Oak Park Bankruptcy & Debt Lawyer, Illinois, page 2

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John Lynch
About | Practice Areas
Lynch Law, LLC
300 E 5th Ave Suite 360 Naperville, IL 60563» view map
Bankruptcy & Debt Law
A Family Approach To Law

Legal matters should only be dealt with by people you trust. Who can you rely on more than people who treat you like family? Trust us to help you today.

800-952-9511
1. John Lynch Naperville, IL
  Attorney at Law- IL, 1998
  Shepard Broad Law Center, J.D. 1998
2. AboutLynch Law, LLC
  A Family Approach To Law
3. Practice AreasExpertise
  Bankruptcy & Debt Law
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Christopher Grobelski

Employment, Divorce & Family Law, Bankruptcy & Debt, Immigration

Status: Licensed: 22 Years

CONTACT

3813 N Harlem Ave, Chicago, IL 60634

Christopher Paul Elmore

Bankruptcy, Estate Planning, Transactions, Divorce & Family Law

Status: Licensed: 24 Years

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3311 North Harlem, Chicago, IL 60634

Christopher Aaron Parrish

Immigration, Divorce, Criminal, Bankruptcy

Status: Licensed: 8 Years

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7100 16th Street, Berwyn, IL 60402

Cody Wayne Haefele

Collection

Status: Licensed: 15 Years

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4027 W School St, Chicago, IL 60641

Craig Smith

Commercial Real Estate, Litigation, Civil Rights, Collection

Status: Licensed: 29 Years

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1011 Lake St, Oak Park, IL 60301

Daniel Gonzalez

Employment, Bankruptcy, Bankruptcy & Debt, Accident & Injury

Status: Licensed: 21 Years

CONTACT

1904 South, Cicero, IL 60804

David Koch

Bankruptcy, DUI-DWI, Divorce, Estate Planning, Dispute Resolution

Status:

CONTACT

5947 West 35Th Street, Cicero, IL 60804

David P. Lloyd

Landlord-Tenant, Litigation, Bankruptcy, Bankruptcy & Debt

Status:

CONTACT

9244 Washington St, Brookfield, IL 60513

David Owen Koch

DUI-DWI, Estate Planning, Divorce, Bankruptcy, Dispute Resolution

Status:

CONTACT

5947 West 35Th Street, Cicero, IL 60804

Dennis Sbertoli

Commercial Real Estate, Transactions, Bankruptcy, Bankruptcy & Debt

Status: Licensed: 45 Years

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La Grange Park, IL 60526

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LEGAL TERMS

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.

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.

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.

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.

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.

FCBA

See Fair Credit Billing Act.

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.

401(K) PLAN

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income ... (more...)

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income taxes on the amount invested and any earnings are due until the employee withdraws money from the fund.

DISCHARGE (OF DEBTS)

A bankruptcy court's erasure of the debts of a person or business that has filed for bankruptcy.

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Oak Park Bankruptcy & Debt Lawyer, Illinois, page 2

Sponsored Law Firm

Lynch Law, LLC

SPONSORED LAWYERS

Christopher Grobelski

Christopher Paul Elmore

Christopher Aaron Parrish

Cody Wayne Haefele

Craig Smith

Daniel Gonzalez

David Koch

David P. Lloyd

David Owen Koch

Dennis Sbertoli

TIPS

LEGAL TERMS

SECURED DEBT

LIABILITY

REAFFIRMATION

PRESUMED ABUSE

DISCHARGEABLE DEBTS

FCBA

DISPOSABLE INCOME

401(K) PLAN

DISCHARGE (OF DEBTS)

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