Port Penn Bankruptcy Lawyer, Delaware, page 5
Includes: Bankruptcy Litigation, Commercial Bankruptcy, Consumer Bankruptcy, Dissolution
Christopher Curtin
Civil Rights, Corporate, Consumer Bankruptcy, Personal Injury
Status: In Good Standing
5721 Kennett Pike, Wilmington, DE 19807
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801 Hillside Road, Wilmington, DE 19807
Profile LAWPOINTS™22/100
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Paula C Witherow
Commercial Real Estate, Employment Discrimination, Labor Law, Bankruptcy
Status: In Good Standing
824 N Market St, Wilmington, DE 19801
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919 N Market St, Wilmington, DE 19801
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222 Delaware Ave, Wilmington, DE 19801
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222 Delaware Ave, Wilmington, DE 19801
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1105 N Market St, Wilmington, DE 19801
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Wilmington, DE 19801
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LEGAL TERMS
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.
TOXIC TORT
A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and su... (more...)
A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and suffering.
NONPROFIT CORPORATION
A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or f... (more...)
A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or for some public purpose (such as a hospital, environmental organization or literary society). Nonprofit corporations, despite the name, can make a profit, but the business cannot be designed primarily for profit-making purposes, and the profits must be used for the benefit of the organization or purpose the corporation was created to help. When a nonprofit corporation dissolves, any remaining assets must be distributed to another nonprofit, not to board members. As with for-profit corporations, directors of nonprofit corporations are normally shielded from personal liability for the organization's debts. Some nonprofit corporations qualify for a federal tax exemption under _ 501(c)(3) of the Internal Revenue Code, with the result that contributions to the nonprofit are tax deductible by their donors.
FAIR CREDIT REPORTING ACT (FCRA)
A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to a... (more...)
A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to adopt reasonable procedures for gathering, maintaining and disseminating information and bars credit bureaus from reporting negative information that is older than seven years, except a bankruptcy, which may be reported for ten. If you notify a credit bureau of an error in your credit report, the FCRA requires the bureau to investigate your allegations within 30 days, review all information you provide, remove inaccurate and unverified information and adopt procedures to keep the information from reappearing. In addition, the law requires that creditors refrain from reporting incorrect information to credit bureaus.
DEBIT CARD
A card issued by a bank that combines the functions of an ATM card and checks. A debit card can be used to withdraw cash at a bank like an ATM card, and it can ... (more...)
A card issued by a bank that combines the functions of an ATM card and checks. A debit card can be used to withdraw cash at a bank like an ATM card, and it can also be used at stores to pay for goods and services in place of a check. Unlike a credit card, a debit card automatically withdraws money from your checking account at the time of the transaction. Debit cards are regulated by the Electronic Funds Transfer Act.
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.
FAIR LABOR STANDARDS ACT (FLSA)
A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements ... (more...)
A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements for overtime and places restrictions on child labor.
CREDITOR
A person or entity (such as a bank) to whom a debt is owed.
REPOSSESSION
A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and ... (more...)
A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and has not attempted to work with the lender to resolve the problem. A repossessor can't use force to get at your car, but he can legally hot-wire it and even drive it out of your unlocked garage.
SAMPLE LEGAL CASES
In re Citigroup Inc. Shareholder Derivative Litigation
... By February 2007, subprime mortgage lenders began filing for bankruptcy and subprime
mortgages packaged into securities began experiencing increasing levels of delinquency. ...
February 12, 2007: ResMae Mortgage, a subprime lender, filed for bankruptcy. ...
In re Lear Corp. Shareholder Litigation
... Despite having avoided the need to file for bankruptcy and having seemingly positioned the
company for a profitable near future, Lear's CEO (and long-serving company executive) Robert
Rossiter was nervous about Lear's long-term prospects, referring to it in an October 2006 ...
In re Appraisal of Metromedia Intern. Group
... In order to effectuate an asset sale without a vote of its common shareholders, MIG
proposed to file a voluntary bankruptcy petition and then seek reorganization under
Chapter 11 of the United States Bankruptcy Code. According ...
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