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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 J. Russell

Bankruptcy, Condominiums, Consumer Bankruptcy, Workout

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FREE CONSULTATION

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30 North LaSalle Street, Chicago, IL 60602

Steven Bennett Towbin

Reorganization, Corporate, Litigation, Workout

Status:

CONTACT

321 North Clark Street, Chicago, IL 60654

Jeffrey Douglas Bacon

Corporate, Banking & Finance, Workout, Bankruptcy & Debt

Status: Licensed: 36 Years

CONTACT

330 North Wabash Avenue, Chicago, IL 60611

Jay S. Geller

Litigation, Workout, Reorganization, Commercial Bankruptcy

Status:

CONTACT

321 N. Clark Street, Chicago, IL 60654

Theodore Eric Harman

Workout, Litigation, Real Estate, Foreclosure

Status: Licensed: 36 Years

CONTACT

Three First National Plaza, Chicago, IL 60602

Raymond J. Werner

Foreclosure, Merger & Acquisition, Insurance, Workout

Status: Licensed: 55 Years

CONTACT

161 N Clark St, Chicago, IL 60601

William Choslovsky

Corporate, Bankruptcy, Credit & Debt, Workout

Status: Licensed: 31 Years

CONTACT

2 N La Salle St, Chicago, IL 60602

800-814-6700

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LEGAL TERMS

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.

REDEMPTION

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump s... (more...)

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a car note by paying the lender the amount a retail vendor would charge for the car, considering its age and condition.

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.

FCBA

See Fair Credit Billing Act.

CCCS

See Consumer Credit Counseling Service.

FORBEARANCE

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily ... (more...)

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily postponing or reducing the borrower's payments.

MEANS TEST

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income ... (more...)

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income for his or her state should be allowed to file for Chapter 7 bankruptcy.

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.

DISCHARGEABLE DEBTS

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bill... (more...)

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bills and medical bills. Compare nondischargeable debts.

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Cook County, IL Workout Lawyers

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Brian J. Russell

Steven Bennett Towbin

Jeffrey Douglas Bacon

Jay S. Geller

Theodore Eric Harman

Raymond J. Werner

William Choslovsky

TIPS

LEGAL TERMS

PRIORITY DEBT

REDEMPTION

CYBERSQUATTING

FCBA

CCCS

FORBEARANCE

MEANS TEST

S CORPORATION

DISCHARGEABLE DEBTS

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