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LSDefine

Simple English definitions for legal terms

involuntary bankruptcy

Read a random definition: decretum

A quick definition of involuntary bankruptcy:

Involuntary bankruptcy is a legal process where a debtor who is unable to pay their debts is forced into bankruptcy by their creditors. This means that the creditors file a petition with the court to start the bankruptcy process. There are two types of bankruptcy: liquidation and rehabilitation. In liquidation, the debtor's assets are sold to pay off their debts, while in rehabilitation, the debtor keeps their assets and pays off their debts over time. Bankruptcy law deals with the rights of debtors and creditors in these situations. Being bankrupt means that a person or company is unable to pay their debts and obligations as they become due.

A more thorough explanation:

Definition: Involuntary bankruptcy is a legal process where a debtor who is unable to pay their debts is forced into bankruptcy by their creditors. This process is supervised by a court and can result in the liquidation or reorganization of the debtor's assets for the benefit of their creditors.

Examples:

  • If a business owes money to multiple creditors and is unable to pay its debts, those creditors can file a petition for involuntary bankruptcy against the business.
  • If an individual owes a significant amount of debt to multiple creditors and is unable to pay, those creditors can also file a petition for involuntary bankruptcy against the individual.

These examples illustrate how involuntary bankruptcy can be initiated by creditors when a debtor is unable to pay their debts. The court then supervises the process to ensure that the debtor's assets are distributed fairly among their creditors.

involuntary bailment | involuntary confession

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21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
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