Blue Mountain Credit & Debt Lawyer, Mississippi
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LEGAL TERMS
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.
FCBA
See Fair Credit Billing Act.
CREDITOR
A person or entity (such as a bank) to whom a debt is owed.
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.
SECRET WARRANTY PROGRAM
A program under which a car manufacturer will make repairs for free on vehicles with persistent problems, even after the warranty has expired, in order to avoid... (more...)
A program under which a car manufacturer will make repairs for free on vehicles with persistent problems, even after the warranty has expired, in order to avoid a recall and the accompanying bad press. Secret warranties are rarely advertised by the manufacturer, so consumers must pursue the manufacturer to discover and take advantage of them. A few states require manufacturers to notify car buyers when they adopt secret warranty programs.
REPOSSESSION
A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and ... (more...)
A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and has not attempted to work with the lender to resolve the problem. A repossessor can't use force to get at your car, but he can legally hot-wire it and even drive it out of your unlocked garage.
BULK SALES LAW
A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)
A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.
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.
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.
SAMPLE LEGAL CASES
Jenkins v. Jenkins
... I. CREDIT-CARD DEBT. ... Johnny testified that he and Kathryn were "getting sued by Trustmark
Bank for nonpayment of a credit card debt." Johnny also testified that he did not "know anything
about the credit card" and that he "personally did not have" a Trustmark Visa card. ...
Jenkins v. Jenkins
... I. CREDIT-CARD DEBT. ... Johnny testified that he and Kathryn were "getting sued by Trustmark
Bank for nonpayment of a credit card debt." Johnny also testified that he did not "know anything
about the credit card" and that he "personally did not have" a Trustmark Visa card. ...
Dickerson v. Dickerson
... be distributed to Jeff. ¶ 11. Responsibility for the parties' credit card debt was in dispute.
The chancellor found that $14,167.10 in credit card debt was marital debt, which
the chancellor ordered Jeff to pay. ¶ 12. The parties also ...
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