Mount Pleasant Bankruptcy & Debt Lawyer, Wisconsin

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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.
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  Find out how an experienced attorney can help end calls and prevent lawsuits.
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John A. Ward

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Criminal, Bankruptcy & Debt, Estate, Divorce & Family Law, DUI-DWI

Some lawyers focus on plea bargaining. Others concentrate on mediation. At the office of John Anthony Ward, Attorney at Law, we are not afraid of a fi... (more)

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262-205-6599

3636 80th Street, Kenosha, WI 53142

Christine Kapsos

Real Estate, Credit & Debt, Bankruptcy, Legal Malpractice

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3216 South 92nd St., Milwaukee, WI 53227

Jay Nixon

Bankruptcy & Debt, Foreclosure, Criminal, Traffic

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333 Main St., Racine, WI 53403

Chomi Prag

State Appellate Practice, Divorce, Business, Bankruptcy

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6216 Washington Ave., Racine, WI 53406

Gerald M. Crawford

International Tax, Estate Planning, Elder Law, Bankruptcy

Status: Licensed: 61 Years

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840 Lake Ave, Racine, WI 53403

Justin D. Kelly

Lawsuit & Dispute, Estate, Employment, Bankruptcy & Debt

Status: Licensed: 13 Years

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12501 Globe Dr, Sturtevant, WI 53177

Anthony J. Kryshak

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

Status: Licensed: 18 Years

FREE CONSULTATION

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6127 Green Bay Rd 101, Kenosha, WI 53142

Thomas A. Camilli

Real Estate, Litigation, Estate, Bankruptcy

Status: Licensed: 24 Years

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6301 Green Bay Rd, Kenosha, WI 53142

Lakelaw Law Office

Bankruptcy, Banking & Finance, Corporate

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6905 Green Bay Rd, Kenosha, WI 53142

Bradford J. Colbert

Real Estate, Employee Rights, Business, Bankruptcy & Debt

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119 1/2 N Bridge St, Chippewa Falls, WI 54729

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LEGAL TERMS

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.

TRADE NAME

The official name of a business, the one it uses on its letterhead and bank account when not dealing with consumers.

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.

SECURED DEBT

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collater... (more...)

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

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.

BANKRUPTCY TRUSTEE

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is t... (more...)

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is to gather the debtor's nonexempt property, liquidate it and distribute it proportionally to her creditors. In a Chapter 13 case, the trustee's role is to receive the debtor's monthly payments and distribute them proportionally to her creditors.

FCRA

See Fair Credit Reporting Act.

CREDIT INSURANCE

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay o... (more...)

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance. Federal and state consumer protection laws require the lender to disclose to existing and potential borrowers the terms and costs of obtaining credit insurance because it can affect the terms of the loan.

GENERAL PARTNER

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the... (more...)

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. See also partnership, limited partnership.

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Mount Pleasant Bankruptcy & Debt Lawyer, Wisconsin

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

John A. Ward

Christine Kapsos

Jay Nixon

Chomi Prag

Gerald M. Crawford

Justin D. Kelly

Anthony J. Kryshak

Thomas A. Camilli

Lakelaw Law Office

Bradford J. Colbert

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LEGAL TERMS

S CORPORATION

TRADE NAME

CURRENT MONTHLY INCOME

SECURED DEBT

PRESUMED ABUSE

BANKRUPTCY TRUSTEE

FCRA

CREDIT INSURANCE

GENERAL PARTNER

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