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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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Richard Glenn Gertler

Litigation, Corporate Governance, Business & Trade, Bankruptcy Litigation

Status: In Good Standing Licensed: 39 Years

CONTACT

90 Merrick Avenue, East Meadow, NY 11554

Bradley T. Slover

Corporate, Contract, Business Organization, Collection

Status: In Good Standing Licensed: 16 Years

CONTACT

173 School St, Old Westbury, NY 11590

Leonard M. Ross

Corporate, Contract, Business Organization, Credit & Debt

Status: In Good Standing Licensed: 45 Years

CONTACT

265 Sunrise Hwy, Rockville Centre, NY 11570

M. Christina Ozcan

Transportation & Shipping, Aviation, Antitrust, Bankruptcy

Status: In Good Standing Licensed: 19 Years

CONTACT

616 Duke St, Old Westbury, NY 11590

Brian Stephan Devery

Foreclosure, Estate Planning, Business, Bankruptcy

Status: In Good Standing

CONTACT

393 Jericho Turnpike, Mineola, NY 11501

Dennis Steven Malen

General Practice

Status: In Good Standing Licensed: 56 Years

CONTACT

123 Frost St, Old Westbury, NY 11590

Ted Eric May

Commercial Real Estate, Business & Trade, Business, Bankruptcy

Status: In Good Standing Licensed: 65 Years

CONTACT

255 Merrick Rd, Rockville Centre, NY 11570

Neil Ackerman

Immigration, Reorganization, Consumer Bankruptcy, Commercial Bankruptcy, Bankruptcy

Status: In Good Standing

CONTACT

675 Old Country Rd, Westbury, NY 11590

Annilus J. Gilot

Immigration, Federal Appellate Practice, Civil Rights, Credit & Debt

Status: In Good Standing Licensed: 22 Years

CONTACT

70 Charles Lindbergh Blvd, Garden City, NY 11553

Neil Harris Ackerman

Commercial Real Estate, Litigation, Business & Trade, Bankruptcy

Status: In Good Standing

CONTACT

675 Old Country Rd, Westbury, NY 11590

800-923-0641

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LEGAL TERMS

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemp... (more...)

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemptible because it has been damaged or destroyed.

CCCS

See Consumer Credit Counseling Service.

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

DOING BUSINESS AS (DBA)

A situation in which a business owner operates a company under a name different from his or her real name. The owner must file a 'fictitious name statement' or ... (more...)

A situation in which a business owner operates a company under a name different from his or her real name. The owner must file a 'fictitious name statement' or similar document with the appropriate agency -- for example, the county clerk. This enables consumers to discover the names of the business owners, which is important if a consumer needs to sue the business.

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.

HOUSEHOLDER

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a ho... (more...)

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a homestead exemption and possibly other exemptions relating to the maintenance of the household.

ABUSE

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because ... (more...)

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because the debtor appears to have enough disposable income to fund a Chapter 13 repayment plan.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

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Garden City Bankruptcy & Debt Lawyer, New York, page 4

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Richard Glenn Gertler

Bradley T. Slover

Leonard M. Ross

M. Christina Ozcan

Brian Stephan Devery

Dennis Steven Malen

Ted Eric May

Neil Ackerman

Annilus J. Gilot

Neil Harris Ackerman

TIPS

LEGAL TERMS

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

CCCS

WORKOUT

DOING BUSINESS AS (DBA)

S CORPORATION

FRATERNAL BENEFIT SOCIETY BENEFITS

HOUSEHOLDER

ABUSE

SETOFF

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