debt can be secured, which means the borrower promises to give something else as collateral if they can't pay back the debt. Debt can also be unsecured, which means there's no collateral. Debt can be recourse, which means the lender can go after the borrower's personal assets if they don't pay back the debt. Debt can also be nonrecourse, which means the lender can't go after the borrower's personal assets.

If someone can't pay back their debt, the lender can take legal action. If the lender wins, they can try to collect the debt. If the borrower still can't pay, they might file for bankruptcy. Even if the lender wins in court, they still have to follow the state's rules for collecting debt.

For example, if someone borrows $10,000 from a bank and can't pay it back, the bank might take them to court. If the bank wins, they might be able to take money from the borrower's bank account or paycheck. If the borrower still can't pay, they might file for bankruptcy. Even if the bank wins in court, they still have to follow the state's rules for collecting debt.

debit card | debt collector

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
TGM
18:39
@texaslawhopefully: alas, haven’t even gotten an interview (applied around thanksgiving)
18:39
Yeah I would delay as long as you have plausible deniability
TGM
18:40
I actually do have a transcript issue that registrar needs to resolve, should I say that
TGM
18:41
(Course marked as Incomplete that’s supposed to be removed)
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
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.
LSD+ is ad-free, with DMs, discounts, case briefs & more.