Melbourne Credit & Debt Lawyer, Kentucky

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Eric Gregg Richardson

Business Organization, Bankruptcy & Debt, Contract, Estate
Status:  In Good Standing           Licensed:  17 Years

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Frank Edward Warnock

State & Local Agencies, Social Security, Insurance, Bankruptcy
Status:  In Good Standing           

Virginia J Southgate

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

Catherine Daphne Stavros

Real Estate, Banking & Finance, Bankruptcy, Property Damage
Status:  In Good Standing           

Eric Alan Steiden

Power of Attorney, Entertainment, Bankruptcy, Personal Injury
Status:  In Good Standing           

Stephen Gerard Dasenbrock

Criminal, Bankruptcy, Federal Appellate Practice
Status:  In Good Standing           

Cheryl Lynne Borland

Civil & Human Rights, Corporate, Business, Bankruptcy
Status:  In Good Standing           Licensed:  29 Years

Andrew J. Vandiver

Credit & Debt, Transactions, Bankruptcy, Commercial Banks
Status:  In Good Standing           

Roger W Howland

Criminal, Consumer Rights, Bankruptcy, Car Accident
Status:  In Good Standing           

Randy Trammell

Electronic Commerce, Estate, Family Law, Collection
Status:  In Good Standing           Licensed:  18 Years

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

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LEGAL TERMS

CREDITOR

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

FORBEARANCE

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily ... (more...)
Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily postponing or reducing the borrower's payments.

SUBROGATION

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off i... (more...)
A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off its injured claimant takes the legal rights the claimant has against a third party that caused the injury, and sues that third party.

FAIR LABOR STANDARDS ACT (FLSA)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements ... (more...)
A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements for overtime and places restrictions on child labor.

LIEN

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortg... (more...)
The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortgages, home equity loans, car loans and personal loans for which you pledge property to guarantee repayment. Liens created without your consent are called nonconsensual liens, and include judgment liens (liens filed by a creditor who has sued you and obtained a judgment), tax liens and mechanics liens (liens filed by a contractor who worked on your house but wasn't paid).

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.

UNSECURED DEBT

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only reme... (more...)
A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only remedy is to sue you and get a judgment. Compare secured debt.

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.

ACCORD AND SATISFACTION

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collectin... (more...)
An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.

SAMPLE LEGAL CASES

Rice v. Rice

... The single issue on discretionary review to this Court is whether the trial court abused its discretion in concluding that a credit card debt incurred solely by the husband and an adult son without the wife's knowledge and participation was marital property and ordering the wife to ...

Tall v. ALASKA AIRLINES/HORIZON AIR FEDERAL CREDIT UNION

... Tall, pro se, answered the Credit Union's complaint by essentially denying that he owed any debt to the Credit Union and claiming that he and the Credit Union's attorney had previously discussed a settlement whereby Tall would bring his account current. ...

Reed v. FRANKLIN CREDIT MANAGEMENT CORPORATION

... Reed appeals from an opinion and order of the Rockcastle Circuit Court granting summary judgment to Franklin Credit Management Corporation ... agreed the subject property was to be transferred to Sue Colwell in consideration of her assuming the debt totaling $69,000.00 on ...