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LSDefine

Simple English definitions for legal terms

debt pooling

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A quick definition of debt pooling:

Debt pooling is when someone combines all their debts into one big debt. This makes it easier to manage and pay off. The person can negotiate with their creditors to pay less money each month or to pay back less overall. This is also called debt consolidation or debt adjustment.

A more thorough explanation:

Definition: Debt pooling is an agreement where a person's debts are combined into one and creditors agree to accept lower monthly payments or to take less money. It is also known as debt consolidation or debt adjustment.

Example: John has three credit cards with different balances and interest rates. He is struggling to make the minimum payments every month. He decides to apply for debt pooling, which combines all his credit card debts into one loan with a lower interest rate. John now has to make only one monthly payment, which is lower than the total of his previous payments.

Explanation: In this example, John's debts are consolidated into one loan, which makes it easier for him to manage his finances. The creditors agree to accept lower monthly payments because they know that John is committed to paying off his debts. Debt pooling helps people to reduce their debt burden and avoid defaulting on their loans.

debtor's property | debt ratio

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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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