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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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Scott M. Smith

Agriculture, Corporate, Business Organization, Collection

Status: In Good Standing

CONTACT

124 West Exchange Street, Cambridge, IL 61238

Lincoln T. Scott

Wills & Probate, Estate Planning, Family Law, Bankruptcy

Status: In Good Standing

FREE CONSULTATION

CONTACT

3610 25Th Street, Moline, IL 61265

Robert T. Park

Animal Bite, Arbitration, Collection, Commercial Insurance

Status: In Good Standing

CONTACT

1600 Fourth Avenue, Rock Island, IL 61201

Amy L. Keys

Business Organization, Collection, Construction Liens, Contract

Status: In Good Standing

CONTACT

1600 Fourth Avenue, Rock Island, IL 61201

Thomas Wayne Montgomery

Bankruptcy & Debt, Real Estate, Estate, Accident & Injury, Criminal

Status: In Good Standing

CONTACT

127 North Prospect Street, Cambridge, IL 61238

David Wayne Meier

Bankruptcy, Corporate, Litigation

Status: In Good Standing Licensed: 47 Years

CONTACT

One John Deere Pl, Moline, IL 61265

Steven L. Nelson

Corporate, Banking & Finance, Administrative Law, Bankruptcy

Status: In Good Standing Licensed: 48 Years

CONTACT

1515 5Th Avenue, Moline, IL 61265

Lincoln T. Scott

Estate Planning, Estate, Transactions, Bankruptcy

Status: In Good Standing Licensed: 25 Years

CONTACT

844 15th Avenue, East Moline, IL 61244

J. Sue Myatt

Construction Contracts, Civil Rights, Contract, Consumer Bankruptcy

Status: In Good Standing

CONTACT

1620 Fifth Ave, Moline, IL 61265

Stephen Gene Andich

Collection, Residential Real Estate, Wills & Probate, Estate

Status: In Good Standing

CONTACT

1800 3rd Avenue, Rock Island, IL 61201

800-923-0641

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LEGAL TERMS

CREDIT INSURANCE

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay o... (more...)

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance. Federal and state consumer protection laws require the lender to disclose to existing and potential borrowers the terms and costs of obtaining credit insurance because it can affect the terms of the loan.

SECURED DEBT

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collater... (more...)

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

401(K) PLAN

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income ... (more...)

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income taxes on the amount invested and any earnings are due until the employee withdraws money from the fund.

C CORPORATION

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S c... (more...)

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S corporation, whose profits are passed through to shareholders and taxed on their personal returns under subchapter S of the Internal Revenue Code.

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.

BULK SALES LAW

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.

CCCS

See Consumer Credit Counseling Service.

TOXIC TORT

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and su... (more...)

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and suffering.

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

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Ophiem Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Scott M. Smith

Lincoln T. Scott

Robert T. Park

Amy L. Keys

Thomas Wayne Montgomery

David Wayne Meier

Steven L. Nelson

Lincoln T. Scott

J. Sue Myatt

Stephen Gene Andich

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LEGAL TERMS

CREDIT INSURANCE

SECURED DEBT

401(K) PLAN

C CORPORATION

LIMITED LIABILITY

BULK SALES LAW

CCCS

TOXIC TORT

SOLE PROPRIETORSHIP

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