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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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Robert L. Weiner

Credit & Debt

Status: In Good Standing Licensed: 67 Years

CONTACT

152 N Wellwood Ave, Lindenhurst, NY 11757

Richard F. Artura

Real Estate, Estate, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 40 Years

CONTACT

165 S Wellwood Ave, Lindenhurst, NY 11757

Dennis J. Mcgrath

Foreclosure, Credit & Debt, Bankruptcy & Debt

Status: In Good Standing Licensed: 8 Years

CONTACT

567 Broadway, Massapequa, NY 11758

Robert James Shanahan

Landlord-Tenant, Real Estate, Wills & Probate, Estate, Bankruptcy

Status: In Good Standing Licensed: 43 Years

CONTACT

686 Broadway, Massapequa, NY 11758

Michael B. Green

General Practice

Status: In Good Standing Licensed: 27 Years

CONTACT

Seaford, NY 11783

Rachel-Anne Scelfo

Real Estate, Environmental Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 22 Years

CONTACT

200 Sunrise Hwy, Lindenhurst, NY 11757

Illana Tova Musikar

Consumer Bankruptcy, Foreclosure, Immigration

Status: In Good Standing Licensed: 26 Years

CONTACT

100 Broadhollow Rd, Farmingdale, NY 11735

Ivars Berzins

Bankruptcy & Debt, Lawsuit & Dispute, Estate, Real Estate, Wills & Probate

Status: In Good Standing Licensed: 60 Years

CONTACT

484 W Main St, Babylon, NY 11702

Mark Steven Weitz

Environmental Law Other, Securities, Business, Bankruptcy

Status: In Good Standing Licensed: 43 Years

CONTACT

2738 Ellen Rd, Bellmore, NY 11710

Mark S Weitz

Environmental Law Other, Securities, Business, Bankruptcy

Status: In Good Standing Licensed: 43 Years

CONTACT

2738 Ellen Rd, Bellmore, NY 11710

800-923-0641

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800-943-8690

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LEGAL TERMS

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.

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.

BANKRUPTCY TRUSTEE

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is t... (more...)

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is to gather the debtor's nonexempt property, liquidate it and distribute it proportionally to her creditors. In a Chapter 13 case, the trustee's role is to receive the debtor's monthly payments and distribute them proportionally to her creditors.

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.

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working fo... (more...)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working for collection agencies. The law does not apply to creditors collecting their own debts. This law has greatly improved conditions for debtors, although more than a few debt collectors ignore the law. If a collection agency violates the law, debtors can contact the Federal Trade Commission for help.

DEBIT CARD

A card issued by a bank that combines the functions of an ATM card and checks. A debit card can be used to withdraw cash at a bank like an ATM card, and it can ... (more...)

A card issued by a bank that combines the functions of an ATM card and checks. A debit card can be used to withdraw cash at a bank like an ATM card, and it can also be used at stores to pay for goods and services in place of a check. Unlike a credit card, a debit card automatically withdraws money from your checking account at the time of the transaction. Debit cards are regulated by the Electronic Funds Transfer Act.

DISCHARGE (OF DEBTS)

A bankruptcy court's erasure of the debts of a person or business that has filed for bankruptcy.

DEFINED CONTRIBUTION PLAN

A type of pension plan that does not guarantee any particular pension amount upon retirement. Instead, the employer pays into the pension fund a certain amount ... (more...)

A type of pension plan that does not guarantee any particular pension amount upon retirement. Instead, the employer pays into the pension fund a certain amount every month, or every year, for each employee. The employer usually pays a fixed percentage of an employee's wages or salary, although sometimes the amount is a fraction of the company's profits, with the size of each employee's pension share depending on the amount of wage or salary. Upon retirement, each employee's pension is determined by how much was contributed to the fund on behalf of that employee over the years, plus whatever earnings that money has accumulated as part of the investments of the entire pension fund.

TOXIC TORT

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and su... (more...)

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and suffering.

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Babylon Bankruptcy & Debt Lawyer, New York, page 3

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Robert L. Weiner

Richard F. Artura

Dennis J. Mcgrath

Robert James Shanahan

Michael B. Green

Rachel-Anne Scelfo

Illana Tova Musikar

Ivars Berzins

Mark Steven Weitz

Mark S Weitz

TIPS

LEGAL TERMS

SOLE PROPRIETORSHIP

FORBEARANCE

BANKRUPTCY TRUSTEE

LIMITED LIABILITY

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

DEBIT CARD

DISCHARGE (OF DEBTS)

DEFINED CONTRIBUTION PLAN

TOXIC TORT

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