Lyndon Bankruptcy & Debt Lawyer, Illinois

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Lon Mason Richey

DUI-DWI, Civil Rights, Bankruptcy, Personal Injury
Status:  In Good Standing           Licensed:  47 Years

Lon Richey

DUI-DWI, Civil Rights, Bankruptcy, Personal Injury
Status:  In Good Standing           Licensed:  48 Years

Michelle Beth Buckwalter-schurman

Family Law, Divorce, Adoption, Bankruptcy
Status:  In Good Standing           Licensed:  29 Years

Michelle Buckwalter-schurman

Family Law, Divorce, Adoption, Bankruptcy
Status:  In Good Standing           Licensed:  29 Years

Daniel Huffman

Divorce & Family Law, Criminal, Bankruptcy, Wills & Probate
Status:  In Good Standing           Licensed:  26 Years

Thomas Hugh Senneff

Corporate, Bankruptcy, Divorce, International Tax
Status:  In Good Standing           Licensed:  50 Years

Thomas Senneff

Corporate, Bankruptcy, Divorce, International Tax
Status:  In Good Standing           Licensed:  50 Years

Colleen Mary Buckwalter

Bankruptcy
Status:  In Good Standing           Licensed:  19 Years

Colleen Buckwalter

Bankruptcy
Status:  In Good Standing           Licensed:  19 Years

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

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800-943-8690

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Lawyer.com can help you easily and quickly find Lyndon Bankruptcy & Debt Lawyers and Lyndon Bankruptcy & Debt Law Firms. Refine your search by specific Bankruptcy & Debt practice areas such as Bankruptcy, Collection, Credit & Debt, Reorganization and Workout matters.

LEGAL TERMS

REPOSSESSION

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and ... (more...)
A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and has not attempted to work with the lender to resolve the problem. A repossessor can't use force to get at your car, but he can legally hot-wire it and even drive it out of your unlocked garage.

GUARANTOR

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. T... (more...)
A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. The guarantor gives a 'guaranty,' which is an assurance that the debt or other obligation will be fulfilled.

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.

CCCS

See Consumer Credit Counseling Service.

HOUSEHOLDER

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a ho... (more...)
A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a homestead exemption and possibly other exemptions relating to the maintenance of the household.

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.

IRS EXPENSES

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income mu... (more...)
A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income must use the IRS expenses to calculate their average net income in a Chapter 7 case, or their disposable income in a Chapter 13 case.

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)
A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

FRAUDULENT TRANSFER

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee --... (more...)
In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit of the creditors.