Joppa Bankruptcy & Debt Lawyer, Illinois, page 3

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Rhonda Sue Miller

Bankruptcy, Real Estate, Litigation, Credit & Debt
Status:  In Good Standing           

John D. Alleman

Workers' Compensation, Bankruptcy, Divorce, Medical Malpractice
Status:  In Good Standing           Licensed:  35 Years

John Alleman

Workers' Compensation, Bankruptcy, Divorce, Medical Malpractice
Status:  In Good Standing           Licensed:  35 Years

Jay B. Howd

Collection, Consumer Bankruptcy, Commercial Bankruptcy, Bankruptcy
Status:  In Good Standing           Licensed:  33 Years

Scott Paul Hendricks

Income Tax, Corporate Tax, Gift Taxation, Bankruptcy
Status:  In Good Standing           Licensed:  41 Years

Scott M. Hendricks

Income Tax, Corporate Tax, Gift Taxation, Bankruptcy
Status:  In Good Standing           Licensed:  41 Years

Rebecca Ann Whittington

Government, Estate Planning, Elder Law, Civil Rights, Collection
Status:  In Good Standing           Licensed:  42 Years

Pamela Hicks

Divorce & Family Law, Bankruptcy, Federal Appellate Practice, Medical Malpractice
Status:  In Good Standing           Licensed:  31 Years

David Craig

Federal Appellate Practice, Wills & Probate, Estate Planning, Collection
Status:  In Good Standing           Licensed:  51 Years

Lyndon Willms

Bankruptcy & Debt, Reorganization, Bankruptcy
Status:  In Good Standing           

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800-943-8690

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LEGAL TERMS

COLLATERAL

Property that guarantees payment of a secured debt.

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.

DEFINED CONTRIBUTION PLAN

A type of pension plan that does not guarantee any particular pension amount upon retirement. Instead, the employer pays into the pension fund a certain amount ... (more...)
A type of pension plan that does not guarantee any particular pension amount upon retirement. Instead, the employer pays into the pension fund a certain amount every month, or every year, for each employee. The employer usually pays a fixed percentage of an employee's wages or salary, although sometimes the amount is a fraction of the company's profits, with the size of each employee's pension share depending on the amount of wage or salary. Upon retirement, each employee's pension is determined by how much was contributed to the fund on behalf of that employee over the years, plus whatever earnings that money has accumulated as part of the investments of the entire pension fund.

CREDITOR

A person or entity (such as a bank) to whom a debt is owed.

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working fo... (more...)
A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working for collection agencies. The law does not apply to creditors collecting their own debts. This law has greatly improved conditions for debtors, although more than a few debt collectors ignore the law. If a collection agency violates the law, debtors can contact the Federal Trade Commission for help.

C CORPORATION

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S c... (more...)
Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S corporation, whose profits are passed through to shareholders and taxed on their personal returns under subchapter S of the Internal Revenue Code.

CREDIT FILE

See credit report.

NO-FAULT INSURANCE

Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain ... (more...)
Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain amount, regardless of who was at fault. The effect of no-fault insurance laws is to eliminate lawsuits in small accidents. The advantage is the prompt payment of medical bills and expenses. The downsides are that the amounts paid by no-fault policies are often not enough to fully cover a person's losses and that no-fault does not compensate for pain and suffering.

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.