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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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Jeremy T.C. Wenzel

Freedom of Information, Voting Rights, Bankruptcy

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735 W. Wisconsin Avenue, Milwaukee, WI 53233

J. Paul Neumeier

Corporate, Business Organization, Commercial Real Estate, Credit & Debt

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Two Plaza East, 330 East Kilbourn Avenue, Milwaukee, WI 53202

Benjamin A. Menzel

Collection, Construction Liens, Pension & Benefits, Labor Law

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1555 N. River Center Dr., Milwaukee, WI 53212

Tamara N. Jackson

Estate Planning, Family Law, Elder Law, Bankruptcy

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2200 N. Mayfair Road, Milwaukee, WI 53226

Yanira Gonzalez Fernandini

Bankruptcy

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626 East Wisconsin Ave., Milwaukee, WI 53202

Christine Kapsos

Real Estate, Credit & Debt, Bankruptcy, Legal Malpractice

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3216 South 92nd St., Milwaukee, WI 53227

John Krawczyk

Americans with Disabilities Act , Commercial Banks, Credit & Debt, Directors & Officers

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16650 W. Bluemound Rd., Brookfield, WI 53005

Brian A. Romans

Contract, Credit & Debt, Estate Administration, Land Use & Zoning

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N94 W17900 Appleton Avenue, Menomonee Falls, WI 53051

Beth M Brockmeyer

Commercial Bankruptcy, Consumer Bankruptcy, Credit & Debt

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N14 W24200 Tower Place, Waukesha, WI 53188

Ryan J. Harrington

Traffic, Criminal, Bankruptcy & Debt, Accident & Injury

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N14 W23755 Stone Ridge Drive, Waukesha, WI 53188

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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.

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.

COLLATERAL

Property that guarantees payment of a secured debt.

NONEXEMPT PROPERTY

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typicall... (more...)

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typically includes valuable clothing (furs) and electronic equipment, an expensive car that's been paid off and most of the equity in your house. Compare exempt property.

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

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.

HOUSEHOLDER

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a ho... (more...)

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a homestead exemption and possibly other exemptions relating to the maintenance of the household.

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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Milwaukee Bankruptcy & Debt Lawyer, Wisconsin

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Jeremy T.C. Wenzel

J. Paul Neumeier

Benjamin A. Menzel

Tamara N. Jackson

Yanira Gonzalez Fernandini

Christine Kapsos

John Krawczyk

Brian A. Romans

Beth M Brockmeyer

Ryan J. Harrington

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LEGAL TERMS

PRESUMED ABUSE

ACCORD AND SATISFACTION

COLLATERAL

NONEXEMPT PROPERTY

PREFERENCE

SECRET WARRANTY PROGRAM

HOUSEHOLDER

FAIR CREDIT REPORTING ACT (FCRA)

LIQUIDATING PARTNER

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