Rochester Bankruptcy & Debt Lawyer, Illinois, page 2

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Patrick Jones
About | Practice Areas
PMJ PLLC
100 S State St Chicago, IL 60603» view map
Bankruptcy & Debt
Working Relentlessly For You

Patrick is the Founder of PMJ PLLC and has more than 20 years of experience.

800-901-4721
1. Patrick Jones Chicago, IL
  Attorney at Law- IL
  DePaul University College of Law, J.D. 1999
2. AboutPMJ PLLC
  Working Relentlessly For You
3. Practice AreasExpertise
  Bankruptcy & Debt
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Samuel J. Witsman

Municipal, Banking & Finance, Business, Collection, Business & Trade

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1 N Old Capitol Plaza, Springfield, IL 62701

Kristina Mucinskas

Estate Planning, Transactions, Banking & Finance, Collection

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One N. Old State Capitol Pl, Springfield, IL 62701

Douglas James Quivey

Criminal, Bankruptcy, Civil Rights, Litigation, Personal Injury

Status: Licensed: 32 Years

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318 S. 6Th Street, Springfield, IL 62701

Karen Sue Tharp

Aviation, Commercial Bankruptcy, Insurance

Status: Licensed: 37 Years

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200 S 9Th St, Springfield, IL 62701

Nancy Jill Cox

Bankruptcy

Status: Licensed: 23 Years

CONTACT

Springfield, IL 62791

R Phillip Reed

Accident & Injury, Bankruptcy & Debt, Divorce & Family Law, Estate

Status: Licensed: 48 Years

CONTACT

1129 S 7th St, Springfield, IL 62703

Paul Edward Adami

Bankruptcy, Civil Rights, Environmental Law Other, Divorce, Environmental Law

Status: Licensed: 51 Years

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1100 S 5Th Street, Springfield, IL 62703

Joel Anthony Benoit

Bankruptcy, Civil Rights, Environmental Law Other, Divorce, Environmental Law

Status: Licensed: 34 Years

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200 South Ninth Street, Springfield, IL 62701

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LEGAL TERMS

ACCORD AND SATISFACTION

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collectin... (more...)

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.

CREDIT FILE

See credit report.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

CURRENT MONTHLY INCOME

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding... (more...)

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding the bankruptcy filing. The debtor's current monthly income is used to determine whether the debtor can file for Chapter 7 bankruptcy, among other things.

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemp... (more...)

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemptible because it has been damaged or destroyed.

WINDING UP

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, a... (more...)

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, all with the ultimate goal of liquidating or closing down a corporation or partnership.

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.

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.

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Rochester Bankruptcy & Debt Lawyer, Illinois, page 2

Sponsored Law Firm

PMJ PLLC

SPONSORED LAWYERS

Samuel J. Witsman

Kristina Mucinskas

Douglas James Quivey

Karen Sue Tharp

Nancy Jill Cox

R Phillip Reed

Paul Edward Adami

Joel Anthony Benoit

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LEGAL TERMS

ACCORD AND SATISFACTION

CREDIT FILE

SETOFF

CURRENT MONTHLY INCOME

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

WINDING UP

WORKOUT

S CORPORATION

IRS EXPENSES

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