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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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Amaro Lopez

Visa, DUI-DWI, Adoption, Bankruptcy,

Status: In Good Standing

CONTACT

608 N 6th St, Sheboygan, WI 53081

Carl O. Hoeppner

General Practice

Status: In Good Standing Licensed: 75 Years

CONTACT

25 South Street, Plymouth, WI 53073

Carl Hoeppner

General Practice

Status: In Good Standing Licensed: 75 Years

CONTACT

25 South Street, Plymouth, WI 53073

Grant D. Glynn

Litigation, Bankruptcy & Debt

Status: In Good Standing Licensed: 23 Years

CONTACT

601 N 5th St, Sheboygan, WI 53082

Gregory P. Kruse

Real Estate, Consumer Rights, Bankruptcy & Debt

Status: In Good Standing Licensed: 12 Years

CONTACT

601 N 5th St, Sheboygan, WI 53082

Jason E. Dierkes

Real Estate, Lawsuit & Dispute, Civil Rights, Bankruptcy, Landlord-Tenant

Status: In Good Standing Licensed: 21 Years

CONTACT

610 Riverfront Dr, Sheboygan, WI 53081

John P. Hawley

Child Custody, Criminal, Collection, Animal Bite

Status: Inactive Licensed: 43 Years

CONTACT

400 1St St, Random Lake, WI 53075

Julie F. Stodolka

Tax, Bankruptcy & Debt

Status: In Good Standing Licensed: 37 Years

CONTACT

W4390 N County Rd, Plymouth, WI 53073

Kyle P. Kaufman

Power of Attorney, Divorce & Family Law, Criminal, Bankruptcy & Debt, Accident & Injury

Status: In Good Standing Licensed: 19 Years

CONTACT

400 1St St, Random Lake, WI 53075

Richard R. Cramer

Corporate, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 54 Years

CONTACT

941 Aspen Road, Kohler, WI 53044

800-923-0641

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LEGAL TERMS

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.

CHAPTER 13 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

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.

NO-FAULT INSURANCE

Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain ... (more...)

Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain amount, regardless of who was at fault. The effect of no-fault insurance laws is to eliminate lawsuits in small accidents. The advantage is the prompt payment of medical bills and expenses. The downsides are that the amounts paid by no-fault policies are often not enough to fully cover a person's losses and that no-fault does not compensate for pain and suffering.

DISCHARGE (OF DEBTS)

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

LIMITED PARTNERSHIP

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner ... (more...)

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner or partners (called general partners) have unlimited personal liability. The key difference between a general and limited partner concerns management decision making--general partners run the business, and limited partners, who are usually passive investors, are not allowed to make day-to-day business decisions. If they do, they risk being treated as general partners with unlimited personal liability.

CREDIT BUREAU

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit... (more...)

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit card companies that use the information to screen applicants for loans and credit cards. There are three major credit bureaus, Equifax, Experian and Trans Union, and they are regulated by the federal Fair Credit Reporting Act.

LIABILITY

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pi... (more...)

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pipe bursts the day after Paul installs it, ruining the bathroom floor. This raises the issue of liability: Who is responsible for the damage? Peri claims that Paul is responsible, and sues him for the cost of hiring another plumber to fix the pipe and replacing the floor. Paul, in turn, claims that the pipe manufacturer is responsible, because they supplied him with faulty materials. Both Peri and Paul must prove their claims in court; if Paul and/or the manufacturer is found liable, one or both will have to pay damages to Peri. (2) Something for which a person is liable. For example, a debt is often called a liability.

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Kohler Bankruptcy & Debt Lawyer, Wisconsin

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Amaro Lopez

Carl O. Hoeppner

Carl Hoeppner

Grant D. Glynn

Gregory P. Kruse

Jason E. Dierkes

John P. Hawley

Julie F. Stodolka

Kyle P. Kaufman

Richard R. Cramer

TIPS

LEGAL TERMS

FORBEARANCE

CHAPTER 13 BANKRUPTCY

PREFERENCE

ABUSE

NO-FAULT INSURANCE

DISCHARGE (OF DEBTS)

LIMITED PARTNERSHIP

CREDIT BUREAU

LIABILITY

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