Asotin Credit & Debt Lawyer, Washington, page 3

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Ann Maxson Dougherty

General Practice
Status:  In Good Standing           Licensed:  41 Years

Lucille Lenore Dukes

Employment Discrimination, Elder Law, Credit & Debt, Personal Injury, Family Law
Status:  In Good Standing           Licensed:  11 Years

Kimberly S. Traver

Traffic, Criminal, Juvenile Law
Status:  In Good Standing           Licensed:  14 Years

Jane E Richards

Dispute Resolution, Family Law, Divorce & Family Law, Criminal
Status:  In Good Standing           Licensed:  22 Years

Lauren Susannah Bottomly

General Practice
Status:  Inactive           Licensed:  30 Years

John Michael Lyden

General Practice
Status:  Suspended           Licensed:  50 Years

Richard Arthur Gittins

Federal
Status:  Inactive           Licensed:  37 Years

Kathleen Grant Dahlin

General Practice
Status:  Inactive           Licensed:  46 Years

Lester Hoobler

General Practice
Status:  Suspended           Licensed:  108 Years

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LEGAL TERMS

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.

LIEN

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortg... (more...)
The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortgages, home equity loans, car loans and personal loans for which you pledge property to guarantee repayment. Liens created without your consent are called nonconsensual liens, and include judgment liens (liens filed by a creditor who has sued you and obtained a judgment), tax liens and mechanics liens (liens filed by a contractor who worked on your house but wasn't paid).

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.

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.

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.

CREDIT FILE

See credit report.

MEANS TEST

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income ... (more...)
A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income for his or her state should be allowed to file for Chapter 7 bankruptcy.

COLLATERAL

Property that guarantees payment of a secured debt.

SUBROGATION

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off i... (more...)
A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off its injured claimant takes the legal rights the claimant has against a third party that caused the injury, and sues that third party.

SAMPLE LEGAL CASES

Discover Bank v. Bridges

... HOUGHTON, J. ¶ 1 John and Julie Bridges appeal the trial court's grant of summary judgment on their credit card debt to Discover Bank. ... We reverse and remand. FACTS. ¶ 2 Discover Bank filed a complaint against the Bridges, seeking payment of a credit card debt. ...

Brown v. Household Realty Corp.

... This debt consolidation reduced the Browns' total monthly payments for home loans and consumer credit accounts. ... 6 The same day, the Browns obtained from Household a second position line of credit to consolidate additional unsecured debt. ...

BOEING EMPLOYEES'CREDIT UNION v. Burns

... [2]. ¶ 2 Here, Boeing Employees' Credit Union (BECU) is the holder of a subordinate deed of trust for ... [4] Accordingly, BECU is entitled to the surplus sales funds that are sufficient to satisfy the Burnses' unpaid debt to BECU. [5] We reverse and remand for further proceedings. ...