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LSDefine

Simple English definitions for legal terms

insolvency law

Read a random definition: indefinite failure of issue

A quick definition of insolvency law:

Insolvency law is a set of rules that helps people who can't pay their debts. It's sometimes called bankruptcy law. It helps debtors by giving them relief from their creditors. Bankruptcy is a legal process where a debtor can get financial help and their assets are either sold or reorganized to pay off their debts. There are different types of bankruptcy, but the most common are liquidation and rehabilitation. Liquidation means selling off assets to pay creditors, while rehabilitation means the debtor keeps their assets and pays off their debts over time. Insolvency law also deals with the rights of creditors and debtors. If someone declares bankruptcy, they are considered to be insolvent. Insolvency means that someone can't pay their debts. The word bankruptcy comes from an old Italian custom of breaking the counter of a failed merchant.

A more thorough explanation:

Insolvency law is a set of rules that helps people who cannot pay their debts to get relief from their creditors. It is sometimes called bankruptcy law, but the two terms are not always the same.

For example, if someone owes a lot of money to different people and cannot pay it back, they can file for bankruptcy. This means that a court will oversee the process of selling their assets to pay off their debts. There are different types of bankruptcy, such as:

Insolvency law also deals with the rights of creditors and debtors in these situations. For example, if someone owes money to a creditor who is trying to collect it, the debtor may be able to use insolvency law to protect themselves from harassment or unfair treatment.

Overall, insolvency law is designed to help people who are struggling with debt to get a fresh start and move on with their lives.

in solutum | insolvent

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9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
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