Mertztown Credit & Debt Lawyer, Pennsylvania
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LEGAL TERMS
PROCEEDS FOR DAMAGED EXEMPT PROPERTY
In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemp... (more...)
In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemptible because it has been damaged or destroyed.
ADMINISTRATIVE EXPENSES
The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)
The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.
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.
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.
LIMITED PARTNERSHIP
A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner ... (more...)
A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner or partners (called general partners) have unlimited personal liability. The key difference between a general and limited partner concerns management decision making--general partners run the business, and limited partners, who are usually passive investors, are not allowed to make day-to-day business decisions. If they do, they risk being treated as general partners with unlimited personal liability.
401(K) PLAN
A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income ... (more...)
A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income taxes on the amount invested and any earnings are due until the employee withdraws money from the fund.
CYBERSQUATTING
Buying a domain name that reflects the name of a business or famous person with the intent of selling the name back to the business or celebrity for a profit. T... (more...)
Buying a domain name that reflects the name of a business or famous person with the intent of selling the name back to the business or celebrity for a profit. The Anticybersquatting Consumer Protection Act of 1999 authorizes a cybersquatting victim to file a federal lawsuit to regain a domain name or sue for financial compensation. Under the act, registering, selling or using a domain name with the intent to profit from someone else's good name is considered cybersquatting. Victims of cybersquatting can also use the provisions of the Uniform Domain Name Dispute Resolution Policy adopted by ICANN, an international tribunal administering domain names. This international policy results in arbitration of the dispute, not litigation.
COLLATERAL
Property that guarantees payment of a secured debt.
GENERAL PARTNER
A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the... (more...)
A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. See also partnership, limited partnership.
SAMPLE LEGAL CASES
Biese v. Biese
... 10 In Issue A(2), Husband asserts that all of the parties' credit card debt should not have been
apportioned to him. According to Husband, if the Master's goal was a 50/50 split of the marital
estate, he should have assigned half of the $10,584.00 credit card debt to Wife. ...
DEBT SETTLEMENT USA, INC. v. Kaplan
... Act 117 also defines "debt settlement services" as: [a]n action or negotiation made on behalf
of a consumer with that consumer's creditors for the purpose of the creditor forgiving part or all
of the principal of the debt incurred or credit extended to that consumer. ...
Commonwealth Financial Systems, Inc. v. Smith
... ("CFS") appeals from the judgment entered in favor of Ms. Larry Smith ("Ms. Smith") in this action
to collect a credit card debt. [1] We affirm. ... By March 2002, Ms. Smith was approximately $2,000
in debt on her credit card account. CFS buys and collects debts. ...
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