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Simple English definitions for legal terms

opt-out statute

Read a random definition: Secondary Liability

A quick definition of opt-out statute:

An opt-out statute is a law that limits the things a person can keep when they file for bankruptcy. The law says that they can only keep what is allowed by their state's bankruptcy laws and some federal laws. Some states can choose to not follow the federal laws and make their own rules. This is called opt-out legislation.

A more thorough explanation:

An opt-out statute is a law that limits the exemptions that a debtor can claim when filing for bankruptcy. This means that the debtor can only claim exemptions provided by state and local bankruptcy laws, as well as nonbankruptcy federal law.

For example, let's say John files for bankruptcy in a state that has an opt-out statute. He can only claim exemptions that are allowed by the state and federal laws, and not any additional exemptions that may be available under the federal bankruptcy code.

The federal bankruptcy code does have an "opt-out" provision that allows states to choose not to adopt the federal exemptions. This means that states can decide to only allow the exemptions provided by their own laws, rather than the federal laws.

Overall, opt-out statutes are designed to limit the amount of exemptions that a debtor can claim, which can make it more difficult for them to protect their assets during bankruptcy proceedings.

opt-out class | opus

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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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