La Grange Park Bankruptcy & Debt Lawyer, Illinois

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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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Robert Schaller

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Bankruptcy & Debt, Lawsuit & Dispute, Garnishment, Wills & Probate, Foreclosure

BANKRUPTCY, TAX, WILLS & TRUST ATTORNEY & REGISTERED CPA | EXPECT THE BEST | 39+ YEARS OF EXPERIENCE

Attorney Robert Schaller treats every client like family, giving them the time and personal attention they deserve. The law firm offers both in-office... (more)

FREE CONSULTATION

CONTACT

630-655-1301

700 Commerce Drive, Oak Brook, IL 60523

James M. Chesloe

Family Law, Divorce, Bankruptcy, Credit & Debt

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FREE CONSULTATION

CONTACT

1030 South La Grange Road, La Grange, IL 60525

David P. Lloyd

Landlord-Tenant, Litigation, Bankruptcy, Bankruptcy & Debt

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CONTACT

9244 Washington St, Brookfield, IL 60513

Robert Honig

Real Estate, Estate, Bankruptcy & Debt

Status: Licensed: 33 Years

CONTACT

116 S. York St, Elmhurst, IL 60126

Randall Hribal

Divorce & Family Law, Criminal, Civil Rights, Bankruptcy, Workers' Compensation

Status: Licensed: 33 Years

CONTACT

10500 West Cermak Road, Westchester, IL 60154

Joseph Serpico

Divorce, DUI-DWI, Bankruptcy, Personal Injury

Status: Licensed: 47 Years

CONTACT

10525 West Cermak Road, Westchester, IL 60154

Jigar Patel

Immigration, Divorce & Family Law, Bankruptcy, Business & Trade, Personal Injury

Status:

CONTACT

10560 W. Cermak Rd., Westchester, IL 60154

Sam Chandraiah

Bankruptcy, Bankruptcy & Debt

Status:

CONTACT

512 W Burlington Ave, La Grange, IL 60525

Paul Sheils

Traffic, DUI-DWI, Bankruptcy, Personal Injury

Status: Licensed: 52 Years

CONTACT

15 Salt Creek Ln, Hinsdale, IL 60521

John Eichler

International Tax, Insurance, Bankruptcy, Personal Injury

Status: Licensed: 53 Years

CONTACT

1559 S Hull Ave, Westchester, IL 60154

800-814-6700

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LEGAL TERMS

SECRET WARRANTY PROGRAM

A program under which a car manufacturer will make repairs for free on vehicles with persistent problems, even after the warranty has expired, in order to avoid... (more...)

A program under which a car manufacturer will make repairs for free on vehicles with persistent problems, even after the warranty has expired, in order to avoid a recall and the accompanying bad press. Secret warranties are rarely advertised by the manufacturer, so consumers must pursue the manufacturer to discover and take advantage of them. A few states require manufacturers to notify car buyers when they adopt secret warranty programs.

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.

FRATERNAL BENEFIT SOCIETY BENEFITS

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal socie... (more...)

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal societies that provide benefits. Also called benefit society, benevolent society or mutual aid association benefits. Under bankruptcy laws, these benefits are virtually always considered exempt property.

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.

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.

FCRA

See Fair Credit Reporting Act.

COSIGNER

A person who signs his or her name to a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for t... (more...)

A person who signs his or her name to a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for the loan or debt. Many people use cosigners to qualify for a loan or credit card. Landlords may require a cosigner when renting to a student or someone with a poor credit history.

FAIR CREDIT REPORTING ACT (FCRA)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to a... (more...)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to adopt reasonable procedures for gathering, maintaining and disseminating information and bars credit bureaus from reporting negative information that is older than seven years, except a bankruptcy, which may be reported for ten. If you notify a credit bureau of an error in your credit report, the FCRA requires the bureau to investigate your allegations within 30 days, review all information you provide, remove inaccurate and unverified information and adopt procedures to keep the information from reappearing. In addition, the law requires that creditors refrain from reporting incorrect information to credit bureaus.

LIQUIDATING PARTNER

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

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La Grange Park Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Robert Schaller

James M. Chesloe

David P. Lloyd

Robert Honig

Randall Hribal

Joseph Serpico

Jigar Patel

Sam Chandraiah

Paul Sheils

John Eichler

TIPS

LEGAL TERMS

SECRET WARRANTY PROGRAM

PRESUMED ABUSE

FRATERNAL BENEFIT SOCIETY BENEFITS

SOLE PROPRIETORSHIP

S CORPORATION

FCRA

COSIGNER

FAIR CREDIT REPORTING ACT (FCRA)

LIQUIDATING PARTNER

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