Villard Credit & Debt Lawyer, Minnesota, page 2

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Bruce D Obenland

Litigation, Divorce & Family Law, Criminal, Collection
Status:  In Good Standing           Licensed:  52 Years

Neil R Tangen

Divorce & Family Law, Criminal, Civil & Human Rights
Status:  In Good Standing           Licensed:  46 Years

Nancy Lea Melgaard

General Practice
Status:  In Good Standing           Licensed:  32 Years

Mark Sholander

General Practice
Status:  Inactive           Licensed:  50 Years

Melissa Judith Listug Klick

General Practice
Status:  In Good Standing           Licensed:  20 Years

Carl D Nelson

General Practice
Status:  Deceased           Licensed:  60 Years

Jeffrey D Kuhn

General Practice
Status:  In Good Standing           Licensed:  46 Years

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LEGAL TERMS

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.

401(K) PLAN

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income ... (more...)
A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income taxes on the amount invested and any earnings are due until the employee withdraws money from the fund.

FDCPA

See Fair Debt Collections & Practices Act.

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.

INTEREST

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to ... (more...)
A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to your balance. This means that if your loan or credit line has an interest rate of 8%, the holder adds 8% to the balance each year. More specifically, interest is calculated and added to your loan or credit line through a process called compounding. If interest is compounded daily, the balance will rise by 1/365th of 8% each day. If interest is compounded monthly, the balance will rise 1/12th of 8% at the start of each month.

REAFFIRMATION

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing deb... (more...)
An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy case is over. For instance, a debtor might make a reaffirmation agreement with the holder of a car note that the debtor can keep the car and must continue to pay the debt after bankruptcy.

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.

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.

FORBEARANCE

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily ... (more...)
Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily postponing or reducing the borrower's payments.

SAMPLE LEGAL CASES

Baker v. Baker

... Id. Attorney Fees. In late 2003, the parties agreed that Dr. Baker would pay off approximately $43,500 of Ms. Baker's credit card debt. The debt included expenditures for the couple's home, groceries, and gifts for their children and grandchildren. ...

US FEDERAL CREDIT UNION v. STARS & STRIKES, LLC

... In 2005 and 2006, Stars & Strikes borrowed $8 million from US Federal Credit Union (USFCU). ... when USFCU foreclosed on its mortgages and bought all of the mortgaged property at a sheriff's foreclosure sale for $8,612,141.02, the amount of the business's outstanding debt. ...

ATLANTIC CREDIT & FINANCE v. DUSTRUDE

... On appeal, appellant contends that he is not required to pay the credit card debt because respondent violated the Truth In Lending Act (TILA), 15 USC §§ 1601-1667f (2000), by failing to follow a prescribed dispute-resolution procedure. ...