Armonk Bankruptcy & Debt Lawyer, New York

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Abraham Michelson
About | Practice Areas
The Michelson Law Office
203 North Lasalle Street Suite 2100 Chicago, IL 60601Â» view map
Bankruptcy, Chapter 7, Chapter 13
Chicago Bankruptcy Lawyer

When your finances are at stake, choose the best. Don't sink deeper in debt. Contact The Michelson Law Office

800-824-6431
1. Abraham Michelson Chicago, IL
  Attorney at Law - Illinois, 2013
  Thomas Cooley, JD, 2004
2. AboutAbraham Michelson
  Our legal team can advise you on your options for negotiating a solution.
3. Practice AreasServices
  Find out how an experienced attorney can help end calls and prevent lawsuits.
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Allison Elizabeth Ianni

Other, Lawsuit & Dispute, Civil & Human Rights, Bankruptcy

Status: In Good Standing Licensed: 17 Years

CONTACT

403 Main St, Armonk, NY 10504

Eric Justin Finkelstein

Lawsuit & Dispute, Employment, Bankruptcy & Debt

Status: In Good Standing Licensed: 15 Years

CONTACT

1 North Castle Dr, Armonk, NY 10504

Jo-Ann Theresa Lambert

Other, Lawsuit & Dispute, Government, Bankruptcy & Debt

Status: In Good Standing Licensed: 23 Years

CONTACT

80 Business Park Drive, Armonk, NY 10504

Warren Scott Gottlieb

Lawsuit & Dispute, Government, Corporate, Collection

Status: In Good Standing Licensed: 28 Years

CONTACT

80 Business Park Drive, Armonk, NY 10504

Paul Francis Jenkins

Bankruptcy

Status: In Good Standing Licensed: 29 Years

CONTACT

80 Business Park Dr, Armonk, NY 10504

Matthew Michael Siti

Foreclosure, Litigation, Election & Political, Bankruptcy

Status: In Good Standing Licensed: 10 Years

CONTACT

80 Business Park Dr, Armonk, NY 10504

Prassana Mahadeva

Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 22 Years

CONTACT

80 Business Park Drive, Armonk, NY 10504

Farva Jafri

Bankruptcy & Debt, Tax, Divorce, Estate Planning, White Collar Crime

Status: In Good Standing

FREE CONSULTATION

CONTACT

50 Evergreen Row, Armonk, NY 10504

Eric Paul Wainer

Bankruptcy & Debt, Foreclosure, Litigation, Banking & Finance

Status: In Good Standing Licensed: 46 Years

CONTACT

148 Devoe Rd, Chappaqua, NY 10514

Scott B. Tulman

Other, Lawsuit & Dispute, Criminal, Collection

Status: In Good Standing Licensed: 41 Years

CONTACT

18 Haights Cross Rd, Chappaqua, NY 10514

800-923-0641

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LEGAL TERMS

REDEMPTION

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump s... (more...)

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a car note by paying the lender the amount a retail vendor would charge for the car, considering its age and condition.

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

FRAUDULENT TRANSFER

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee --... (more...)

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit of the creditors.

ADMINISTRATIVE EXPENSES

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.

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.

LIMITED LIABILITY

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or ... (more...)

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or a person who invests in a corporation (a shareholder) generally stands to lose only the amount of money invested in the business. This means that if the business folds, creditors cannot seize or sell an owner's home, car, or other personal assets.

COSIGNER

A person who signs his or her name to a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for t... (more...)

A person who signs his or her name to a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for the loan or debt. Many people use cosigners to qualify for a loan or credit card. Landlords may require a cosigner when renting to a student or someone with a poor credit history.

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.

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Armonk Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Allison Elizabeth Ianni

Eric Justin Finkelstein

Jo-Ann Theresa Lambert

Warren Scott Gottlieb

Paul Francis Jenkins

Matthew Michael Siti

Prassana Mahadeva

Farva Jafri

Eric Paul Wainer

Scott B. Tulman

TIPS

LEGAL TERMS

REDEMPTION

CHAPTER 13 PLAN

SOLE PROPRIETORSHIP

FRAUDULENT TRANSFER

ADMINISTRATIVE EXPENSES

NUISANCE FEES

LIMITED LIABILITY

COSIGNER

PRESUMED ABUSE

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