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Simple English definitions for legal terms

personal asset

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A quick definition of personal asset:

A personal asset is something that you own and has value. It can be anything from money in your bank account to your car or house. When you add up all your personal assets, it's called your net worth. Some assets, like cash or stocks, can be easily turned into money, while others, like your house, may take more time and effort to sell. It's important to keep track of your personal assets so you know how much you're worth and can plan for your future.

A more thorough explanation:

A personal asset is something that you own and has value. It can be anything from cash, inventory, equipment, real estate, accounts receivable, and goodwill. These are all items that can be listed on a balance sheet to show what you own.

For example, if you own a car, that is a personal asset. If you have money in a savings account, that is also a personal asset. If you own a house, that is a personal asset too. All of these things have value and can be used to pay off debts or sold for money.

Personal assets can also be used to evaluate the financial condition of an insurance company. For example, if an insurance company has a lot of assets, it is considered financially stable and can pay out claims to its customers.

Overall, personal assets are things that you own and have value. They can be used to pay off debts or sold for money. Examples include cars, houses, and savings accounts.

personal action | personal-capacity suit

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

NosyBeagle

11:44

yo can i manifest adhd

ronniedoeslaw

11:44

I wonder if the logic games removal makes the LSAT easier or harder. Many people I’ve spoken to said that was their favorite section

PremiumFrequentCrane

11:45

@NosyBeagle: you can use something like this: https://www.talkwithfrida.com/adult-adhd-diagnosis/ and now you magically have adhd! And can get double time! All for about $300 lmfao aka you buy a 300k scholarship and a job with an extra 100k+ per year for $300. Many do this. They compete for spots, not to be the most deserving.

NosyBeagle

11:47

i think i could've conquered logic games if i gave myself more time to study. but i don't miss it tbh

NosyBeagle

11:48

$300? bruh

PremiumFrequentCrane

11:50

This is why i say everyone should get the double time test. No more accommodations, completely level playing field, aka equality of opportunity. Logic games are the funnest to study but LR is exactly the same on being able to EXPECT -0. And yes, $300 or less depending where you live! And lsac will allow that to get double time, only 3 sections, unlimited stop/start in the sessions, and 15 minute breaks lmfao you can also get it on paper!

FrioJGenius

11:56

@PremiumFrequentCrane: yeah double time is excessive since a significant part of being a lawyer is meeting deadlines, like if they gave an extra 5-10 minutes, whatever, but 1h10m to answer 25 MC questions is overkill

windyMagician

11:56

girl i don’t have accommodations

bigfatsloth

11:59

i do :3

bigfatsloth

11:59

time and a half

bigfatsloth

11:59

all i sent them was my 504 plan from high school nthey said bet

bigfatsloth

12:00

unmedicated tho

PremiumFrequentCrane

12:03

@FrioJGenius: good thing our top schools who feed into the top roles and most important places disagree! They say "give me the kid who scores 155 l;egit and 172 with double time, they are better than the 167 legit no double time"

windyMagician

12:03

okay get ur money up

ronniedoeslaw

12:05

There’s been about a 30% increase nation wide in law school apps this school, I believe this may just favor larger institutions & I’m curious to see if schools begin to take in larger class sizes to compensate

FrioJGenius

12:06

@ronniedoeslaw: only if employers are willing to hire more lawyers, which seems doubtful. Schools dont want unemployed grads

windyMagician

12:12

class sizes appear to be staying the same

NemoPropheta

12:36

veo3 is scary

ronniedoeslaw

12:53

the waiting game is just as hard as the lsat lol

NemoPropheta

13:01

I had a dream last night I got a 172

NemoPropheta

13:01

I was so upset

ronniedoeslaw

13:02

Upset you it was just a dream or upset at the score ? Hahah

ronniedoeslaw

13:02

You can make your dream a reality

NosyBeagle

13:19

never had an lsat/law dream before and i never want one

windyMagician

13:25

never had law dreams but i do have a lot of work dreams

BruceSutter

13:37

I had an LSAT dream that I scored like a 112

bigfatsloth

13:40

i had a dream that i was playing outside on a hill and my mom loved me

NemoPropheta

13:45

@ronniedoeslaw: upset the score was lower than my PTs

ronniedoeslaw

13:49

@NemoPropheta: don’t get down on yourself, that’s a dream score for many. The fact you’re scoring high on your PTs is a good sign. Do something today to relax and take your mind off of it. Probably subliminally showing how stressed you are about it, which is okay bc same

windyMagician

13:51

most ppl score lower than their pts their first time fwiw

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