money and financial problems

Law about consumer financial problems

balance sheet

A financial statement that consists of a three-part summary of a company's assets, liabilities, and ownership equity at a particular instance in time.  It is intended to show the financial condition of a company at that time.

The balance sheet states the assets on one side and the liabilities and equity, together, on the other side.  Both sides must balance out with each other.

 

bail bondsman

A professional agent for an insurance company who specializes in providing bail bonds for people charged with crimes and who do not have the money necessary to post the entire bail with the court. Bail bondsmen usually charge a fee of 10% of the amount of the bond. The offices of a bail bondsman are usually close to the local courthouse and jail, and some make "house calls" to the jail or hand out cards in court. (See also: bail)

Accounts Payable

Definition

Short-term debt that a company owes to its suppliers for products received before payment is made. Accounts payable entries are listed under "Current Liabilities" in the business' balance sheet and the items are removed once the account has been paid.

Illustrative case law

See, e.g. United States v. Richman, 93 F.3d 1085 (2d Cir. 1996).

See also

Account Stated

Definition

A statement between a creditor and a debtor that settles the total amount of debt owed to the creditor. 

There are three elements of an account stated: (1) There exists prior transactions between the parties, creating a creditor-debtor relationship; (2) An agreement, express or implied, between the parties as to the total amount due; and (3) A promise by the debtor, express or implied, to repay the amount due.

See 1 Am. Jur. 2d Accounts & Accounting section 26 (West 2007).

Abuse

Definition

1) Abuse, generally: physically, sexually, or mentally injuring a person.

2) Child abuse: physically, sexually, or mentally injuring a child either with intent or through neglect.

3) Substance abuse: excessively using or misusing a legal or illegal substance.

4) In bankruptcy: filing under chapter 7 by a debtor whose monthly, disposable income exceeds $10,950 or 25% of his or her non-priority unsecured debt (if at least $6,575) for a five-year period is presumptively abusive, requiring dismissal or conversion to chapter 13.

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