Cambridge Bankruptcy & Debt Lawyer, Massachusetts

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Matthew E. Scafidi

Corporate, Business Organization, Collection, Commercial Leasing
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

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James H. Krumsiek

Banking & Finance, Bankruptcy, Commercial Real Estate, Foreclosure
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

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Bruce D. Levin

Complex Litigation, Litigation, Business Organization, Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

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Richard N. Gottlieb

Litigation, Credit & Debt, Collection, Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

Sheri F. Murray

Bankruptcy, Child Support, Consumer Bankruptcy, Criminal
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

Richard W. Gannett

Corporate, Franchising, Business Organization, Collection
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

Kerry L. Moore

Antitrust, Banking & Finance, Bankruptcy, Business Organization
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

Marisa S. Gregg

Real Estate, Estate, Divorce & Family Law, Bankruptcy & Debt
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

Richard M. Schifone

Bankruptcy, Consumer Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

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Widmine L. Remy

Bankruptcy, Elder Law, Estate Planning
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

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Free Help: Use This Form or Call 800-814-6700

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LEGAL TERMS

TRADE DRESS

The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape... (more...)
The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape of Frangelico liqueur bottles. Trade dress can be protected under trademark law if a showing can be made that the average consumer would likely be confused as to product origin if another product were allowed to appear in similar dress.

GENERAL PARTNER

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the... (more...)
A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. See also partnership, limited partnership.

MEETING OF CREDITORS

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a f... (more...)
A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a few questions. In a Chapter 7, the meeting of creditors lasts a few minutes and rarely do any creditors show up. In a Chapter 13 bankruptcy, one or two creditors may attend, especially if they disagree with some provision of your repayment plan.

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.

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.

SECURED DEBT

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collater... (more...)
A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

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.

AUTOMATIC STAY

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities,... (more...)
An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid debt.

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.

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