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LSDefine

Simple English definitions for legal terms

insolvency law

Read a random definition: villanis regis subtractis reducendis

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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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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