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Simple English definitions for legal terms

long-term debt

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A quick definition of long-term debt:

Long-term debt is money that someone owes and will not have to pay back for a year or more. It is usually used to buy big things like a house or a car. This is different from short-term debt, which is money that someone owes and has to pay back within a year. Long-term debt can be secured, which means the person who lent the money can take something away if the borrower doesn't pay it back, or unsecured, which means there is no specific thing the lender can take away.

A more thorough explanation:

Long-term debt refers to a type of debt that is not due for payment within the next year. It is a liability on a claim, which means a specific sum of money that is owed by agreement or otherwise.

Examples of long-term debt include:

Bonds or debentures
Mortgages
Bank loans with a repayment period of more than one year

These examples illustrate long-term debt because they are all debts that are not due for payment within the next year. For instance, a bond is a type of long-term debt that is issued by a company or government and has a maturity date of more than one year. This means that the bondholder will receive their principal investment plus interest after a certain period of time, usually several years.

long-term capital loss | long-term foster care

General

General chat about the legal profession.

General >T14 Off Topic

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[M] cheriebomb

15:41

just for u sweetie pie

llama

15:43

woah so much swagger with dat 'm;

Dkk

15:47

@shaquilleoatmeal: more like, blow my back out by the bay boston instead of back bay boston.

llama

15:48

https://www.urbandictionary.com/define.php?term=Chad%20Thundercock

Dkk

15:48

Indeed, the legendary man himself.

cheriebomb

15:49

I would go to blow my back out by the bay boston

llama

15:50

lift with ur back not your legs, its better to have a blown back than two bad legs

CynicalOops

15:53

Blow and back day out by boston bay

cheriebomb

15:59

so true

Dkk

16:03

Of course. Man sad Ricky Henderson died. That was my favorite athlete of all time.

windyMagician

16:10

is it dumb that I rlly want to go to Mich even tho I have a full ride to umn

llama

16:12

no-value as a consumer often means more than the price

Dkk

16:15

@windyMagician: Nah michigan is better than UMN

Dkk

16:15

My sister just officially graduated, yay!

llama

16:16

awesome @Dkks sister

llama

16:16

prolly named veronica or sarah

windyMagician

16:16

@Dkk: for public defense tho?

windyMagician

16:16

Sarah in the bathroom

texaslawhopefully

16:17

@windyMagician: not at all. Michigan is also very generous with aid, so if you get enough it makes perfect sense to take it.

windyMagician

16:17

fuck okay

windyMagician

16:17

going to my dream school is crazy

KnowledgeableRitzyWasp

16:18

michigan also has better options if you do PD for 10 years then want to do something else

windyMagician

16:19

also would love to clerk for my federal district court even tho I know its hella competitive, I think mich sets me up better?

llama

16:20

would be a great point to bring up when ur deciding / visiting each place- see what recent placement looks like

texaslawhopefully

16:23

For fed clerkships by far Michigan places better. I think it’s like 14-15 percent

windyMagician

16:25

sticker debt is high-key scary tho

texaslawhopefully

16:26

I’m sure you’ll get good merit aid though. Look at Michigan’s 509 report. They’re very generous.

cheriebomb

16:34

i am going to wait patiently into january to get into a law school

cheriebomb

16:34

then i will start tweaking

texaslawhopefully

16:42

January could not come any sooner

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