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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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Mary Lannon Fangio

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Bankruptcy & Debt, Residential Real Estate

Cum Laude

When you need legal help to deal with debt, property or business matters, an experienced attorney offers you the best chance for a successful resoluti... (more)

FREE CONSULTATION

CONTACT

800-652-8481

247-259 West Fayette Street, Syracuse, NY 13202

David L Delvecchio

Bankruptcy, Contract, Estate Planning, Family Law

Status: In Good Standing

CONTACT

109 South Warren Street, Syracuse, NY 13202

Theodore L. Araujo

Real Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 39 Years

FREE CONSULTATION

CONTACT

6739 Myers Road, EAST SYRACUSE, NY 13057

Laura Harris Courage

Bankruptcy & Debt, Consumer Bankruptcy

Status: In Good Standing

FREE CONSULTATION

CONTACT

225 Greenfield Parkway, Liverpool, NY 13088

Lindy Madill

Bankruptcy, Credit & Debt

Status: In Good Standing

FREE CONSULTATION

CONTACT

499 S. Warren Street, Syracuse, NY 13202

Russell S. Simonetta

Real Estate, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 35 Years

CONTACT

109 S Warren St, Syracuse, NY 13202

Robert S Temple

Corporate, Contract, Business Organization, Credit & Debt

Status: In Good Standing Licensed: 37 Years

CONTACT

211 N Center St, East Syracuse, NY 13057

Steven Richard Dolson

Bankruptcy, Social Security, Disability, Bankruptcy

Status: In Good Standing

CONTACT

126 N Salina St, Syracuse, NY 13202

Susan N. Esce

Power of Attorney, Traffic, Dispute Resolution, Bankruptcy & Debt

Status: In Good Standing

CONTACT

10 Adler Drive, East Syracuse, NY 13057

Richard G. Reilly

Bankruptcy & Debt, Divorce & Family Law, Real Estate, Tax, US Courts

Status: In Good Standing Licensed: 44 Years

CONTACT

6320 fly road, East Syracuse, NY 13057

800-923-0641

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LEGAL TERMS

NONPROFIT CORPORATION

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or f... (more...)

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or for some public purpose (such as a hospital, environmental organization or literary society). Nonprofit corporations, despite the name, can make a profit, but the business cannot be designed primarily for profit-making purposes, and the profits must be used for the benefit of the organization or purpose the corporation was created to help. When a nonprofit corporation dissolves, any remaining assets must be distributed to another nonprofit, not to board members. As with for-profit corporations, directors of nonprofit corporations are normally shielded from personal liability for the organization's debts. Some nonprofit corporations qualify for a federal tax exemption under _ 501(c)(3) of the Internal Revenue Code, with the result that contributions to the nonprofit are tax deductible by their donors.

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.

LOSS DAMAGE WAIVER (LDW)

Rental car insurance that makes the rental car company responsible for damage to or theft of a rental car. This insurance is a major consumer ripoff, as it ofte... (more...)

Rental car insurance that makes the rental car company responsible for damage to or theft of a rental car. This insurance is a major consumer ripoff, as it often duplicates coverage provided by the renter's regular car insurance and/or the credit card she uses to rent the car. Nevertheless, hard-sell practices by rental car agents often dupe people into buying LDWs they don't really need. LDW is also called 'collision damage waiver.'

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

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.

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.

ACCORD AND SATISFACTION

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collectin... (more...)

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.

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.

UNSECURED DEBT

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only reme... (more...)

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only remedy is to sue you and get a judgment. Compare secured debt.

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Onondaga County, NY Bankruptcy & Debt Lawyers

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Mary Lannon Fangio

David L Delvecchio

Theodore L. Araujo

Laura Harris Courage

Lindy Madill

Russell S. Simonetta

Robert S Temple

Steven Richard Dolson

Susan N. Esce

Richard G. Reilly

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LEGAL TERMS

NONPROFIT CORPORATION

SETOFF

LOSS DAMAGE WAIVER (LDW)

CHAPTER 13 PLAN

LIMITED LIABILITY

IRS EXPENSES

ACCORD AND SATISFACTION

LIMITED PARTNERSHIP

UNSECURED DEBT

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