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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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Steven W. Zaleski

Farms, DUI-DWI, Criminal, Bankruptcy

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10 East Doty Street, Madison, WI 53703

Matthew L. Frank

Lawsuit & Dispute, Divorce & Family Law, Bankruptcy & Debt, Accident & Injury

Status: Licensed: 17 Years

CONTACT

1404 Creston Park Dr, Janesville, WI 53545

William Rameker

Litigation, Corporate, Bankruptcy, Bankruptcy & Debt

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33 East Main Street, Madison, WI 53703

David E. Smithson

Wills & Probate, Bankruptcy, Trusts

Status: Licensed: 52 Years

CONTACT

6305 Midwood Ave, Madison, WI 53716

Lloyd J. Blaney

Real Estate, Wills & Probate, Trusts, Bankruptcy, Medical Malpractice

Status: Licensed: 44 Years

CONTACT

3602 Atwood Ave, Madison, WI 53714

James Craig Murray

Traffic, Divorce & Family Law, Criminal, Bankruptcy

Status:

CONTACT

10 E Doty St, Madison, WI 53703

Mike Godbe

Education, Employment Discrimination, Employment, Discrimination, Credit & Debt

Status: Licensed: 9 Years

CONTACT

409 East Main St,, Madison, WI 53703

Vernon J. Jesse

Real Estate, Immigration, Criminal, Business, Bankruptcy & Debt

Status:

CONTACT

33 E Main St, Madison, WI 53701

Brittany Ogden

Bankruptcy, Corporate, Credit & Debt, Intellectual Property

Status:

CONTACT

33 East Main Street, Madison, WI 53703

Edward A. Corcoran

Estate Planning, Labor Law, Family Law, Bankruptcy, Estate

Status: Licensed: 44 Years

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Madison, WI 53705

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LEGAL TERMS

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

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.

CCCS

See Consumer Credit Counseling Service.

LIQUIDATING PARTNER

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

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.

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.

CREDITOR

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

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.

MEETING OF CREDITORS

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a f... (more...)

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a few questions. In a Chapter 7, the meeting of creditors lasts a few minutes and rarely do any creditors show up. In a Chapter 13 bankruptcy, one or two creditors may attend, especially if they disagree with some provision of your repayment plan.

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Edgerton Bankruptcy & Debt Lawyer, Wisconsin

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Steven W. Zaleski

Matthew L. Frank

William Rameker

David E. Smithson

Lloyd J. Blaney

James Craig Murray

Mike Godbe

Vernon J. Jesse

Brittany Ogden

Edward A. Corcoran

TIPS

LEGAL TERMS

SETOFF

PRIORITY DEBT

CCCS

LIQUIDATING PARTNER

ADMINISTRATIVE EXPENSES

LIMITED PARTNERSHIP

CREDITOR

MEANS TEST

MEETING OF CREDITORS

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