Dendron Bankruptcy Lawyer, Virginia
Includes: Bankruptcy Litigation, Commercial Bankruptcy, Consumer Bankruptcy, Dissolution
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5520 Foundation St, Williamsburg, VA 23185
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William T. Lehner
Real Estate, Divorce & Family Law, Business, Commercial Bankruptcy
Status: Inactive
4801 Courthouse Street, Williamsburg, VA 23188
Profile LAWPOINTS™22/100
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LEGAL TERMS
COLLATERAL
Property that guarantees payment of a secured debt.
FRATERNAL BENEFIT SOCIETY BENEFITS
These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal socie... (more...)
These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal societies that provide benefits. Also called benefit society, benevolent society or mutual aid association benefits. Under bankruptcy laws, these benefits are virtually always considered exempt property.
DISPOSABLE INCOME
The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Ch... (more...)
The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Chapter 13 plan.
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.
PREFERENCE
A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)
A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.
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.
LIMITED LIABILITY
The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or ... (more...)
The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or a person who invests in a corporation (a shareholder) generally stands to lose only the amount of money invested in the business. This means that if the business folds, creditors cannot seize or sell an owner's home, car, or other personal assets.
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.
DISCHARGE (OF DEBTS)
A bankruptcy court's erasure of the debts of a person or business that has filed for bankruptcy.
SAMPLE LEGAL CASES
Rogers v. Rogers
... figures. B. Effect of Pending Bankruptcy. Succinctly ... Chapter. 7 bankruptcy protection with
respect to the same. Though filed in August 2006, that bankruptcy proceeding was still
pending at the time of oral argument before this Court. There ...
Stacy v. Stacy
... in paragraph 9 of the PSA in which the parties stipulated that, while husband's mortgage payments
"were not direct support payments being made to wife," they were "in the nature of support," and
therefore "non-dischargeable" by husband in any bankruptcy proceeding. [4]. II. ...
McNally v. Rey
... In this appeal, we consider whether the Circuit Court of the City of Norfolk abused its discretion
by imposing sanctions upon an attorney who filed a petition in bankruptcy on behalf of his
client who was a party in a proceeding pending in the circuit court. ...
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