Lemont Bankruptcy & Debt Lawyer, Illinois, page 5

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Patrick Jones
About | Practice Areas
PMJ PLLC
100 S State St Chicago, IL 60603» view map
Bankruptcy & Debt
Working Relentlessly For You

Patrick is the Founder of PMJ PLLC and has more than 20 years of experience.

800-901-4721
1. Patrick Jones Chicago, IL
  Attorney at Law- IL
  DePaul University College of Law, J.D. 1999
2. AboutPMJ PLLC
  Working Relentlessly For You
3. Practice AreasExpertise
  Bankruptcy & Debt
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John Dent

Real Estate, Divorce & Family Law, Bankruptcy, Accident & Injury

Status: In Good Standing Licensed: 29 Years

CONTACT

1000 S Hamilton St, Lockport, IL 60441

John Charles Dent

Real Estate, Divorce & Family Law, Bankruptcy, Accident & Injury

Status: In Good Standing Licensed: 29 Years

CONTACT

1000 S Hamilton St, Lockport, IL 60441

Sandra Lynn Makowka

Commercial Real Estate, Estate, Transactions, Bankruptcy

Status: In Good Standing Licensed: 19 Years

CONTACT

10729 W 159Th St, Orland Park, IL 60467

Sandra Makowka

Commercial Real Estate, Estate, Transactions, Bankruptcy

Status: In Good Standing Licensed: 19 Years

CONTACT

10729 W 159Th St, Orland Park, IL 60467

James M. Chesloe

Family Law, Divorce, Bankruptcy, Credit & Debt

Status: In Good Standing

FREE CONSULTATION

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1030 South La Grange Road, La Grange, IL 60525

Patricia Rummer

Bankruptcy, Employee Rights

Status: In Good Standing Licensed: 31 Years

CONTACT

5950-e Lincoln Avenue, Lisle, IL 60532

Marilyn Grant Johnson

Federal Appellate Practice, Divorce & Family Law, Criminal, Bankruptcy

Status: In Good Standing Licensed: 45 Years

CONTACT

16536 S 106Th Ct, Orland Park, IL 60467

David Grochocinski

Business & Trade, Collection, Corporate

Status: In Good Standing Licensed: 49 Years

CONTACT

1900 Ravinia Pl, Orland Park, IL 60462

Wesley C Zaba

Real Estate, Divorce & Family Law, Criminal, Bankruptcy

Status: In Good Standing Licensed: 15 Years

CONTACT

200 E. Chicago Avenue, Westmont, IL 60559

Lisa M Raimondi

Commercial Real Estate, Transactions, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 29 Years

CONTACT

15774 S. Lagrange Road, Orland Park, IL 60462

800-923-0641

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LEGAL TERMS

PRIORITY DEBT

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13... (more...)

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13 bankruptcy. Priority debts include alimony and child support, fees owed to the trustee and the attorney in the bankruptcy case, and wages owed to employees.

NONEXEMPT PROPERTY

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typicall... (more...)

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typically includes valuable clothing (furs) and electronic equipment, an expensive car that's been paid off and most of the equity in your house. Compare exempt property.

ACCORD AND SATISFACTION

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collectin... (more...)

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.

LIQUIDATING PARTNER

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.

CREDIT COUNSELING

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Unde... (more...)

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Under the new bankruptcy law, a debtor must undergo credit counseling with an approved provider before filing for bankruptcy.

CHAPTER 7 BANKRUPTCY

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 b... (more...)

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 bankruptcy takes from three to six months, costs about $200, and commonly requires only one trip to the courthouse.

BULK SALES LAW

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.

WINDING UP

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, a... (more...)

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, all with the ultimate goal of liquidating or closing down a corporation or partnership.

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.

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Lemont Bankruptcy & Debt Lawyer, Illinois, page 5

Sponsored Law Firm

PMJ PLLC

SPONSORED LAWYERS

John Dent

John Charles Dent

Sandra Lynn Makowka

Sandra Makowka

James M. Chesloe

Patricia Rummer

Marilyn Grant Johnson

David Grochocinski

Wesley C Zaba

Lisa M Raimondi

TIPS

LEGAL TERMS

PRIORITY DEBT

NONEXEMPT PROPERTY

ACCORD AND SATISFACTION

LIQUIDATING PARTNER

CREDIT COUNSELING

CHAPTER 7 BANKRUPTCY

BULK SALES LAW

WINDING UP

PREFERENCE

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