Here is installment number 5 of our basic legal terminology tutorial. Check these out and keep your eyes open for more in the future.
Foreclosure– When someone who owes debt on a property fails to pay that debt and the holder of the mortgage (i.e. bank) decides to sell the property and terminate the property owner’s rights as owner.
Felony – An offense that causes imprisonment ranging from at least a year to death.
Misdemeanor – Less than a felony; an offense that causes a fine or penalty, or a prison term not in a penitentiary.
Mediation – When a third party is employed to resolve a disagreement between two feuding parties.
Bankruptcy – When someone is unable to pay his/her debts, his/her assets are distributed among the creditors within the legal process of bankruptcy.
Sentence – When someone is found guilty in the court of law, the sentence is the terms and length of the punishment given to him or her.
We hope that these terms were informative and if you have any further questions, please feel free to contact us.
1LAW is an affordable, transparent law firm in a difficult space when it comes to differentiating between different firms’ abilities, strengths and weaknesses. They are committed as the voice of their clients, when faced with difficult life situations, and provide cheap litigation process advice. The need for a lawyer is often disconcerting, but 1LAW strives to efficiently and affordably provide the best legal support possible. From cheap and fast bankruptcy lawyer help to patents and trademark attorney advice, let 1LAW support you in whatever legal battle lies ahead.