Dovray Credit & Debt Lawyer, Minnesota

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Gene Mailander

Bankruptcy, Real Estate, Trusts, Family Law, Workers' Compensation
Status:  In Good Standing           

Kevin K. Stroup

Agrochemicals, Agribusiness, Agriculture, Bankruptcy Litigation
Status:  In Good Standing           Licensed:  39 Years

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

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LEGAL TERMS

FRAUDULENT TRANSFER

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee --... (more...)
In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit of the creditors.

LOSS DAMAGE WAIVER (LDW)

Rental car insurance that makes the rental car company responsible for damage to or theft of a rental car. This insurance is a major consumer ripoff, as it ofte... (more...)
Rental car insurance that makes the rental car company responsible for damage to or theft of a rental car. This insurance is a major consumer ripoff, as it often duplicates coverage provided by the renter's regular car insurance and/or the credit card she uses to rent the car. Nevertheless, hard-sell practices by rental car agents often dupe people into buying LDWs they don't really need. LDW is also called 'collision damage waiver.'

DISCHARGE (OF DEBTS)

A bankruptcy court's erasure of the debts of a person or business that has filed for bankruptcy.

LIMITED LIABILITY

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or ... (more...)
The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or a person who invests in a corporation (a shareholder) generally stands to lose only the amount of money invested in the business. This means that if the business folds, creditors cannot seize or sell an owner's home, car, or other personal assets.

LIQUIDATING PARTNER

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.

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.

COLLATERAL

Property that guarantees payment of a secured debt.

DOING BUSINESS AS (DBA)

A situation in which a business owner operates a company under a name different from his or her real name. The owner must file a 'fictitious name statement' or ... (more...)
A situation in which a business owner operates a company under a name different from his or her real name. The owner must file a 'fictitious name statement' or similar document with the appropriate agency -- for example, the county clerk. This enables consumers to discover the names of the business owners, which is important if a consumer needs to sue the business.

INTEREST

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to ... (more...)
A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to your balance. This means that if your loan or credit line has an interest rate of 8%, the holder adds 8% to the balance each year. More specifically, interest is calculated and added to your loan or credit line through a process called compounding. If interest is compounded daily, the balance will rise by 1/365th of 8% each day. If interest is compounded monthly, the balance will rise 1/12th of 8% at the start of each month.

SAMPLE LEGAL CASES

Baker v. Baker

... Id. Attorney Fees. In late 2003, the parties agreed that Dr. Baker would pay off approximately $43,500 of Ms. Baker's credit card debt. The debt included expenditures for the couple's home, groceries, and gifts for their children and grandchildren. ...

US FEDERAL CREDIT UNION v. STARS & STRIKES, LLC

... In 2005 and 2006, Stars & Strikes borrowed $8 million from US Federal Credit Union (USFCU). ... when USFCU foreclosed on its mortgages and bought all of the mortgaged property at a sheriff's foreclosure sale for $8,612,141.02, the amount of the business's outstanding debt. ...

ATLANTIC CREDIT & FINANCE v. DUSTRUDE

... On appeal, appellant contends that he is not required to pay the credit card debt because respondent violated the Truth In Lending Act (TILA), 15 USC §§ 1601-1667f (2000), by failing to follow a prescribed dispute-resolution procedure. ...