Belvidere Bankruptcy & Debt Lawyer, Illinois

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Patrick Jones
About | Practice Areas
PMJ PLLC
100 S State St Chicago, IL 60603» view map
Bankruptcy & Debt
Working Relentlessly For You

Patrick is the Founder of PMJ PLLC and has more than 20 years of experience.

800-901-4721
1. Patrick Jones Chicago, IL
  Attorney at Law- IL
  DePaul University College of Law, J.D. 1999
2. AboutPMJ PLLC
  Working Relentlessly For You
3. Practice AreasExpertise
  Bankruptcy & Debt
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Charles Sewell

Divorce & Family Law, Real Estate, Bankruptcy, Estate, Criminal

Status: In Good Standing Licensed: 51 Years

FREE CONSULTATION

CONTACT

215 S State St, Belvidere, IL 61008

Henry Repay

Real Estate, Estate, Transactions, Bankruptcy

Status: In Good Standing

CONTACT

930 West Locust Street, Belvidere, IL 61008

Henry Repay

Estate, Transactions, Bankruptcy, Medical Malpractice

Status: In Good Standing

CONTACT

930 West Locust Street, Belvidere, IL 61008

Amy Sue Beckmann

Bankruptcy

Status: In Good Standing Licensed: 18 Years

CONTACT

2670 Huntington Dr, Belvidere, IL 61008

Dennis Paul Drda

Bankruptcy, Family Law

Status: In Good Standing Licensed: 56 Years

CONTACT

7902 Conehill Cir, Rockford, IL 61107

Brette E. Freedle

Litigation, Business, Collection, Products Liability

Status: In Good Standing

CONTACT

7210 E State St, Rockford, IL 61108

Russell W. Baker

Business, Bankruptcy & Debt, Employment, Real Estate

Status: In Good Standing Licensed: 18 Years

FREE CONSULTATION

CONTACT

6833 Stalter Drive, Rockford, IL 61108

Jason H Rock

Bankruptcy & Debt, Litigation, Adoption, Civil Rights, Estate

Status: In Good Standing

CONTACT

6833 Stalter Drive, Rockford, IL 61108

Thomas Green

Bankruptcy & Debt, Business, Real Estate, Municipal, Divorce & Family Law

Status: In Good Standing

CONTACT

6833 Stalter Drive, Rockford, IL 61108

Shawn C. Fulbright

Lawsuit & Dispute, Estate, Business, Bankruptcy

Status: In Good Standing Licensed: 28 Years

CONTACT

6833 Stalter Dr, Rockford, IL 61108

800-923-0641

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LEGAL TERMS

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

REDEMPTION

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump s... (more...)

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a car note by paying the lender the amount a retail vendor would charge for the car, considering its age and condition.

ABUSE

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because ... (more...)

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because the debtor appears to have enough disposable income to fund a Chapter 13 repayment plan.

REPOSSESSION

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and ... (more...)

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and has not attempted to work with the lender to resolve the problem. A repossessor can't use force to get at your car, but he can legally hot-wire it and even drive it out of your unlocked garage.

MEANS TEST

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income ... (more...)

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income for his or her state should be allowed to file for Chapter 7 bankruptcy.

S CORPORATION

A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status fro... (more...)

A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status from the Internal Revenue Service. Electing to do business as an S corporation lets shareholders enjoy limited liability status, as would be true of any corporation, but be taxed like a partnership or sole proprietor. That is, instead of being taxed as a separate entity (as would be the case with a regular or C corporation) an S corporation is a pass-through tax entity: income taxes are reported and paid by the shareholders, not the S corporation. To qualify as an S corporation a number of IRS rules must be met, such as a limit of 75 shareholders and citizenship requirements.

FCRA

See Fair Credit Reporting Act.

ADMINISTRATIVE EXPENSES

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.

401(K) PLAN

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income ... (more...)

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income taxes on the amount invested and any earnings are due until the employee withdraws money from the fund.

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Belvidere Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

PMJ PLLC

SPONSORED LAWYERS

Charles Sewell

Henry Repay

Henry Repay

Amy Sue Beckmann

Dennis Paul Drda

Brette E. Freedle

Russell W. Baker

Jason H Rock

Thomas Green

Shawn C. Fulbright

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LEGAL TERMS

SOLE PROPRIETORSHIP

REDEMPTION

ABUSE

REPOSSESSION

MEANS TEST

S CORPORATION

FCRA

ADMINISTRATIVE EXPENSES

401(K) PLAN

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