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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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Melissa April Manna-Williams

Health Care, Estate, Civil & Human Rights, Bankruptcy

Status: In Good Standing Licensed: 15 Years

CONTACT

1390 Route 9W, Marlboro, NY 12542

John Hamilton Fitzsimons

Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 51 Years

CONTACT

2515 South Rd, Poughkeepsie, NY 12601

Daniel M. Martuscello

Real Estate, Industry Specialties, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 48 Years

CONTACT

1390 Route 9W, Marlboro, NY 12542

Richard Austin Mitchell

Health Care, Business, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

CONTACT

2649 South Rd, Poughkeepsie, NY 12601

Eric Santos

Estate Planning, Employee Rights, Bankruptcy, Products Liability

Status: In Good Standing Licensed: 8 Years

CONTACT

2649 South Rd, Poughkeepsie, NY 12601

Frank P. Izzo

Real Estate, Business, Bankruptcy, Products Liability

Status: In Good Standing

CONTACT

2649 South Rd, Poughkeepsie, NY 12601

Dena Ghobashy

Real Estate, Immigration, Criminal, Bankruptcy & Debt

Status: In Good Standing Licensed: 14 Years

CONTACT

3 Neptune Road, Poughkeepsie, NY 12601

Jill Clement

Government, Divorce & Family Law, Credit & Debt

Status: In Good Standing Licensed: 15 Years

CONTACT

14 Tall Tree Ln, Poughkeepsie, NY 12601

Dannielle Cole O'Toole

Income Tax, Employee Rights, Banking & Finance, Collection

Status: In Good Standing Licensed: 10 Years

CONTACT

110 Main St, Poughkeepsie, NY 12601

Kevin A. Prue

Divorce & Family Law, Criminal, Civil & Human Rights, Bankruptcy

Status: In Good Standing

CONTACT

2 Cannon St, Poughkeepsie, NY 12601

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.

UNDUE HARDSHIP

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in t... (more...)

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in the future to pay off the loan may be able to show that repayment would be an undue hardship.

CREDIT REPORT

An account of your credit history, prepared by a credit bureau. A credit report will contain both credit history, such as what you owe to whom and whether you m... (more...)

An account of your credit history, prepared by a credit bureau. A credit report will contain both credit history, such as what you owe to whom and whether you make the payments on time, as well as personal history, such as your former addresses, employment record and lawsuits in which you have been involved. An estimated 50% of all credit reports contain errors, such as accounts that don't belong to you, an incorrect account status or information reported that is older than seven years (ten years in the case of a bankruptcy).

WINDING UP

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, a... (more...)

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, all with the ultimate goal of liquidating or closing down a corporation or partnership.

DISPOSABLE INCOME

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Ch... (more...)

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Chapter 13 plan.

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.

CREDITOR

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

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.

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Milton Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Melissa April Manna-Williams

John Hamilton Fitzsimons

Daniel M. Martuscello

Richard Austin Mitchell

Eric Santos

Frank P. Izzo

Dena Ghobashy

Jill Clement

Dannielle Cole O'Toole

Kevin A. Prue

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LEGAL TERMS

S CORPORATION

PRESUMED ABUSE

UNDUE HARDSHIP

CREDIT REPORT

WINDING UP

DISPOSABLE INCOME

FRATERNAL BENEFIT SOCIETY BENEFITS

CREDITOR

CHAPTER 13 BANKRUPTCY

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