Cortland Bankruptcy & Debt Lawyer, Ohio

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David A. Shepherd

Employment, Corporate, Business Organization, Bankruptcy
Status:  In Good Standing           

James Donald Franks

Federal Appellate Practice, Family Law, Bankruptcy, Personal Injury
Status:  In Good Standing           Licensed:  41 Years

Irene K. Makridis

Foreclosure, DUI-DWI, Criminal, Bankruptcy
Status:  In Good Standing           

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Gilbert Lester Rieger

Real Estate, Estate, Commercial Bankruptcy, Bankruptcy
Status:  In Good Standing           Licensed:  55 Years

David Day Daugherty

Real Estate, Government, Estate, Collection
Status:  In Good Standing           Licensed:  44 Years

Dennis Lee Carpenter

Real Estate, Estate, Family Law, Commercial Bankruptcy
Status:  In Good Standing           Licensed:  47 Years

John Lawrence Pogue

Estate, Employee Rights, Corporate, Bankruptcy
Status:  In Good Standing           Licensed:  55 Years

Keith Martin Walker

Family Law, Corporate, Bankruptcy, Personal Injury
Status:  In Good Standing           Licensed:  48 Years

Nancy Ellen Yakubek

Family Law, Juvenile Law, Elder Law, Bankruptcy
Status:  In Good Standing           Licensed:  42 Years

William Joseph Urban

Litigation, Workers' Compensation, Banking & Finance, Bankruptcy
Status:  In Good Standing           Licensed:  56 Years

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

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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.

DISCHARGE (OF DEBTS)

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

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)
A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

COLLATERAL

Property that guarantees payment of a secured debt.

CREDITOR

A person or entity (such as a bank) to whom a debt is owed.

CCCS

See Consumer Credit Counseling Service.

PRESUMED ABUSE

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means te... (more...)
In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means test, the court will presume that the debtor has sufficient income to fund a Chapter 13 plan. In this situation, the debtor will not be allowed to proceed with a Chapter 7 bankruptcy unless the debtor can prove that he or she is not abusing the Chapter 7 bankruptcy remedy.

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.

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.