Niles Bankruptcy & Debt Lawyer, Ohio

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David A. Shepherd

Employment, Corporate, Business Organization, Bankruptcy
Status:  In Good Standing           

Irene K. Makridis

Foreclosure, DUI-DWI, Criminal, Bankruptcy
Status:  In Good Standing           

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John Lawrence Pogue

Estate, Employee Rights, Corporate, Bankruptcy
Status:  In Good Standing           Licensed:  55 Years

Philip Damerino Zuzolo

Motor Vehicle, Credit & Debt, Collection, Consumer Bankruptcy, Bankruptcy
Status:  In Good Standing           Licensed:  17 Years

Timothy Francis George

Immigration, Wills & Probate, Estate, Divorce & Family Law, Bankruptcy
Status:  In Good Standing           Licensed:  38 Years

Mark Joseph Beck

Tax, Real Estate, Corporate, Commercial Bankruptcy
Status:  In Good Standing           Licensed:  35 Years

Anthony Joseph Colucci

Litigation, Corporate, Collection, Personal Injury
Status:  In Good Standing           Licensed:  18 Years

James Michael Dobran

Litigation, Corporate, Bankruptcy, Personal Injury
Status:  In Good Standing           Licensed:  43 Years

Mark Joseph Beck

Tax, Real Estate, Corporate, Commercial Bankruptcy
Status:  In Good Standing           Licensed:  35 Years

Keith Martin Walker

Family Law, Corporate, Bankruptcy, Personal Injury
Status:  In Good Standing           Licensed:  48 Years

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

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800-943-8690

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LEGAL TERMS

FCBA

See Fair Credit Billing Act.

CREDIT FILE

See credit report.

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.

CREDITOR

A person or entity (such as a bank) to whom a debt is owed.

COLLATERAL

Property that guarantees payment of a secured debt.

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.

UNSECURED DEBT

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only reme... (more...)
A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only remedy is to sue you and get a judgment. Compare secured debt.

TRADE NAME

The official name of a business, the one it uses on its letterhead and bank account when not dealing with consumers.

ABUSE

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because ... (more...)
Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because the debtor appears to have enough disposable income to fund a Chapter 13 repayment plan.