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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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David Siegel

Bankruptcy & Debt, Bankruptcy

Status: In Good Standing

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10540 S. Western Ave, Chicago, IL 60643

Sabrina Herrell

Commercial Real Estate, Litigation, Estate Planning, Bankruptcy

Status: In Good Standing Licensed: 22 Years

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11416 S Prairie Ave, Chicago, IL 60628

Sabrina Herrell

Commercial Real Estate, Litigation, Estate Planning, Bankruptcy

Status: In Good Standing Licensed: 22 Years

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11416 S Prairie Ave, Chicago, IL 60628

Wade Arends

Federal Appellate Practice, Workers' Compensation, Divorce, Bankruptcy

Status: In Good Standing Licensed: 34 Years

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10129 S Western Ave, Chicago, IL 60643

Wade Brien Arends

Federal Appellate Practice, Workers' Compensation, Divorce, Bankruptcy

Status: In Good Standing Licensed: 34 Years

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10129 S Western Ave, Chicago, IL 60643

Joseph Michael Olstein

Real Estate, Consumer Rights, Consumer Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

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10450 S Western Ave, Chicago, IL 60643

Angelo Vitiritti

Divorce & Family Law, Criminal, Bankruptcy, Estate Planning

Status: In Good Standing Licensed: 35 Years

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16231 Wausau Ave, South Holland, IL 60473

Angelo J. Vitiritti

Bankruptcy, Estate Planning, Transactions, Criminal

Status: In Good Standing Licensed: 35 Years

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16231 Wausau Ave, South Holland, IL 60473

Alexander Nohr

Bankruptcy

Status: In Good Standing Licensed: 13 Years

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11101 S. Western Avenue, Chicago, IL 60643

Damita Gail Buffington

Real Estate, Family Law, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 30 Years

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10849 S Western Ave, Chicago, IL 60643

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LEGAL TERMS

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.

BULK SALES LAW

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.

FCBA

See Fair Credit Billing Act.

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.

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.

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.

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.

LOSS DAMAGE WAIVER (LDW)

Rental car insurance that makes the rental car company responsible for damage to or theft of a rental car. This insurance is a major consumer ripoff, as it ofte... (more...)

Rental car insurance that makes the rental car company responsible for damage to or theft of a rental car. This insurance is a major consumer ripoff, as it often duplicates coverage provided by the renter's regular car insurance and/or the credit card she uses to rent the car. Nevertheless, hard-sell practices by rental car agents often dupe people into buying LDWs they don't really need. LDW is also called 'collision damage waiver.'

C CORPORATION

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S c... (more...)

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S corporation, whose profits are passed through to shareholders and taxed on their personal returns under subchapter S of the Internal Revenue Code.

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Riverdale Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

Lynch Law, LLC

SPONSORED LAWYERS

David Siegel

Sabrina Herrell

Sabrina Herrell

Wade Arends

Wade Brien Arends

Joseph Michael Olstein

Angelo Vitiritti

Angelo J. Vitiritti

Alexander Nohr

Damita Gail Buffington

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LEGAL TERMS

PREFERENCE

BULK SALES LAW

FCBA

PRIORITY DEBT

CHAPTER 7 BANKRUPTCY

WORKOUT

MEETING OF CREDITORS

LOSS DAMAGE WAIVER (LDW)

C CORPORATION

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