Lincolnshire Bankruptcy & Debt Lawyer, Illinois, page 2

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Patrick Jones
About | Practice Areas
PMJ PLLC
100 S State St Chicago, IL 60603» view map
Bankruptcy & Debt
Working Relentlessly For You

Patrick is the Founder of PMJ PLLC and has more than 20 years of experience.

800-901-4721
1. Patrick Jones Chicago, IL
  Attorney at Law- IL
  DePaul University College of Law, J.D. 1999
2. AboutPMJ PLLC
  Working Relentlessly For You
3. Practice AreasExpertise
  Bankruptcy & Debt
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Alexander Preber

Foreclosure, Litigation, Collection, Bankruptcy

Status: In Good Standing Licensed: 8 Years

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790 Chaddick Dr, Wheeling, IL 60090

Alexander Tolmatsky

Traffic, Workers' Compensation, DUI-DWI, Bankruptcy

Status: In Good Standing Licensed: 34 Years

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3400 Dundee Rd, Northbrook, IL 60062

Alexey Yuryvich Kaplan

Bankruptcy & Debt, Bankruptcy

Status: In Good Standing Licensed: 25 Years

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3400 Dundee Rd, Northbrook, IL 60062

Amanda Green

General Practice

Status: In Good Standing Licensed: 21 Years

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2121 Waukegan Rd, Deerfield, IL 60015

Andrea-Marie Lang

General Practice

Status: In Good Standing Licensed: 19 Years

CONTACT

250 Parkway Dr, Lincolnshire, IL 60069

Andrea-marie Lang

General Practice

Status: In Good Standing Licensed: 19 Years

CONTACT

250 Parkway Dr, Lincolnshire, IL 60069

Andrew Perellis

Litigation, International Tax, Workers' Compensation, Bankruptcy

Status: In Good Standing Licensed: 43 Years

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1480 Minthaven Rd, Lake Forest, IL 60045

Anna Rose Novoseletsky

Real Estate, Corporate, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 19 Years

CONTACT

2500 Lake Cook Road, Deerfield, IL 60015

Anna Novoseletsky

Real Estate, Corporate, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 19 Years

CONTACT

2500 Lake Cook Road, Deerfield, IL 60015

Arika Joy Osacky

Litigation, Employee Rights, Corporate, Bankruptcy

Status: In Good Standing Licensed: 23 Years

CONTACT

1801 Smith Rd, Northbrook, IL 60062

800-923-0641

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LEGAL TERMS

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

NONDISCHARGEABLE DEBTS

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chap... (more...)

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chapter 13 bankruptcy, the nondischargeable debts will have to be paid in full during your plan or you will have a balance at the end of your case. Examples of nondischargeable debts include alimony and child support, most income tax debts, many student loans and debts for personal injury or death caused by drunk driving. Compare dischargeable debts.

GARNISHMENT

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if ... (more...)

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if she loses a lawsuit filed by the creditor. Up to 25% of a person's wages can be deducted.

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.

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.

CHAPTER 7 BANKRUPTCY

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 b... (more...)

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 bankruptcy takes from three to six months, costs about $200, and commonly requires only one trip to the courthouse.

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

BANKRUPTCY TRUSTEE

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is t... (more...)

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is to gather the debtor's nonexempt property, liquidate it and distribute it proportionally to her creditors. In a Chapter 13 case, the trustee's role is to receive the debtor's monthly payments and distribute them proportionally to her creditors.

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Lincolnshire Bankruptcy & Debt Lawyer, Illinois, page 2

Sponsored Law Firm

PMJ PLLC

SPONSORED LAWYERS

Alexander Preber

Alexander Tolmatsky

Alexey Yuryvich Kaplan

Amanda Green

Andrea-Marie Lang

Andrea-marie Lang

Andrew Perellis

Anna Rose Novoseletsky

Anna Novoseletsky

Arika Joy Osacky

TIPS

LEGAL TERMS

SOLE PROPRIETORSHIP

PREFERENCE

NONDISCHARGEABLE DEBTS

GARNISHMENT

GENERAL PARTNER

SETOFF

CHAPTER 7 BANKRUPTCY

CHAPTER 13 PLAN

BANKRUPTCY TRUSTEE

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