Natural Bridge Station Bankruptcy Lawyer, Virginia
Includes: Bankruptcy Litigation, Commercial Bankruptcy, Consumer Bankruptcy, Dissolution
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1-3 of 3 matches. Page 1 of 1
105 Archway Court, Lynchburg, VA 24502
Profile LAWPOINTS™31/100
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207 Waterton Dr, Lynchburg, VA 24503
Profile LAWPOINTS™24/100
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Kenysha Dione Bartee
Entertainment, Family Law, Commercial Bankruptcy
Status: In Good Standing Licensed: 16 Years
2222 Garfield Ave, Lynchburg, VA 24501
Profile LAWPOINTS™12/100
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Easily find Natural Bridge Station Bankruptcy Lawyers and Natural Bridge Station Bankruptcy Law Firms. For more attorneys, search all Bankruptcy & Debt areas including Collection, Credit & Debt, Reorganization and Workout attorneys.
LEGAL TERMS
UNDUE HARDSHIP
The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in t... (more...)
The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in the future to pay off the loan may be able to show that repayment would be an undue hardship.
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.
CREDIT COUNSELING
Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Unde... (more...)
Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Under the new bankruptcy law, a debtor must undergo credit counseling with an approved provider before filing for bankruptcy.
S CORPORATION
A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status fro... (more...)
A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status from the Internal Revenue Service. Electing to do business as an S corporation lets shareholders enjoy limited liability status, as would be true of any corporation, but be taxed like a partnership or sole proprietor. That is, instead of being taxed as a separate entity (as would be the case with a regular or C corporation) an S corporation is a pass-through tax entity: income taxes are reported and paid by the shareholders, not the S corporation. To qualify as an S corporation a number of IRS rules must be met, such as a limit of 75 shareholders and citizenship requirements.
WORKOUT
A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.
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.
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.
FAIR CREDIT REPORTING ACT (FCRA)
A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to a... (more...)
A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to adopt reasonable procedures for gathering, maintaining and disseminating information and bars credit bureaus from reporting negative information that is older than seven years, except a bankruptcy, which may be reported for ten. If you notify a credit bureau of an error in your credit report, the FCRA requires the bureau to investigate your allegations within 30 days, review all information you provide, remove inaccurate and unverified information and adopt procedures to keep the information from reappearing. In addition, the law requires that creditors refrain from reporting incorrect information to credit bureaus.
CREDITOR
A person or entity (such as a bank) to whom a debt is owed.
SAMPLE LEGAL CASES
Rogers v. Rogers
... figures. B. Effect of Pending Bankruptcy. Succinctly ... Chapter. 7 bankruptcy protection with
respect to the same. Though filed in August 2006, that bankruptcy proceeding was still
pending at the time of oral argument before this Court. There ...
Stacy v. Stacy
... in paragraph 9 of the PSA in which the parties stipulated that, while husband's mortgage payments
"were not direct support payments being made to wife," they were "in the nature of support," and
therefore "non-dischargeable" by husband in any bankruptcy proceeding. [4]. II. ...
McNally v. Rey
... In this appeal, we consider whether the Circuit Court of the City of Norfolk abused its discretion
by imposing sanctions upon an attorney who filed a petition in bankruptcy on behalf of his
client who was a party in a proceeding pending in the circuit court. ...
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