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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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Joyce Marie Glass

Real Estate, Government, Bankruptcy & Debt

Status: In Good Standing Licensed: 26 Years

CONTACT

43 Southview Cir, Lake Grove, NY 11755

Stephen C. Giametta

Criminal, Estate, Elder Law, Real Estate, Collection

Status: In Good Standing Licensed: 22 Years

FREE CONSULTATION

CONTACT

1001 Hawkins Ave, Lake Grove, NY 11755

Brian Morris

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

Status: In Good Standing Licensed: 20 Years

CONTACT

2233 Nesconset Hwy, Lake Grove, NY 11755

Edward W. Jakubowski

Family Law, Commercial Real Estate, Commercial Bankruptcy, Business & Trade

Status: In Good Standing Licensed: 57 Years

CONTACT

969 Middle Country Rd, Saint James, NY 11780

Patricia A. Stern

Civil & Human Rights, Bankruptcy

Status: In Good Standing Licensed: 26 Years

CONTACT

120 Lake Ave S, Nesconset, NY 11767

Fredrick Paul Stern

Civil & Human Rights, Bankruptcy

Status: In Good Standing Licensed: 38 Years

CONTACT

120 Lake Ave S, Nesconset, NY 11767

Michael J. Lang

Commercial Real Estate, Commercial Leasing, Estate Administration, Consumer Bankruptcy

Status: In Good Standing Licensed: 65 Years

CONTACT

407 Elton Ct E, Saint James, NY 11780

Michael Jay Lang

Real Estate, Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 65 Years

CONTACT

407 Elton Ct E, Saint James, NY 11780

Maria Christine Ambrosio

Immigration, Family Law, Consumer Rights, Collection

Status: In Good Standing Licensed: 38 Years

CONTACT

21 Annandale Rd, Stony Brook, NY 11790

William M. Gearty

Bankruptcy & Debt

Status: In Good Standing Licensed: 41 Years

CONTACT

168 Smithtown Blvd, Nesconset, NY 11767

800-923-0641

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LEGAL TERMS

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.

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.

MEETING OF CREDITORS

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a f... (more...)

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a few questions. In a Chapter 7, the meeting of creditors lasts a few minutes and rarely do any creditors show up. In a Chapter 13 bankruptcy, one or two creditors may attend, especially if they disagree with some provision of your repayment plan.

COLLECTION AGENCY

A company hired by a creditor to collect a debt that it is owed. Creditors typically hire a collection agency only after they have made efforts to collect the d... (more...)

A company hired by a creditor to collect a debt that it is owed. Creditors typically hire a collection agency only after they have made efforts to collect the debt themselves, typically through letters (called 'dunning' letters) and telephone calls. Collection agencies are regulated by the federal Fair Debt Collection Practices Act. Unfortunately, too many collectors ignore this law.

IRS EXPENSES

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income mu... (more...)

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income must use the IRS expenses to calculate their average net income in a Chapter 7 case, or their disposable income in a Chapter 13 case.

DISCHARGE (OF DEBTS)

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

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.

CREDITOR

A person or entity (such as a bank) to whom a debt is owed.

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.

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Lake Grove Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Joyce Marie Glass

Stephen C. Giametta

Brian Morris

Edward W. Jakubowski

Patricia A. Stern

Fredrick Paul Stern

Michael J. Lang

Michael Jay Lang

Maria Christine Ambrosio

William M. Gearty

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LEGAL TERMS

S CORPORATION

PRESUMED ABUSE

MEETING OF CREDITORS

COLLECTION AGENCY

IRS EXPENSES

DISCHARGE (OF DEBTS)

DEBIT CARD

CREDITOR

ADMINISTRATIVE EXPENSES

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