Darien Bankruptcy & Debt Lawyer, Illinois

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Adam Anderson Price

Commercial Real Estate, Real Estate, Lawsuit & Dispute, Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  15 Years

Adam Price

Commercial Real Estate, Real Estate, Lawsuit & Dispute, Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  16 Years

Martin Potter

Commercial Real Estate, Real Estate, Transactions, Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  34 Years

Rachael A. Stokas

Commercial Real Estate, Transactions, Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  23 Years

Anna Chansomphou David

Commercial Real Estate, Civil Rights, Collection, Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  20 Years

Dexter Holt

Bankruptcy
Status:  Inactive *Status is reviewed annually. For latest information visit here           Licensed:  27 Years

Rhonda Peek

Commercial Real Estate, Landlord-Tenant, Transactions, Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  28 Years

Joseph Circelli

Commercial Real Estate, Transactions, Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  32 Years

James Riegel

Commercial Real Estate, Transactions, Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  28 Years

Gregory Moody

Commercial Real Estate, Real Estate, Transactions, Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  35 Years

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

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800-814-6700

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

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LEGAL TERMS

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.

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.

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)
A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

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.

LIABILITY

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pi... (more...)
(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pipe bursts the day after Paul installs it, ruining the bathroom floor. This raises the issue of liability: Who is responsible for the damage? Peri claims that Paul is responsible, and sues him for the cost of hiring another plumber to fix the pipe and replacing the floor. Paul, in turn, claims that the pipe manufacturer is responsible, because they supplied him with faulty materials. Both Peri and Paul must prove their claims in court; if Paul and/or the manufacturer is found liable, one or both will have to pay damages to Peri. (2) Something for which a person is liable. For example, a debt is often called a liability.

MEANS TEST

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income ... (more...)
A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income for his or her state should be allowed to file for Chapter 7 bankruptcy.

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.

CREDITOR

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

COLLATERAL

Property that guarantees payment of a secured debt.

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