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You win some, you lose some, and some you just bill by the hour.
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Legal Definitions - Solvency
If the law is on your side, pound the law. If the facts are on your side, pound the facts. If neither the law nor the facts are on your side, pound the table.
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Definition of Solvency
Solvency refers to the financial health of an individual or business. It is determined by whether the party has more assets than debt. If a business is worth less than its debts, it is considered insolvent.
- Company A has $100,000 in assets and $50,000 in debt. This means that Company A is solvent because its assets are worth more than its debt.
- Company B has $50,000 in assets and $100,000 in debt. This means that Company B is insolvent because its debt is greater than its assets.
These examples illustrate how solvency is determined by comparing a party's assets to its debt. If the assets are greater than the debt, the party is solvent. If the debt is greater than the assets, the party is insolvent.
Law school: Where you spend three years learning to think like a lawyer, then a lifetime trying to think like a human again.
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Simple Definition
Solvency refers to whether an individual or business has more money and things they own (like a house or car) than they owe to other people or companies. If they do, they are considered solvent. If they owe more than they have, they are insolvent. There are different ways to figure out if someone is solvent, like looking at how much their things are worth compared to their debts or if they have enough money to pay their debts in the future. Being solvent or insolvent can affect how much taxes someone pays and what happens if they have to declare bankruptcy.
Law school is a lot like juggling. With chainsaws. While on a unicycle.
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