Willis Credit & Debt Lawyer, Texas

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Gary Kent Stovall

Construction, Litigation, Business & Trade, Credit & Debt
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  51 Years

Lisa Jeanette Jones Mathews

Credit & Debt, Insurance, Criminal, Family Law, Wills
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  13 Years

Joseph S. Yardas

Personal Injury, Credit & Debt, Insurance, Employee Rights, Litigation
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Maureen Louise Ball

Credit & Debt, Juvenile Law, Family Law, Wills, Public Schools
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  38 Years

Patrick A. Green

Credit & Debt, Litigation, Business & Trade, Commercial Real Estate
Status:  Deceased *Status is reviewed annually. For latest information visit here           Licensed:  53 Years

Richard S. Browne

Credit & Debt, Elder Law, Juvenile Law, Family Law, Litigation
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  42 Years

Free Help: Use This Form or Call 800-814-6700

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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.

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.

MEANS TEST

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income ... (more...)
A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income for his or her state should be allowed to file for Chapter 7 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.

NUISANCE FEES

Money charged by some credit card companies to increase their profits when you fail to use the card the way the creditor wants. Examples include late payment fe... (more...)
Money charged by some credit card companies to increase their profits when you fail to use the card the way the creditor wants. Examples include late payment fees, inactivity fees and fees for not carrying a balance from month to month. It's best to shop around and get rid of cards that have these fees attached.

INTEREST

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to ... (more...)
A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to your balance. This means that if your loan or credit line has an interest rate of 8%, the holder adds 8% to the balance each year. More specifically, interest is calculated and added to your loan or credit line through a process called compounding. If interest is compounded daily, the balance will rise by 1/365th of 8% each day. If interest is compounded monthly, the balance will rise 1/12th of 8% at the start of each month.

NONEXEMPT PROPERTY

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typicall... (more...)
The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typically includes valuable clothing (furs) and electronic equipment, an expensive car that's been paid off and most of the equity in your house. Compare exempt property.

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.

INFRINGEMENT (OF TRADEMARK)

Unauthorized use of a protected trademark or service mark, or use of something very similar to a protected mark. The success of a lawsuit to stop the infringeme... (more...)
Unauthorized use of a protected trademark or service mark, or use of something very similar to a protected mark. The success of a lawsuit to stop the infringement turns on whether the defendant's use causes a likelihood of confusion in the average consumer. If a court determines that the average consumer would be confused, the owner of the original mark can prevent the other's use of the infringing mark and sometimes collect damages.

SAMPLE LEGAL CASES

Eaves v. Unifund CCR Partners

... Tommy L. Eaves appeals the jury's verdict against him in Unifund CCR Partners ("Unifund Partners") suit to collect unpaid credit-card debt. We affirm. BACKGROUND. Citibank issued an AT & T credit card to Eaves, and Eaves made purchases with the card. ...

Dulong v. Citibank (South Dakota), NA

... 892 OPINION. Opinion by Justice RICHTER. This case involves a traditional summary judgment in a credit card debt collection matter. Citibank (South Dakota), NA ("Citibank") sued Donna Dulong to recover the balance owed on a credit card (the "Credit Card"). ...

Martinez v. Midland Credit Management, Inc.

... denied), argued that Midland was not entitled to proceed on a sworn account theory to recover a credit card debt. At the hearing on Martinez's Motion for New Trial, Midland argued that its claim was one for breach of contract. ...

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