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LSDefine

Simple English definitions for legal terms

liquidation bankruptcy

Read a random definition: Law Society

A quick definition of liquidation bankruptcy:

Liquidation bankruptcy is a type of bankruptcy where a person or business sells off their assets to pay off their debts. This is also known as Chapter 7 bankruptcy. It is usually used when a person or business has no way to pay off their debts and needs a fresh start. In this process, a trustee is appointed to sell off the assets and distribute the proceeds to the creditors. Once the process is complete, the person or business is no longer responsible for the debts that were discharged.

A more thorough explanation:

LIQUIDATION BANKRUPTCY

Liquidation bankruptcy is a type of bankruptcy where a debtor's assets are sold to pay off their debts. This is also known as Chapter 7 bankruptcy.

  • John filed for liquidation bankruptcy and had to sell his car and house to pay off his debts.
  • Sarah's business went bankrupt and she had to liquidate all of her inventory to pay her creditors.

These examples illustrate how liquidation bankruptcy works. In both cases, the debtors had to sell their assets to pay off their debts. This is because in liquidation bankruptcy, the debtor's assets are used to pay their creditors. Once all the assets are sold and the creditors are paid, the debtor's remaining debts are discharged.

liquidating price | liquidation dividend

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
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
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