Madison Credit & Debt Lawyer, Mississippi, page 2


J Clifford Harrison

Real Estate, Lending, Banking & Finance, Credit & Debt
Status:  In Good Standing           

Elizabeth Crowell

Bankruptcy & Debt, Credit & Debt
Status:  In Good Standing           Licensed:  11 Years

Benjamin Powell Sones

Corporate, Entertainment, Credit & Debt, Wills & Probate
Status:  In Good Standing           Licensed:  16 Years

Benjamin Powell Sones

Corporate, Entertainment, Credit & Debt, Wills & Probate
Status:  In Good Standing           Licensed:  16 Years
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John David Moore

Workers' Compensation, Banking & Finance, Credit & Debt, Products Liability
Status:  In Good Standing           

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Free Help: Use This Form or Call 800-943-8690

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LEGAL TERMS

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.

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.

AUTOMATIC STAY

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities,... (more...)
An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid debt.

REPOSSESSION

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and ... (more...)
A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and has not attempted to work with the lender to resolve the problem. A repossessor can't use force to get at your car, but he can legally hot-wire it and even drive it out of your unlocked garage.

CREDIT REPORT

An account of your credit history, prepared by a credit bureau. A credit report will contain both credit history, such as what you owe to whom and whether you m... (more...)
An account of your credit history, prepared by a credit bureau. A credit report will contain both credit history, such as what you owe to whom and whether you make the payments on time, as well as personal history, such as your former addresses, employment record and lawsuits in which you have been involved. An estimated 50% of all credit reports contain errors, such as accounts that don't belong to you, an incorrect account status or information reported that is older than seven years (ten years in the case of a 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.

FRATERNAL BENEFIT SOCIETY BENEFITS

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal socie... (more...)
These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal societies that provide benefits. Also called benefit society, benevolent society or mutual aid association benefits. Under bankruptcy laws, these benefits are virtually always considered exempt property.

CREDIT INSURANCE

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay o... (more...)
Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance. Federal and state consumer protection laws require the lender to disclose to existing and potential borrowers the terms and costs of obtaining credit insurance because it can affect the terms of the loan.

CREDITOR

A person or entity (such as a bank) to whom a debt is owed.

SAMPLE LEGAL CASES

Jenkins v. Jenkins

... I. CREDIT-CARD DEBT. ... Johnny testified that he and Kathryn were "getting sued by Trustmark Bank for nonpayment of a credit card debt." Johnny also testified that he did not "know anything about the credit card" and that he "personally did not have" a Trustmark Visa card. ...

Jenkins v. Jenkins

... I. CREDIT-CARD DEBT. ... Johnny testified that he and Kathryn were "getting sued by Trustmark Bank for nonpayment of a credit card debt." Johnny also testified that he did not "know anything about the credit card" and that he "personally did not have" a Trustmark Visa card. ...

Dickerson v. Dickerson

... be distributed to Jeff. ¶ 11. Responsibility for the parties' credit card debt was in dispute. The chancellor found that $14,167.10 in credit card debt was marital debt, which the chancellor ordered Jeff to pay. ¶ 12. The parties also ...

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