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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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Rosemarie Richards

Bankruptcy, Family Law, Adoption, Real Estate

Status: In Good Standing Licensed: 23 Years

CONTACT

156 Coye Brook Rd, South New Berlin, NY 13843

Rosemarie Anne Richards

Family Law, Divorce, Child Custody, Bankruptcy

Status: In Good Standing Licensed: 24 Years

CONTACT

26 Conkey Avenue, Norwich, NY 13815

Michael Alan Brush

Family Law, Divorce & Family Law, Criminal, Collection

Status: In Good Standing Licensed: 57 Years

CONTACT

14 Reynolds Ave, Oneonta, NY 13820

Carol Ann Malz

Real Estate, Bankruptcy & Debt

Status: Inactive Licensed: 33 Years

CONTACT

554 Main St, Oneonta, NY 13820

Edward Marshall Gartell

Real Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 56 Years

CONTACT

38 W Main St, Hancock, NY 13783

Donald M. Sukloff

International, Family Law, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing

CONTACT

99 Collier St, Binghamton, NY 13901

Frederick J. Meagher

Divorce & Family Law, Criminal, Bankruptcy & Debt, Accident & Injury

Status: Suspended Licensed: 47 Years

CONTACT

114 Home Avenue, Binghamton, NY 13903

Thomas Lawrence Knaphle

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

Status: In Good Standing Licensed: 52 Years

CONTACT

160 Court St, Binghamton, NY 13901

Alexandra Norton Sullivan

Residential Real Estate, Wills, Trusts, Commercial Bankruptcy

Status: In Good Standing Licensed: 9 Years

CONTACT

80 Exchange St, Binghamton, NY 13901

Alyssa Sue Congdon

Workers' Compensation, Divorce & Family Law, Criminal, Bankruptcy

Status: In Good Standing Licensed: 12 Years

CONTACT

45 Hawley St, Binghamton, NY 13901

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.

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.

PRIORITY DEBT

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13... (more...)

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13 bankruptcy. Priority debts include alimony and child support, fees owed to the trustee and the attorney in the bankruptcy case, and wages owed to employees.

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.

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.

AUTOMATIC STAY

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities,... (more...)

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid debt.

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.

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

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.

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Sidney Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Rosemarie Richards

Rosemarie Anne Richards

Michael Alan Brush

Carol Ann Malz

Edward Marshall Gartell

Donald M. Sukloff

Frederick J. Meagher

Thomas Lawrence Knaphle

Alexandra Norton Sullivan

Alyssa Sue Congdon

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LEGAL TERMS

CREDIT INSURANCE

ADMINISTRATIVE EXPENSES

PRIORITY DEBT

SOLE PROPRIETORSHIP

LIMITED PARTNERSHIP

AUTOMATIC STAY

CHAPTER 13 PLAN

WORKOUT

WINDING UP

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