Arlington Bankruptcy & Debt Lawyer, Texas

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Warren V. Norred Lawyer

Warren V. Norred

VERIFIED
Bankruptcy & Debt, Intellectual Property, Business, Lawsuit & Dispute, Industry Specialties
Admitted to all Texas courts, and the Fifth, Ninth, and Federal Circuit, and the Supreme Court.

Warren V. Norred is an attorney with experience in bankruptcy, intellectual property and litigation. Mr. Norred earned his Bachelor in Electrical Engi... (more)

Dwain  Downing Lawyer

Dwain Downing

VERIFIED
Wills & Probate, Bankruptcy, Estate Planning, Divorce, Credit & Debt
Experienced and compassionate law firm

Hello, my name is Dwain Downing and if you are in need, I would like to be your attorney, To help you to know me a little better I would like to tell ... (more)

FREE CONSULTATION 

CONTACT

800-382-6050

Ted  Machi Lawyer

Ted Machi

VERIFIED
Accident & Injury, Bankruptcy, Social Security -- Disability, Personal Injury

Ted Machi is Board Certified in Consumer Bankruptcy law by the Texas Board of Legal Specialization. For over thirty years, he has helped the little gu... (more)

FREE CONSULTATION 

CONTACT

800-804-0771

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Christopher  Lee Lawyer

Christopher Lee

VERIFIED
Bankruptcy & Debt, Business Organization, Consumer Rights, Tax Litigation, Power of Attorney
My Goal is to Make My Law Firm the Industry Standard in These Areas of the Law.

I am licensed to practice law in the United States Supreme Court, the State of Texas, both the Northern, Eastern and Southern Districts of Texas Feder... (more)

FREE CONSULTATION 

CONTACT

800-795-0040

Christina  Fox Lawyer

Christina Fox

VERIFIED
Divorce & Family Law, Bankruptcy, DUI-DWI

Christina Fox is the owner and managing attorney for the Law Office of Christina Fox, PLLC. She is a military veteran who has many years of work expe... (more)

FREE CONSULTATION 

CONTACT

800-608-4870

Daniel Paul Sullivan Lawyer

Daniel Paul Sullivan

Personal Injury, Consumer Bankruptcy
Leslie Joyce Burgoyne Lawyer

Leslie Joyce Burgoyne

Construction, Credit & Debt, Litigation, Family Law
Lauren  Powell Lawyer

Lauren Powell

VERIFIED
Divorce & Family Law, Bankruptcy & Debt, Estate, Family Law, Bankruptcy
National Board Certification In Consumer Bankruptcy

At Powell Law Offices, P.C. we are client-focused and results-driven! We care about, listen to, and fight for our clients. Call us for your free consu... (more)

FREE CONSULTATION 

CONTACT

800-890-2911

Matthew  Towson Lawyer

Matthew Towson

VERIFIED
Divorce & Family Law, Bankruptcy & Debt, Elder Law, Family Law, Mediation

Attorney Matthew Towson is an associate attorney with the firm. Matthew concentrates his practice in family law and enjoys advocating for our clients ... (more)

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CONTACT

972-584-9382

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LEGAL TERMS

IRS EXPENSES

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income mu... (more...)
A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income must use the IRS expenses to calculate their average net income in a Chapter 7 case, or their disposable income in a Chapter 13 case.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)
A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

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.

FRATERNAL BENEFIT SOCIETY BENEFITS

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal socie... (more...)
These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal societies that provide benefits. Also called benefit society, benevolent society or mutual aid association benefits. Under bankruptcy laws, these benefits are virtually always considered exempt property.

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.

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.

LIABILITY

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pi... (more...)
(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pipe bursts the day after Paul installs it, ruining the bathroom floor. This raises the issue of liability: Who is responsible for the damage? Peri claims that Paul is responsible, and sues him for the cost of hiring another plumber to fix the pipe and replacing the floor. Paul, in turn, claims that the pipe manufacturer is responsible, because they supplied him with faulty materials. Both Peri and Paul must prove their claims in court; if Paul and/or the manufacturer is found liable, one or both will have to pay damages to Peri. (2) Something for which a person is liable. For example, a debt is often called a 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.

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.