Milford Bankruptcy & Debt Lawyer, Michigan

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John R. Ceci

Wills & Probate, Estate Planning, Divorce, Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  23 Years

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Charles G. Hodgson

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

Scott W. Powers

Real Estate, Family Law, Business, Consumer Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  25 Years

Nancy C Nawrocki

Real Estate, Family Law, Civil Rights, Credit & Debt
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  39 Years

William Wallace Murray

Estate Planning, Employee Rights, Elder Law, Consumer Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  15 Years

Jon Thomas Emaus

Trusts, Contract, Credit & Debt, Wrongful Death
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

Thomas R. Neff

Litigation, Lawsuit & Dispute, Consumer Rights, Consumer Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  54 Years

Alvin H. Rightler

Federal Appellate Practice, Estate Planning, Elder Law, Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  27 Years

Bruce A. Mayrand

Commercial Real Estate, Estate Planning, Family Law, Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  20 Years

Edward Leonard Ewald

Landlord-Tenant, Employee Rights, Contract, Credit & Debt
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  35 Years

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LEGAL TERMS

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.

ABUSE

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because ... (more...)
Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because the debtor appears to have enough disposable income to fund a Chapter 13 repayment plan.

FAIR CREDIT BILLING ACT (FCBA)

A federal law that gives you rights when an error occurs on your credit card statement. You must notify the credit card company of the mistake within 60 days af... (more...)
A federal law that gives you rights when an error occurs on your credit card statement. You must notify the credit card company of the mistake within 60 days after it mailed the bill to you. The company must then correct the mistake, or at least acknowledge receipt of your letter within 30 days, and must correct the error within 90 days or explain why it believes the credit card statement is correct.

REAFFIRMATION

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing deb... (more...)
An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy case is over. For instance, a debtor might make a reaffirmation agreement with the holder of a car note that the debtor can keep the car and must continue to pay the debt after bankruptcy.

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.

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.

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.

GRACE PERIOD

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you h... (more...)
A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you have to pay interest on the amount of your purchases. Cash advances, however, usually have no grace period; interest begins to accumulate from the date of the withdrawal, even if you pay your bills on time. Also, some student loans give you a grace period after graduating or dropping out of school. During this time, you are not required to make payments on your loan.

FORBEARANCE

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily ... (more...)
Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily postponing or reducing the borrower's payments.

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