East Branch Bankruptcy & Debt Lawyer, New York, page 2

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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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Richard Scott Zirt

Bankruptcy, Consumer Bankruptcy, Traffic, Motor Vehicle

Status:

CONTACT

10 St. John Street, Monticello, NY 12701

David John Galalis

Other, Lawsuit & Dispute, Government, Bankruptcy & Debt

Status: Licensed: 20 Years

CONTACT

414 Broadway, Monticello, NY 12701

Rosemarie Anne Richards

Family Law, Divorce, Child Custody, Bankruptcy

Status: Licensed: 24 Years

CONTACT

26 Conkey Avenue, Norwich, NY 13815

Michael Alan Brush

Family Law, Divorce & Family Law, Criminal, Collection

Status: Licensed: 57 Years

CONTACT

14 Reynolds Ave, Oneonta, NY 13820

Carol Ann Malz

Real Estate, Bankruptcy & Debt

Status: Licensed: 33 Years

CONTACT

554 Main St, Oneonta, NY 13820

Robert F Cohen

Real Estate, Sexual Harassment, Discrimination, Business Organization, Bankruptcy & Debt

Status: Licensed: 48 Years

CONTACT

Smallwood, NY 12778

Rosemarie Richards

Bankruptcy, Family Law, Adoption, Real Estate

Status: Licensed: 24 Years

CONTACT

156 Coye Brook Rd, South New Berlin, NY 13843

David Alexander Maho

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

Status: Licensed: 28 Years

CONTACT

Woodridge, NY 12789

Bruce Perlmutter

Government, Divorce & Family Law, Business, Bankruptcy & Debt

Status: Licensed: 51 Years

CONTACT

51 Broadway, Woodridge, NY 12789

800-814-6700

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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.

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.

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.

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.

401(K) PLAN

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income ... (more...)

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income taxes on the amount invested and any earnings are due until the employee withdraws money from the fund.

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.

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.

ACCORD AND SATISFACTION

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collectin... (more...)

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.

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.

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East Branch Bankruptcy & Debt Lawyer, New York, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Richard Scott Zirt

David John Galalis

Rosemarie Anne Richards

Michael Alan Brush

Carol Ann Malz

Robert F Cohen

Rosemarie Richards

David Alexander Maho

Bruce Perlmutter

TIPS

LEGAL TERMS

CURRENT MONTHLY INCOME

PRIORITY DEBT

FORBEARANCE

CHAPTER 13 PLAN

401(K) PLAN

DOING BUSINESS AS (DBA)

REDEMPTION

ACCORD AND SATISFACTION

LIMITED PARTNERSHIP

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