Darwin Credit & Debt Lawyer, Minnesota

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William Patrick Kain

Juvenile Law, Workout, Consumer Bankruptcy, Commercial Bankruptcy, Bankruptcy
Status:  In Good Standing           Licensed:  42 Years

James Anderson

Business Organization, Bankruptcy, Estate Planning, Municipal
Status:  In Good Standing           

Dennis Neeser

Real Estate, Banking & Finance, Business, Workout
Status:  In Good Standing           

Andrew Robert Pearson

Identity Theft, Civil Rights, Collection, Car Accident
Status:  In Good Standing           

Luke Schendel Rose

Criminal, Personal Injury, Bankruptcy, Family Law
Status:  In Good Standing           Licensed:  20 Years

Wesley William Scott

Foreclosure, Garnishment, Workout, Consumer Bankruptcy, Bankruptcy
Status:  In Good Standing           Licensed:  28 Years

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

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LEGAL TERMS

GRACE PERIOD

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you h... (more...)
A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you have to pay interest on the amount of your purchases. Cash advances, however, usually have no grace period; interest begins to accumulate from the date of the withdrawal, even if you pay your bills on time. Also, some student loans give you a grace period after graduating or dropping out of school. During this time, you are not required to make payments on your loan.

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.

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.

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.

FCRA

See Fair Credit Reporting Act.

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.

401(K) PLAN

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income ... (more...)
A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income taxes on the amount invested and any earnings are due until the employee withdraws money from the fund.

TRUTH IN LENDING ACT (TILA)

A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disc... (more...)
A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disclose the terms of a loan, including the total amount of the loan, the annual interest rate and the number, amount and due dates of all payments necessary to repay the loan. The TILA requires additional disclosures and places many restrictions on mortgages.

INTEREST

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to ... (more...)
A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to your balance. This means that if your loan or credit line has an interest rate of 8%, the holder adds 8% to the balance each year. More specifically, interest is calculated and added to your loan or credit line through a process called compounding. If interest is compounded daily, the balance will rise by 1/365th of 8% each day. If interest is compounded monthly, the balance will rise 1/12th of 8% at the start of each month.

SAMPLE LEGAL CASES

Baker v. Baker

... Id. Attorney Fees. In late 2003, the parties agreed that Dr. Baker would pay off approximately $43,500 of Ms. Baker's credit card debt. The debt included expenditures for the couple's home, groceries, and gifts for their children and grandchildren. ...

US FEDERAL CREDIT UNION v. STARS & STRIKES, LLC

... In 2005 and 2006, Stars & Strikes borrowed $8 million from US Federal Credit Union (USFCU). ... when USFCU foreclosed on its mortgages and bought all of the mortgaged property at a sheriff's foreclosure sale for $8,612,141.02, the amount of the business's outstanding debt. ...

ATLANTIC CREDIT & FINANCE v. DUSTRUDE

... On appeal, appellant contends that he is not required to pay the credit card debt because respondent violated the Truth In Lending Act (TILA), 15 USC §§ 1601-1667f (2000), by failing to follow a prescribed dispute-resolution procedure. ...