- Wyoming / Lincoln County / Bankruptcy Lawyers, page 5
Lincoln County, WY Bankruptcy Lawyers, page 5
Includes: Bankruptcy Litigation, Commercial Bankruptcy, Consumer Bankruptcy, Dissolution
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Cokeville, WY 83114
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Easily find Wyoming Bankruptcy Lawyers and Wyoming Bankruptcy Law Firms for your location. Narrow your Bankruptcy attorney search for Wyoming by major city or a specific Wyoming city using the city list. Or search for Wyoming Bankruptcy attorneys by county. For more attorneys, search all Bankruptcy & Debt areas including Collection, Credit & Debt, Reorganization and Workout attorneys.
LEGAL TERMS
CURRENT MONTHLY INCOME
As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding... (more...)
As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding the bankruptcy filing. The debtor's current monthly income is used to determine whether the debtor can file for Chapter 7 bankruptcy, among other things.
COSIGNER
A person who signs his or her name to a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for t... (more...)
A person who signs his or her name to a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for the loan or debt. Many people use cosigners to qualify for a loan or credit card. Landlords may require a cosigner when renting to a student or someone with a poor credit history.
GENERAL PARTNER
A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the... (more...)
A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. See also partnership, limited partnership.
LIQUIDATING PARTNER
The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.
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.
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.
S CORPORATION
A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status fro... (more...)
A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status from the Internal Revenue Service. Electing to do business as an S corporation lets shareholders enjoy limited liability status, as would be true of any corporation, but be taxed like a partnership or sole proprietor. That is, instead of being taxed as a separate entity (as would be the case with a regular or C corporation) an S corporation is a pass-through tax entity: income taxes are reported and paid by the shareholders, not the S corporation. To qualify as an S corporation a number of IRS rules must be met, such as a limit of 75 shareholders and citizenship requirements.
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.
SAMPLE LEGAL CASES
Ringolsby v. Johnson
... to post an appeal bond in the amount of the judgment. The Johnsons instead decided
to file bankruptcy on behalf of Dalmac Construction, Inc., in an effort to avoid paying
the judgment in the underlying action. ... filed for bankruptcy. ...
CATAMOUNT CONST. v. TIMMIS ENTERPRISES
... The subcontractors filed motions to dismiss, asserting that Catamount had no standing to maintain
its suit because it was defunct as the result of bankruptcy. ... [¶ 5] On June 10, 2005, Catamount
filed a voluntary petition for bankruptcy under Chapter 7 of the Bankruptcy Code. ...
Cross v. State
... The instruments purported to have been signed and notarized in 2000. Shortly after
recording the instruments, the appellant "took bankruptcy," and he did not list the
overriding royalty interests as assets of the bankruptcy estate. ...
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