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LSDefine

Simple English definitions for legal terms

insolvency law

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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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soap
15:42
Are you in an open marriage?
babycat
15:42
@BulbasaurNoLikeCardio: aw of course I want you around but I was thinking of the 7sage diversity statement in their admissions course where this guy writes about how he and his wife take in foster kids. he got into NW with below median LSAT. you have significant past adversity and interesting work experience I would shoot your shot
babycat
15:43
and I honestly don't think the t14 require significantly more intellect than any other law school. the content is pretty much the same
15:44
the rigor of the T14 law schools is almost entirely the result of who they allow to attend
BulbasaurNoLikeCardio
15:44
Well so far Vandy is highest ranked I went for, hopefully they like me. Its not really the academics/rigor. Following rules and meeting standard is easy it is the competition for class rank and with other students that I think would be my greatest struggle
JumpySubsequentDolphin
15:45
but doesn’t grade inflation at the top schools almost make it easier to get higher grades than it does at >t14
babycat
15:45
@info-man: agreed
babycat
15:48
just my opinion but grade inflation is probably more of an undergrad thing since law school grades tend to be on a curve
shaquilleoatmeal
15:49
Leaving the office just now and this chic is blasting glorilla in the elevator...doesn't match our work location vibe lmao
shaquilleoatmeal
15:49
shits gonna be stuck in my head all night now
glovediedthisishismom
15:50
northwestern has a dude with a murder charge in their class this year dont they
shaquilleoatmeal
15:50
what^^
shaquilleoatmeal
15:50
no way
HopefullyInLawSchool
15:50
2 next year
glovediedthisishismom
15:50
google it shaq some dude got his degree in prison and is now at nw
HopefullyInLawSchool
15:50
Bro is studying to beat the charges
shaquilleoatmeal
15:52
While representing himself in court, McKinley's sentence was reduced from 100 years to 25, a sentence he served in full. While still incarcerated, he took the LSAT, or Law School Admission Test, and applied to law school - no shit, thats impressive how much he lowered his sentence being pro say
JumpySubsequentDolphin
15:52
@HopefullyInLawSchool: that made me lol
babycat
15:52
there was a convicted rapist admitted to some southern law school not too long ago
shaquilleoatmeal
15:53
smh
glovediedthisishismom
15:53
fun fact gangs specifically have all their shooters be 12-16 year olds so they can go to juvee and get their charges sealed like nothing happened
shaquilleoatmeal
15:56
yo, what should i pick up for dinner?? Cava or Sweetgreen
glovediedthisishismom
15:56
sweetgreen
glovediedthisishismom
15:56
i wish i had one close to me
babycat
15:56
shaq how did your date with Uber girl go?
soyalmondoatmilk
15:57
OMG I LOVE SWEETGREEN
shaquilleoatmeal
15:57
lmaooo oh man i gotta find a way to make a long story short - sg it is ! What do you guys usually get? I'm tired of my same old same old
soyalmondoatmilk
15:57
i love the harvest bowl
soyalmondoatmilk
15:57
their salmon is good too
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