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LSDefine

Simple English definitions for legal terms

arrangement with creditors

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A quick definition of arrangement with creditors:

An arrangement with creditors is when someone who owes money to others comes to an agreement with those people about how they will pay back the money. This can involve settling the debt for less than what is owed, extending the time to pay, or finding a way to satisfy the debt in some other way. In some cases, a detailed plan called a bankruptcy plan is created to help the debtor get back on track with their finances. This plan must be approved by a court before it can be put into action.

A more thorough explanation:

An arrangement with creditors is an agreement made by a debtor with their creditors to settle, satisfy, or extend the time for payment of debts. This is often done in the context of bankruptcy proceedings.

A bankruptcy plan is a detailed program of action created by a debtor or their creditors to guide the debtor's rehabilitation, continued operation, or liquidation, and payment of debts. The plan must be approved by the bankruptcy court before it can be implemented.

For example, if a business is struggling to pay its debts, it may file for bankruptcy and work with its creditors to create a plan for paying off those debts over time. The bankruptcy court would need to approve this plan before it could be put into action.

arrangements committee | arranger for disposal

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i feel like yall should read a fun book
NosyBeagle
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can't join ur discord yet. im a next cycle baby
NosyBeagle
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or an OF model if this shit doesn't start clicking
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ive been banned from too many discords
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i want u there nemo
NosyBeagle
16:04
discord has been fine for me. i go nuts on twitter tho
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I miss pre-Elon twitter
real
you go to twitter replies and it's all blue checks and bots now it's fugly
i just have a burner twitter for political updates
it's a cesspool
16:34
was twitter ever good
much better than it is now
16:34
i had it in 2015 and it was already ultra political rage bait
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ok ya fair
nothing will top 2014 tumblr for me though
16:36
yo fr
16:36
2014 tumblr eating disorder core
there used to be a two-story american apparel in chicago and all the employees were beautiful and cool and here comes 13 year old me thinking i was just like them because i wore the same clothes
you are beautiful and cool tho
no YOU'RE BEAUTIFUL AND COOL!!!!!
it was like the hipster mecca
16:44
Tumblr ands its consequences have been a disaster for the human race
im glad i got over my tumblr politics phase in high school
Some people never grow out of it
NosyBeagle
18:45
ok my shift is over. byebye lawyers <3
NosyBeagle
9:55
another day another lr drill set
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