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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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Lester Forest

Consumer Bankruptcy, Estate, Civil Rights, Bankruptcy & Debt

Status: In Good Standing Licensed: 43 Years

CONTACT

299 Route 6N, Mahopac, NY 10541

Jonathan Matthew Victor

General Practice

Status: In Good Standing Licensed: 16 Years

CONTACT

963 Route 6, Mahopac, NY 10541

Jonathan Matthew Victor

General Practice

Status: In Good Standing Licensed: 16 Years

CONTACT

963 Route 6, Mahopac, NY 10541

Jonathan Matthew Victor

Real Estate, Employee Rights, Divorce & Family Law, Contract, Credit & Debt

Status: In Good Standing Licensed: 16 Years

CONTACT

963 Route 6, Mahopac, NY 10541

Richard I. Goldsand

International Tax, Divorce, DUI-DWI, Bankruptcy

Status: In Good Standing Licensed: 55 Years

CONTACT

864 Route 22, Brewster, NY 10509

Leonard Frank Quartaro

Bankruptcy & Debt, Criminal, Credit & Debt

Status: In Good Standing Licensed: 30 Years

CONTACT

35B Heritage Hls, Somers, NY 10589

Denis J. Timone

International, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 57 Years

CONTACT

384 Route 202, Somers, NY 10589

George J. Calcagnini

International, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 46 Years

CONTACT

376 Route 202, Somers, NY 10589

William F. Macreery

Litigation, Bankruptcy

Status: In Good Standing

CONTACT

7 Granite Springs Rd, Granite Springs, NY 10527

William F. Macreery

Bankruptcy & Debt

Status: In Good Standing Licensed: 50 Years

CONTACT

7 Granite Springs Rd, Granite Springs, NY 10527

800-923-0641

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LEGAL TERMS

CURRENT MONTHLY INCOME

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding... (more...)

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding the bankruptcy filing. The debtor's current monthly income is used to determine whether the debtor can file for Chapter 7 bankruptcy, among other things.

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.

HOUSEHOLDER

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a ho... (more...)

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a homestead exemption and possibly other exemptions relating to the maintenance of the household.

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working fo... (more...)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working for collection agencies. The law does not apply to creditors collecting their own debts. This law has greatly improved conditions for debtors, although more than a few debt collectors ignore the law. If a collection agency violates the law, debtors can contact the Federal Trade Commission for help.

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.

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemp... (more...)

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemptible because it has been damaged or destroyed.

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.

CREDIT COUNSELING

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Unde... (more...)

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Under the new bankruptcy law, a debtor must undergo credit counseling with an approved provider before filing for bankruptcy.

ABUSE

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because ... (more...)

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because the debtor appears to have enough disposable income to fund a Chapter 13 repayment plan.

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Carmel Bankruptcy & Debt Lawyer, New York, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Lester Forest

Jonathan Matthew Victor

Jonathan Matthew Victor

Jonathan Matthew Victor

Richard I. Goldsand

Leonard Frank Quartaro

Denis J. Timone

George J. Calcagnini

William F. Macreery

William F. Macreery

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LEGAL TERMS

CURRENT MONTHLY INCOME

NONPROFIT CORPORATION

HOUSEHOLDER

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

S CORPORATION

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

UNSECURED DEBT

CREDIT COUNSELING

ABUSE

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