Mercer County, PA Bankruptcy Lawyers
Includes: Bankruptcy Litigation, Commercial Bankruptcy, Consumer Bankruptcy, Dissolution
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Adam Voss Nowland
Litigation, Insurance, Corporate, Commercial Bankruptcy
Status: In Good Standing Licensed: 14 Years
100 Campus Drive, Grove City, PA 16127
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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.
NONPROFIT CORPORATION
A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or f... (more...)
A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or for some public purpose (such as a hospital, environmental organization or literary society). Nonprofit corporations, despite the name, can make a profit, but the business cannot be designed primarily for profit-making purposes, and the profits must be used for the benefit of the organization or purpose the corporation was created to help. When a nonprofit corporation dissolves, any remaining assets must be distributed to another nonprofit, not to board members. As with for-profit corporations, directors of nonprofit corporations are normally shielded from personal liability for the organization's debts. Some nonprofit corporations qualify for a federal tax exemption under _ 501(c)(3) of the Internal Revenue Code, with the result that contributions to the nonprofit are tax deductible by their donors.
CONSUMER CREDIT COUNSELING SERVICE (CCCS)
A national non-profit agency that, at no cost, helps debtors plan budgets and repay their debts. One major criticism of CCCS is that each office is primarily fu... (more...)
A national non-profit agency that, at no cost, helps debtors plan budgets and repay their debts. One major criticism of CCCS is that each office is primarily funded by voluntary donations from the creditors that receive payments from debtors repaying their debts through that office. Despite this criticism, most CCCS counselors provide clients with thorough and neutral advice.
HOUSEHOLDER
A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a ho... (more...)
A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a homestead exemption and possibly other exemptions relating to the maintenance of the household.
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.
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.
LIQUIDATING PARTNER
The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.
AUTOMATIC STAY
An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities,... (more...)
An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid 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.
SAMPLE LEGAL CASES
Stoeckinger v. Presidential Financial Corp.
... Stoeckinger argues that the trial court erred in determining that his claims were barred by res
judicata due to a prior bankruptcy proceeding involving the parties herein. For the following
reasons, we affirm. ... 5 On or about April 16, 2004, Sol-9 filed for bankruptcy. SR at 53b. ...
Zokaites v. Pittsburgh Irish Pubs, LLC
... execution and unsuccessfully attempted to collect his judgment. Thereafter, on
September 4, 2007 [Appellee] Pittsburgh Irish Pubs, LLC filed for bankruptcy under
Chapter 11. In an attempt to collect the outstanding judgment ...
In re Ullman
... They argue that statements, which they attribute to Jones and WFJ, made in legal
arguments in a bankruptcy and a civil proceeding were false. They argue that these
statements were that a bankruptcy claim of [Appellant] and ...
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