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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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HopefullyInLawSchool
13:34
they emailed you/
HopefullyInLawSchool
13:34
?
13:35
@HopefullyInLawSchool: Yea, I just got it
i just want a cornell ii :(
13:37
yak you will be fucking shit up at cornell this time next year dw
i love u
13:38
love you too bby
glovediedthisishismom
13:42
what if desantis appoints lara trump and matt gaetz to be floridas senators
Dkk
13:42
Sounds good to me
HopefullyInLawSchool
13:43
@glovediedthisishismom: What if he appoint Ym instead?
HELP
every damn opportunity
13:47
do schools straight reject people from ed or to they always ed-rd if its a no for ED?
HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
glovediedthisishismom
13:53
i just wanna rock
glovediedthisishismom
13:53
bodyadaya
13:53
let it rock
14:17
How are the vibes heading into thanksgiving yall?
HopefullyInLawSchool
14:17
@Law-Guy Im feeling kinda happy I applied YM to UCI hoping it helps (:
Wanna give some head
soap
14:18
Cornell
14:19
@HopefullyinLawSchool What's YM?
14:19
oh no
HopefullyInLawSchool
14:19
you mom
WorthlessAttractiveZombie
14:19
Ouch
HopefullyInLawSchool
14:19
your*
14:19
I fear I realized too late
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