Decatur Credit & Debt Lawyer, Illinois


James Arthur Coale

Government, Transactions, Bankruptcy
Status:  In Good Standing           Licensed:  46 Years

Andrew Douglas Bourey

Estate Planning, Family Law, Divorce, Divorce & Family Law, Bankruptcy
Status:  In Good Standing           Licensed:  19 Years

Julie Beyers

Litigation, Banking & Finance, Collection, Bankruptcy
Status:  In Good Standing           Licensed:  28 Years

Meredith Pitts

Landlord-Tenant, Traffic, Collection
Status:  In Good Standing           Licensed:  18 Years
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Meredith M. Pitts

Landlord-Tenant, Banking & Finance, Collection
Status:  In Good Standing           Licensed:  18 Years

Julie Beyers

Litigation, Banking & Finance, Collection, Bankruptcy
Status:  In Good Standing           Licensed:  28 Years

James Coale

Commercial Real Estate, Government, Transactions, Bankruptcy
Status:  In Good Standing           Licensed:  46 Years

Edward Costa

Litigation, Civil Rights, Banking & Finance, Bankruptcy
Status:  In Good Standing           

John Robert Barr

Family Law, Divorce, Collection, Bankruptcy
Status:  In Good Standing           Licensed:  44 Years

Katherine Helen Anderson

Insurance, Business, Bankruptcy & Debt, Medical Malpractice
Status:  In Good Standing           

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

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By submitting this lawyer request, I confirm I have read and agree to the Consent to Receive Email, Phone, Text Messages, Terms of Use, and Privacy Policy. Information provided is not privileged or confidential.

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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.

GUARANTOR

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. T... (more...)
A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. The guarantor gives a 'guaranty,' which is an assurance that the debt or other obligation will be fulfilled.

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.

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.

CYBERSQUATTING

Buying a domain name that reflects the name of a business or famous person with the intent of selling the name back to the business or celebrity for a profit. T... (more...)
Buying a domain name that reflects the name of a business or famous person with the intent of selling the name back to the business or celebrity for a profit. The Anticybersquatting Consumer Protection Act of 1999 authorizes a cybersquatting victim to file a federal lawsuit to regain a domain name or sue for financial compensation. Under the act, registering, selling or using a domain name with the intent to profit from someone else's good name is considered cybersquatting. Victims of cybersquatting can also use the provisions of the Uniform Domain Name Dispute Resolution Policy adopted by ICANN, an international tribunal administering domain names. This international policy results in arbitration of the dispute, not litigation.

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.

ACCORD AND SATISFACTION

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collectin... (more...)
An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.

CHAPTER 13 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)
The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

SECURED DEBT

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collater... (more...)
A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

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 ...