Ishpeming Credit & Debt Lawyer, Michigan

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Paul Richard Lehto

Credit & Debt, Business & Trade, Consumer Bankruptcy, Commercial Bankruptcy
Status:  Suspended           Licensed:  29 Years

Daniel David Mead

Adoption, Elder Law, Contract, Bankruptcy
Status:  In Good Standing           Licensed:  19 Years

Cathy C. Church

Credit & Debt, Consumer Bankruptcy, Bankruptcy, Bankruptcy & Debt
Status:  In Good Standing           Licensed:  37 Years

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Brandon Thomas Rickard

Native People, Contract, Collection, Wrongful Death
Status:  In Good Standing           Licensed:  13 Years

Jacob P. Spear

Estate Planning, Family Law, Elder Law, Credit & Debt
Status:  In Good Standing           Licensed:  9 Years

Theodore F. Fulsher

Divorce & Family Law, Criminal, Bankruptcy & Debt, Accident & Injury
Status:  In Good Standing           Licensed:  45 Years

Joan B. Ball

Family Law, Divorce & Family Law, Consumer Rights, Consumer Bankruptcy
Status:  In Good Standing           Licensed:  30 Years

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

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LEGAL TERMS

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.

TRUTH IN LENDING ACT (TILA)

A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disc... (more...)
A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disclose the terms of a loan, including the total amount of the loan, the annual interest rate and the number, amount and due dates of all payments necessary to repay the loan. The TILA requires additional disclosures and places many restrictions on mortgages.

UNDUE HARDSHIP

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in t... (more...)
The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in the future to pay off the loan may be able to show that repayment would be an undue hardship.

IRS EXPENSES

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income mu... (more...)
A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income must use the IRS expenses to calculate their average net income in a Chapter 7 case, or their disposable income in a Chapter 13 case.

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.

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.

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.

NONDISCHARGEABLE DEBTS

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chap... (more...)
Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chapter 13 bankruptcy, the nondischargeable debts will have to be paid in full during your plan or you will have a balance at the end of your case. Examples of nondischargeable debts include alimony and child support, most income tax debts, many student loans and debts for personal injury or death caused by drunk driving. Compare dischargeable debts.

BANKRUPTCY TRUSTEE

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is t... (more...)
A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is to gather the debtor's nonexempt property, liquidate it and distribute it proportionally to her creditors. In a Chapter 13 case, the trustee's role is to receive the debtor's monthly payments and distribute them proportionally to her creditors.

SAMPLE LEGAL CASES

New Freedom Mtg. Corp. v. Globe Mtg. Corp.

... at 1238, 44 Cal.Rptr.2d 352, 900 P.2d 601. When a mortgagee makes a full credit bid, the mortgage debt is satisfied, and the mortgage is extinguished. Bank of Three Oaks v. Lakefront Properties, 178 Mich.App. 551, 555, 444 NW2d 217 (1989). ...

Barth v. FIRST CONSUMER CREDIT, INC.

... arise under or relate to the contract. Defendant's alleged debt-collecting activities are inseparable from the credit relationship established by the terms of the installment contract. [1] Because plaintiffs' claims are arguably within ...

CHARTER ONE BANK NA v. JP Morgan Chase Bank, NA

... [MCL 565.901(b).]. By contrast, defendant characterizes the Bensons' additional debt obligations secured by the mortgage as credit debt issued pursuant to their personal guaranty, which was secured by the mortgage. Importantly ...