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John Lynch
About | Practice Areas
Lynch Law, LLC
300 E 5th Ave Suite 360 Naperville, IL 60563» view map
Bankruptcy & Debt Law
A Family Approach To Law

Legal matters should only be dealt with by people you trust. Who can you rely on more than people who treat you like family? Trust us to help you today.

800-952-9511
1. John Lynch Naperville, IL
  Attorney at Law- IL, 1998
  Shepard Broad Law Center, J.D. 1998
2. AboutLynch Law, LLC
  A Family Approach To Law
3. Practice AreasExpertise
  Bankruptcy & Debt Law
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Steve Beck

Bankruptcy, Divorce

Status: In Good Standing

FREE CONSULTATION

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19250 Everett Lane, Mokena, IL 60448

Mark W. Page

Industry Specialties, Corporate, Bankruptcy & Debt, Transactions

Status: In Good Standing Licensed: 40 Years

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11255 Patrick Court, Frankfort, IL 60423

Robert Francis Wisniewski

Real Estate, Criminal, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 47 Years

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71 N. Ottawa Street, Joliet, IL 60432

Mona Elgindy

Elder Law, Civil Rights, Administrative Law, Bankruptcy

Status: In Good Standing Licensed: 15 Years

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116 N Chicago St, Joliet, IL 60432

Ronay Betouni

Landlord-Tenant, Trusts, Divorce, Collection

Status: In Good Standing Licensed: 8 Years

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58 N Chicago St, Joliet, IL 60432

David Siegel

Bankruptcy & Debt, Bankruptcy, Divorce & Family Law, Divorce

Status: In Good Standing

FREE CONSULTATION

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54 N. Ottawa St., Joliet, IL 60432

Theresa Berkey

International Tax, Estate Planning, Civil Rights, Bankruptcy

Status: In Good Standing Licensed: 15 Years

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1938 E Lincoln Hwy, New Lenox, IL 60451

Laura Wardinski

Bankruptcy

Status: In Good Standing Licensed: 39 Years

CONTACT

702 Pintail Drive, New Lenox, IL 60451

James A. Hasier

Litigation, Banking & Finance, Bankruptcy & Debt

Status: In Good Standing Licensed: 36 Years

CONTACT

17634 Greenfield Court, Orland Park, IL 60467

Thomas M. Britt

Real Estate, Estate, Family Law, Bankruptcy

Status: In Good Standing Licensed: 35 Years

CONTACT

18312 Distinctive Dr, Orland Park, IL 60467

800-923-0641

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LEGAL TERMS

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.

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

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.

LIMITED LIABILITY

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or ... (more...)

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or a person who invests in a corporation (a shareholder) generally stands to lose only the amount of money invested in the business. This means that if the business folds, creditors cannot seize or sell an owner's home, car, or other personal assets.

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.

PRESUMED ABUSE

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means te... (more...)

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means test, the court will presume that the debtor has sufficient income to fund a Chapter 13 plan. In this situation, the debtor will not be allowed to proceed with a Chapter 7 bankruptcy unless the debtor can prove that he or she is not abusing the Chapter 7 bankruptcy remedy.

LIQUIDATING PARTNER

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.

DISCHARGEABLE DEBTS

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bill... (more...)

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bills and medical bills. Compare nondischargeable debts.

BANKRUPTCY

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are ... (more...)

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are two types of bankruptcies -- liquidation, in which your debts are wiped out (discharged) and reorganization, in which you provide the court with a plan for how you intend to repay your debts. For both consumers and business, liquidation bankruptcy is called Chapter 7. For consumers, reorganization bankruptcy is called Chapter 13. Reorganization bankruptcy for consumers with an extraordinary amount of debt and for businesses is called Chapter 11. Reorganization bankruptcy for family farmers is called Chapter 12.

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New Lenox Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

Lynch Law, LLC

SPONSORED LAWYERS

Steve Beck

Mark W. Page

Robert Francis Wisniewski

Mona Elgindy

Ronay Betouni

David Siegel

Theresa Berkey

Laura Wardinski

James A. Hasier

Thomas M. Britt

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LEGAL TERMS

AUTOMATIC STAY

PREFERENCE

LIMITED PARTNERSHIP

LIMITED LIABILITY

MEANS TEST

PRESUMED ABUSE

LIQUIDATING PARTNER

DISCHARGEABLE DEBTS

BANKRUPTCY

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