Iosco County, MI Bankruptcy & Debt Lawyers

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Ann Victoria Hopcroft

Bankruptcy, Contract, Elder Law, Family Law, Trusts
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  47 Years

Christine M. Brzezinski

Estate Planning, Family Law, Guardianships & Conservatorships, Children's Rights
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  42 Years

James A. Bacarella

Family Law, Divorce & Family Law, Criminal, Accident & Injury
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  34 Years

James L. Szafran

Government
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  42 Years

Keith E. Moir

Family Law, Criminal, Civil & Human Rights, Accident & Injury
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  42 Years

John M. Freel

Litigation, Insurance, Business
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  34 Years

Timothy R. Freel

Other, Real Estate, Personal Injury, Legal Malpractice
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  31 Years

Nichol J. Palumbo

General Practice
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  27 Years

Jean G Howard

General Practice
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  45 Years

Jerry L. Schmidt

Agriculture, Labor Law, Family Law, Elder Law
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  52 Years

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LEGAL TERMS

FAIR CREDIT REPORTING ACT (FCRA)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to a... (more...)
A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to adopt reasonable procedures for gathering, maintaining and disseminating information and bars credit bureaus from reporting negative information that is older than seven years, except a bankruptcy, which may be reported for ten. If you notify a credit bureau of an error in your credit report, the FCRA requires the bureau to investigate your allegations within 30 days, review all information you provide, remove inaccurate and unverified information and adopt procedures to keep the information from reappearing. In addition, the law requires that creditors refrain from reporting incorrect information to credit bureaus.

DEBT COLLECTOR

A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe... (more...)
A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe. Debt collectors can be relentless, often using scare tactics, humiliation and repeated phone calls to extract payments or promises to pay.

CCCS

See Consumer Credit Counseling Service.

DISCHARGEABLE DEBTS

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bill... (more...)
Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bills and medical bills. Compare nondischargeable debts.

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.

LIEN

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortg... (more...)
The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortgages, home equity loans, car loans and personal loans for which you pledge property to guarantee repayment. Liens created without your consent are called nonconsensual liens, and include judgment liens (liens filed by a creditor who has sued you and obtained a judgment), tax liens and mechanics liens (liens filed by a contractor who worked on your house but wasn't paid).

PRESUMED ABUSE

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means te... (more...)
In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means test, the court will presume that the debtor has sufficient income to fund a Chapter 13 plan. In this situation, the debtor will not be allowed to proceed with a Chapter 7 bankruptcy unless the debtor can prove that he or she is not abusing the Chapter 7 bankruptcy remedy.

S CORPORATION

A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status fro... (more...)
A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status from the Internal Revenue Service. Electing to do business as an S corporation lets shareholders enjoy limited liability status, as would be true of any corporation, but be taxed like a partnership or sole proprietor. That is, instead of being taxed as a separate entity (as would be the case with a regular or C corporation) an S corporation is a pass-through tax entity: income taxes are reported and paid by the shareholders, not the S corporation. To qualify as an S corporation a number of IRS rules must be met, such as a limit of 75 shareholders and citizenship requirements.

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.

   More Legal Terms...

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