Alsey Credit & Debt Lawyer, Illinois

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H. Allen Yow

Alimony & Spousal Support, Child Support, Adoption, Collection
Status:  In Good Standing           

Jeffrey L. Soltermann

Adoption, Collection, Consumer Bankruptcy, Bankruptcy Litigation
Status:  In Good Standing           Licensed:  30 Years

Amy L. Jackson

Criminal, Administrative Law, Collection, Animal Bite
Status:  In Good Standing           Licensed:  32 Years

Thomas L. Veith

Construction Contracts, Consumer Protection, Commercial Banks, Collection
Status:  In Good Standing           Licensed:  35 Years

Homer Allen Yow

Adoption, Civil Rights, Contract, Collection
Status:  In Good Standing           Licensed:  35 Years

Eddie Carpenter

Federal Appellate Practice, Civil Rights, Transactions, Collection
Status:  In Good Standing           

Nick William Graham

Divorce & Family Law, Criminal, Banking & Finance, Bankruptcy
Status:  In Good Standing           Licensed:  12 Years

Nick Graham

Divorce & Family Law, Criminal, Banking & Finance, Bankruptcy
Status:  In Good Standing           Licensed:  12 Years

Craig Grummel

Workers' Compensation, Elder Law, Collection, Medical Malpractice
Status:  In Good Standing           Licensed:  17 Years

Mark Thielen

Tax, Litigation, International Tax, Bankruptcy
Status:  In Good Standing           Licensed:  36 Years

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

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800-943-8690

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LEGAL TERMS

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.

FCBA

See Fair Credit Billing Act.

REAFFIRMATION

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing deb... (more...)
An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy case is over. For instance, a debtor might make a reaffirmation agreement with the holder of a car note that the debtor can keep the car and must continue to pay the debt after bankruptcy.

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.

TRADE NAME

The official name of a business, the one it uses on its letterhead and bank account when not dealing with consumers.

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.

WINDING UP

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, a... (more...)
The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, all with the ultimate goal of liquidating or closing down a corporation or partnership.

NONEXEMPT PROPERTY

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typicall... (more...)
The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typically includes valuable clothing (furs) and electronic equipment, an expensive car that's been paid off and most of the equity in your house. Compare exempt property.

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.

SAMPLE LEGAL CASES

Portfolio Acquisitions, LLC v. Feltman

... On June 28, 2005, plaintiff filed its initial complaint against defendant to collect on an alleged defaulted credit card debt. ... Plaintiff asserts that it is well entrenched in Illinois law that the statute of limitations for an action on a credit card debt is 10 years. ...

Treadway v. NATIONS CREDIT FINANCIAL SERVS.

... appeals the order of the circuit court of Madison County that dismissed his class action complaint against the defendant, Nations Credit Financial Services ... knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with ...

Laubner v. JP Morgan Chase Bank, NA

... More to the point, plaintiffs have not set forth any facts to show why $11,500 per month is not enough to sustain their respective lifestyles in a manner that is "comfortable." Plaintiffs make no allegations of debt (aside from the credit debt that trustees paid off), steep mortgage ...