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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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John V. Burns

Estate Planning, Family Law, Criminal, Bankruptcy

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1111 East Sumner Street, Hartford, WI 53027

Jeremy Joseph Geisel

Family Law, Collection, Labor Law, Child Support

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N14 W23755 Stone Ridge Drive, Waukesha, WI 53188

Erika A. Miller

Bankruptcy, Criminal, DUI-DWI, Divorce

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FREE CONSULTATION

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2727 Grandview Boulevard, Waukesha, WI 53188

Beth M Brockmeyer

Commercial Bankruptcy, Consumer Bankruptcy, Credit & Debt

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N14 W24200 Tower Place, Waukesha, WI 53188

Lawrence Clancy

Real Estate, Business, Bankruptcy, Bankruptcy & Debt

Status: Licensed: 69 Years

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1340 W Wisconsin Avenue, Oconomowoc, WI 53066

Jacqueline Chada Nuckels

Personal Injury, Bankruptcy & Debt, Criminal, Real Estate

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219 N Milwaukee St, Oconomowoc, WI 53066

Daniel S. Grable

Power of Attorney, Real Estate, Health Care Other, Bankruptcy

Status: Licensed: 57 Years

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153 E Wisconsin Ave, Oconomowoc, WI 53066

Charles Francis Hart

Commercial Bankruptcy, Health Care, Elder Law, Family Law, Estate Planning

Status: Licensed: 45 Years

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2777 Mission Rd, Nashotah, WI 53058

Donald J. Straka

Commercial Real Estate, Employee Rights, Banking & Finance, Credit & Debt, Securities

Status: Licensed: 38 Years

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N75W28846 Coldstream Dr, Hartland, WI 53029

Donald J. Straka

General Practice

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N75W28846 Coldstream Dr, Hartland, WI 53029

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LEGAL TERMS

PRESUMED ABUSE

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means te... (more...)

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means test, the court will presume that the debtor has sufficient income to fund a Chapter 13 plan. In this situation, the debtor will not be allowed to proceed with a Chapter 7 bankruptcy unless the debtor can prove that he or she is not abusing the Chapter 7 bankruptcy remedy.

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 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

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.

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

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.

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.

LIEN

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortg... (more...)

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortgages, home equity loans, car loans and personal loans for which you pledge property to guarantee repayment. Liens created without your consent are called nonconsensual liens, and include judgment liens (liens filed by a creditor who has sued you and obtained a judgment), tax liens and mechanics liens (liens filed by a contractor who worked on your house but wasn't paid).

Ixonia Bankruptcy & Debt Lawyer, Wisconsin

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

John V. Burns

Jeremy Joseph Geisel

Erika A. Miller

Beth M Brockmeyer

Lawrence Clancy

Jacqueline Chada Nuckels

Daniel S. Grable

Charles Francis Hart

Donald J. Straka

Donald J. Straka

TIPS

LEGAL TERMS

PRESUMED ABUSE

FORBEARANCE

CHAPTER 13 BANKRUPTCY

ADMINISTRATIVE EXPENSES

SOLE PROPRIETORSHIP

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

SETOFF

LIEN

FCRA

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