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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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Andrew J. Luskin

Dispute Resolution, Franchising, Business Organization, Collection

Status: In Good Standing

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1010 Northern Blvd., Great Neck, NY 11021

Peter F. Rooney

Other, Real Estate, Government, Bankruptcy & Debt

Status: In Good Standing Licensed: 69 Years

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4 Bridge St, Glen Cove, NY 11542

Edward Kavanagh

General Practice

Status: In Good Standing

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3 School St, Glen Cove, NY 11542

Edward L. Kavanagh

General Practice

Status: In Good Standing

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3 School St, Glen Cove, NY 11542

Amanda M. Baron-Frank

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

Status: In Good Standing

FREE CONSULTATION

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333 Glen Head Rd, Old Brookville, NY 11545

Michael Adam Shichman

Family Law, Collection, Commercial Bankruptcy

Status: In Good Standing Licensed: 42 Years

CONTACT

109 High Farms Rd, Glen Head, NY 11545

Andrew Anthony Kress

Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 45 Years

CONTACT

41 Summit Rd, Port Washington, NY 11050

Shalini Vohra

Bankruptcy & Debt

Status: In Good Standing Licensed: 30 Years

CONTACT

37 Northern Blvd, Greenvale, NY 11548

Marc Howard Hyman

Real Estate, Lawsuit & Dispute, Bankruptcy & Debt

Status: In Good Standing Licensed: 35 Years

CONTACT

165 Roslyn Rd, Greenvale, NY 11577

Stacey Natiss Gordon

Real Estate, Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 36 Years

CONTACT

277 Willis Ave, Greenvale, NY 11577

800-923-0641

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LEGAL TERMS

GRACE PERIOD

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you h... (more...)

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you have to pay interest on the amount of your purchases. Cash advances, however, usually have no grace period; interest begins to accumulate from the date of the withdrawal, even if you pay your bills on time. Also, some student loans give you a grace period after graduating or dropping out of school. During this time, you are not required to make payments on your loan.

TRADE NAME

The official name of a business, the one it uses on its letterhead and bank account when not dealing with consumers.

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.

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.

CYBERSQUATTING

Buying a domain name that reflects the name of a business or famous person with the intent of selling the name back to the business or celebrity for a profit. T... (more...)

Buying a domain name that reflects the name of a business or famous person with the intent of selling the name back to the business or celebrity for a profit. The Anticybersquatting Consumer Protection Act of 1999 authorizes a cybersquatting victim to file a federal lawsuit to regain a domain name or sue for financial compensation. Under the act, registering, selling or using a domain name with the intent to profit from someone else's good name is considered cybersquatting. Victims of cybersquatting can also use the provisions of the Uniform Domain Name Dispute Resolution Policy adopted by ICANN, an international tribunal administering domain names. This international policy results in arbitration of the dispute, not litigation.

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.

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.

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.

LIQUIDATING PARTNER

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.

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Sea Cliff Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Andrew J. Luskin

Peter F. Rooney

Edward Kavanagh

Edward L. Kavanagh

Amanda M. Baron-Frank

Michael Adam Shichman

Andrew Anthony Kress

Shalini Vohra

Marc Howard Hyman

Stacey Natiss Gordon

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LEGAL TERMS

GRACE PERIOD

TRADE NAME

WINDING UP

PREFERENCE

CYBERSQUATTING

LIMITED PARTNERSHIP

LIMITED LIABILITY

S CORPORATION

LIQUIDATING PARTNER

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