Will County, IL Bankruptcy & Debt Lawyers

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John Lynch
About | Practice Areas
Lynch Law, LLC
300 E 5th Ave Suite 360 Naperville, IL 60563» view map
Bankruptcy & Debt Law
A Family Approach To Law

Legal matters should only be dealt with by people you trust. Who can you rely on more than people who treat you like family? Trust us to help you today.

800-952-9511
1. John Lynch Naperville, IL
  Attorney at Law- IL, 1998
  Shepard Broad Law Center, J.D. 1998
2. AboutLynch Law, LLC
  A Family Approach To Law
3. Practice AreasExpertise
  Bankruptcy & Debt Law
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Steve Beck

Bankruptcy, Divorce

Status: In Good Standing

FREE CONSULTATION

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19250 Everett Lane, Mokena, IL 60448

Ronald D. Cummings

Real Estate, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

FREE CONSULTATION

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121 Springfield Avenue, Joliet, IL 60435

Sara Joanna Gray

Bankruptcy & Debt, Criminal, Traffic, Bankruptcy, Accident & Injury

Status: In Good Standing Licensed: 25 Years

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1429 Plainfield Road, Joliet, IL 60435

David Siegel

Bankruptcy & Debt, Bankruptcy, Divorce & Family Law, Divorce

Status: In Good Standing

FREE CONSULTATION

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54 N. Ottawa St., Joliet, IL 60432

Mark Varboncouer

Patent, Estate Planning, Bankruptcy, Personal Injury

Status: In Good Standing

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8767 Laraway Rd, Frankfort, IL 60423

Mazyar Hedayat

Litigation, Estate Planning, Family Law, Bankruptcy

Status: In Good Standing

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1211 W Lakeview Ct, Romeoville, IL 60446

John Dent

Real Estate, Divorce & Family Law, Bankruptcy, Accident & Injury

Status: In Good Standing Licensed: 28 Years

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1000 S Hamilton St, Lockport, IL 60441

Firas Abunada

Divorce & Family Law, Bankruptcy, Traffic, Foreclosure, Divorce

Status: In Good Standing

CONTACT

1861 Black Road, Joliet, IL 60435

Mazyar Malek Hedayat

Litigation, Estate Planning, Family Law, Bankruptcy

Status: In Good Standing

CONTACT

1211 W Lakeview Ct, Romeoville, IL 60446

Patrick A Meszaros

Real Estate, Bankruptcy, Bankruptcy & Debt, Accident & Injury

Status: In Good Standing Licensed: 27 Years

CONTACT

1100 W Jefferson St, Joliet, IL 60435

800-923-0641

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LEGAL TERMS

PRIORITY DEBT

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13... (more...)

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13 bankruptcy. Priority debts include alimony and child support, fees owed to the trustee and the attorney in the bankruptcy case, and wages owed to employees.

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.

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.

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.

ADMINISTRATIVE EXPENSES

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.

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.

LIQUIDATING PARTNER

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.

REDEMPTION

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump s... (more...)

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a car note by paying the lender the amount a retail vendor would charge for the car, considering its age and condition.

DEFINED CONTRIBUTION PLAN

A type of pension plan that does not guarantee any particular pension amount upon retirement. Instead, the employer pays into the pension fund a certain amount ... (more...)

A type of pension plan that does not guarantee any particular pension amount upon retirement. Instead, the employer pays into the pension fund a certain amount every month, or every year, for each employee. The employer usually pays a fixed percentage of an employee's wages or salary, although sometimes the amount is a fraction of the company's profits, with the size of each employee's pension share depending on the amount of wage or salary. Upon retirement, each employee's pension is determined by how much was contributed to the fund on behalf of that employee over the years, plus whatever earnings that money has accumulated as part of the investments of the entire pension fund.

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Will County, IL Bankruptcy & Debt Lawyers

Sponsored Law Firm

Lynch Law, LLC

SPONSORED LAWYERS

Steve Beck

Ronald D. Cummings

Sara Joanna Gray

David Siegel

Mark Varboncouer

Mazyar Hedayat

John Dent

Firas Abunada

Mazyar Malek Hedayat

Patrick A Meszaros

TIPS

LEGAL TERMS

PRIORITY DEBT

PREFERENCE

ABUSE

COSIGNER

ADMINISTRATIVE EXPENSES

CURRENT MONTHLY INCOME

LIQUIDATING PARTNER

REDEMPTION

DEFINED CONTRIBUTION PLAN

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