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Simple English definitions for legal terms

liquidation bankruptcy

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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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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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