Saginaw Bankruptcy & Debt Lawyer, Michigan, page 2

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Joseph H. Luplow

Bankruptcy & Debt, Divorce & Family Law, Business, Criminal, Estate
Status:  In Good Standing           Licensed:  38 Years

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Robert J. Allen

Social Security, Administrative Law, Bankruptcy
Status:  In Good Standing           Licensed:  37 Years

Robert J. Allen

Social Security, Administrative Law, Bankruptcy
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Thomas W. Mcdonald

Bankruptcy
Status:  In Good Standing           Licensed:  44 Years

Peter S. Shek

Real Estate, Business, Bankruptcy & Debt, Accident & Injury
Status:  In Good Standing           Licensed:  44 Years

Millicent E. Shek

Estate, Divorce, Bankruptcy & Debt, Accident & Injury
Status:  In Good Standing           Licensed:  10 Years

Matthew E. Gronda

Bankruptcy, Foreclosure, Traffic, Business
Status:  In Good Standing           

Timothy S. Burns

Workers' Compensation, Limited Liability Companies, Bankruptcy, Personal Injury
Status:  In Good Standing           Licensed:  33 Years

Joshua M. Reinert

Education, Litigation, Social Security, Bankruptcy, Bankruptcy & Debt
Status:  In Good Standing           Licensed:  21 Years

Michael C. Reinert

Landlord-Tenant, Divorce & Family Law, Bankruptcy, Bankruptcy & Debt
Status:  In Good Standing           Licensed:  48 Years

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LEGAL TERMS

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.

FCRA

See Fair Credit Reporting Act.

CREDIT FILE

See credit report.

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.

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.

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.

DISCHARGE (OF DEBTS)

A bankruptcy court's erasure of the debts of a person or business that has filed for bankruptcy.

FCBA

See Fair Credit Billing Act.

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.

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