Wylliesburg Credit & Debt Lawyer, Virginia
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1004 Court Street, Lynchburg, VA 24505
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Easily find Wylliesburg Credit & Debt Lawyers and Wylliesburg Credit & Debt Law Firms. For more attorneys, search all Bankruptcy & Debt areas including Bankruptcy, Collection, Reorganization and Workout attorneys.
LEGAL TERMS
DISCHARGE (OF DEBTS)
A bankruptcy court's erasure of the debts of a person or business that has filed for bankruptcy.
WORKOUT
A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.
PROCEEDS FOR DAMAGED EXEMPT PROPERTY
In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemp... (more...)
In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemptible because it has been damaged or destroyed.
COLLATERAL
Property that guarantees payment of a secured debt.
FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)
A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working fo... (more...)
A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working for collection agencies. The law does not apply to creditors collecting their own debts. This law has greatly improved conditions for debtors, although more than a few debt collectors ignore the law. If a collection agency violates the law, debtors can contact the Federal Trade Commission for help.
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.
CHAPTER 13 BANKRUPTCY
The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)
The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.
NUISANCE FEES
Money charged by some credit card companies to increase their profits when you fail to use the card the way the creditor wants. Examples include late payment fe... (more...)
Money charged by some credit card companies to increase their profits when you fail to use the card the way the creditor wants. Examples include late payment fees, inactivity fees and fees for not carrying a balance from month to month. It's best to shop around and get rid of cards that have these fees attached.
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.
SAMPLE LEGAL CASES
Rogers v. Rogers
... of counsel that matters of equitable distribution have been compromised, settled and agreed."
[3] The October 19 decree, endorsed without objection as to equitable distribution provisions,
contains the following concerning the joint credit card debt of the parties: "8. Debt: . . . ...
Sherman v. Sherman
... The US government demanded he repay $24,000 of the government credit card debt
incurred. Husband finally revealed this obligation to wife. ... Husband testified: "I used the
mutual fund to pay [wife] the $24,000 I spent in credit card debt. ...
Gilliam v. McGrady
... from the debt. A credit card debt whose purpose is to finance a family vacation clearly
benefits the family and is a marital debt. The error here was in not determining the
purpose of the original debt to the IRS. The proper analysis ...
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