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LSDefine

Simple English definitions for legal terms

gap period

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A quick definition of gap period:

Gap period: The time between when someone asks a court to declare a person or company bankrupt and when the court actually makes the decision. This time is called the gap period or gap for short.

A more thorough explanation:

Definition: The gap period in bankruptcy refers to the time between the filing of an involuntary bankruptcy petition and the entry of the order for relief.

For example, if a company is facing financial difficulties and creditors file an involuntary bankruptcy petition against it, there will be a gap period before the court decides whether to grant the petition and enter an order for relief. During this time, the company may continue to operate and manage its affairs.

The gap period is important because it allows the court to review the petition and determine whether the debtor is eligible for bankruptcy protection. It also gives the debtor time to prepare for the bankruptcy process and potentially negotiate with creditors.

gap financing | gap report

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12:05
am i the only one who has never gotten my status checker to work on here?
BulbasaurNoLikeCardio
12:06
@ChowieBean: want to see what schools they share an applicant pool with, think it is all data harvesting stuff no a +/- for the applicant
12:06
ok good cuz idk whether i wanna tell them or not
12:06
thanks bulbasaur
12:08
not to be that guy again but berkeley person/applicant id is back and Shiny New Logo
be that guy
EW THE NEW LOGO IS SO UGLY
WTF
12:09
need to send in my berkeley app rawwwww
BulbasaurNoLikeCardio
12:09
@ChowieBean: should be required to tell them, the schools who asked I only told them the schools in their area not all of them.
BulbasaurNoLikeCardio
12:10
*shouldnt be
12:12
@jackfrost11770: if i get a berk A today and they have that logo im withdrawing (/s /s /s /j /j /j)
babycat
12:12
@ChowieBean: me too lol. you applying to public interest scholars program?
12:14
yes def applying public interest
12:16
i was raised like blocks away from umiami
12:16
idk if i wanna go back to florida tho so im applying there as safety/target 💀
12:25
@ChowieBean: doing the same thing
Does anyone think au gonna get back to us today
My app was complete Oct 11
If yes what time
Dkk
12:29
Sure, yes! 11:22:24 PST
ClassyPleasantHeron
12:30
I wonder if Berk was updating their system so that they could watch more video.
1a2b3c4d26z
12:41
They updated it so they could watch my video one trillion times
brookyln law portal just added person id and application id for me, what does it mean??
Dkk
12:52
@VolatileClumsyAcolyte: well someone got an A so maybe an A
just checked the reddit, apparently it means nothing..
HAPPY FRIDAY HAPPY UCLA DAY
what time would they release cuz west coast
BulbasaurNoLikeCardio
12:54
I hate that Vanderbilts portal gives no status
HopefullyInLawSchool
12:54
@VolatileClumsyAcolyte: did you apply YM to Brooklyn?
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