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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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Brian Douglas Linson

Credit & Debt

Status: In Good Standing Licensed: 15 Years

CONTACT

306 Rachel Carson Trail, Ithaca, NY 14850

Cameron Burgin Daniels

Lawsuit & Dispute, Child Custody, Civil Rights, Credit & Debt

Status: In Good Standing Licensed: 10 Years

CONTACT

520 Columbia Dr, Johnson City, NY 13790

Carman Michael Garufi

Divorce, Child Custody, Children's Rights, Collection

Status: In Good Standing Licensed: 41 Years

CONTACT

68 Oak St, Binghamton, NY 13905

Carrie Jeanne Pollak

Environmental Law Other, Elder Law, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 15 Years

CONTACT

202 E State St, Ithaca, NY 14851

Charles M. Fox

Government, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 41 Years

CONTACT

212 Meeker Rd, Vestal, NY 13850

Daniel Jay Ellis

Divorce & Family Law, Criminal, Bankruptcy, Products Liability

Status: In Good Standing

CONTACT

34 Tompkins St, Cortland, NY 13045

David M. Badami

Bankruptcy & Debt

Status: In Good Standing Licensed: 33 Years

CONTACT

36 Onondaga St, Skaneateles, NY 13152

David Clair Alexander

Real Estate, Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 28 Years

CONTACT

46 Greenbush St, Cortland, NY 13045

Donald M. Sukloff

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

Status: In Good Standing

CONTACT

99 Collier St, Binghamton, NY 13901

Edward Y. Crossmore

Lawsuit & Dispute, Estate, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 51 Years

CONTACT

115 W Green St, Ithaca, NY 14850

800-923-0641

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LEGAL TERMS

LIQUIDATING PARTNER

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

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.

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.

CHAPTER 7 BANKRUPTCY

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 b... (more...)

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 bankruptcy takes from three to six months, costs about $200, and commonly requires only one trip to the courthouse.

CREDITOR

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

DOING BUSINESS AS (DBA)

A situation in which a business owner operates a company under a name different from his or her real name. The owner must file a 'fictitious name statement' or ... (more...)

A situation in which a business owner operates a company under a name different from his or her real name. The owner must file a 'fictitious name statement' or similar document with the appropriate agency -- for example, the county clerk. This enables consumers to discover the names of the business owners, which is important if a consumer needs to sue the business.

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.

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.

NONDISCHARGEABLE DEBTS

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chap... (more...)

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chapter 13 bankruptcy, the nondischargeable debts will have to be paid in full during your plan or you will have a balance at the end of your case. Examples of nondischargeable debts include alimony and child support, most income tax debts, many student loans and debts for personal injury or death caused by drunk driving. Compare dischargeable debts.

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Smithville Flats Bankruptcy & Debt Lawyer, New York, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Brian Douglas Linson

Cameron Burgin Daniels

Carman Michael Garufi

Carrie Jeanne Pollak

Charles M. Fox

Daniel Jay Ellis

David M. Badami

David Clair Alexander

Donald M. Sukloff

Edward Y. Crossmore

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LEGAL TERMS

LIQUIDATING PARTNER

FRATERNAL BENEFIT SOCIETY BENEFITS

NONPROFIT CORPORATION

CHAPTER 7 BANKRUPTCY

CREDITOR

DOING BUSINESS AS (DBA)

IRS EXPENSES

CREDIT INSURANCE

NONDISCHARGEABLE DEBTS

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