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LSDefine

Simple English definitions for legal terms

insolvent law

Read a random definition: legal research

A quick definition of insolvent law:

Insolvent law is a law that helps people who owe money to others but cannot pay them back. It is sometimes called bankruptcy law because it helps people who are bankrupt. This law helps people by giving them relief from their debts. It is different from insolvency proceeding, which is an old-fashioned way of saying bankruptcy proceeding.

A more thorough explanation:

Definition: Insolvent law refers to a statute that provides relief to a debtor who is unable to pay their creditors. It is sometimes used interchangeably with bankruptcy law, as there may not be a clear distinction between the two.

Example: If a person owes a lot of money to different creditors but does not have the means to pay them back, they may file for insolvency or bankruptcy. This will allow them to either liquidate their assets to pay off their debts or restructure their payments to make them more manageable.

Explanation: Insolvent law is designed to help individuals or businesses who are in financial distress and cannot meet their financial obligations. It provides a legal framework for debtors to either discharge their debts or reorganize their finances to pay off their creditors over time. The example illustrates how insolvency law can be used to provide relief to debtors who are unable to pay their debts.

insolvent | in spe

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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
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
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