Cottage Hills Bankruptcy & Debt Lawyer, Illinois

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Susan F. Grammer

Bankruptcy, Criminal, DUI-DWI, Traffic
Status:  In Good Standing           

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John M. Delaney

Farms, Child Support, Criminal, Bankruptcy
Status:  In Good Standing           

David Virgin

Family Law, Divorce & Family Law, Civil Rights, Bankruptcy
Status:  In Good Standing           Licensed:  46 Years

David Allen Virgin

Divorce & Family Law, Civil Rights, Bankruptcy, Bankruptcy & Debt
Status:  In Good Standing           Licensed:  46 Years

Patrick Radcliffe Sullivan

Criminal, Merger & Acquisition, Collection, Accident & Injury
Status:  In Good Standing           Licensed:  14 Years

Gary Grammer

Mediation, Federal Appellate Practice, Family Law, Bankruptcy
Status:  In Good Standing           Licensed:  56 Years

Susan Grammer

Personal Injury, Bankruptcy, Divorce, Estate Planning
Status:  In Good Standing           

John Delaney

Divorce & Family Law, Criminal, Civil Rights, Bankruptcy
Status:  In Good Standing           

Ebony R. Huddleston

Corporate, Business Successions, Business Organization, Bankruptcy Litigation
Status:  In Good Standing           Licensed:  19 Years

William W. Asa

Commercial Real Estate, Litigation, Collection, Medical Malpractice
Status:  In Good Standing           

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Free Help: Use This Form or Call 800-943-8690

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LEGAL TERMS

CHAPTER 7 BANKRUPTCY

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 b... (more...)
The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 bankruptcy takes from three to six months, costs about $200, and commonly requires only one trip to the courthouse.

NUISANCE FEES

Money charged by some credit card companies to increase their profits when you fail to use the card the way the creditor wants. Examples include late payment fe... (more...)
Money charged by some credit card companies to increase their profits when you fail to use the card the way the creditor wants. Examples include late payment fees, inactivity fees and fees for not carrying a balance from month to month. It's best to shop around and get rid of cards that have these fees attached.

CCCS

See Consumer Credit Counseling Service.

COLLATERAL

Property that guarantees payment of a secured debt.

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.

DISPOSABLE INCOME

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Ch... (more...)
The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Chapter 13 plan.

SECURED DEBT

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collater... (more...)
A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

IRS EXPENSES

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income mu... (more...)
A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income must use the IRS expenses to calculate their average net income in a Chapter 7 case, or their disposable income in a Chapter 13 case.

CREDIT COUNSELING

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Unde... (more...)
Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Under the new bankruptcy law, a debtor must undergo credit counseling with an approved provider before filing for bankruptcy.