Mount Pleasant Bankruptcy & Debt Lawyer, Wisconsin, page 4

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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
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Chris Head

Bankruptcy & Debt, Criminal, Divorce & Family Law, Tax

Status: Licensed: 12 Years

CONTACT

436 E Plainfield Ave, Milwaukee, WI 53207

Rollie Hanson

Estate, Elder Law, Wills & Probate, Bankruptcy & Debt, Business

Status: Licensed: 39 Years

CONTACT

6767 W Greenfield Ave, Milwaukee, WI 53214

Joseph Ryan

Landlord-Tenant, Foreclosure, Consumer Bankruptcy, Bankruptcy

Status:

CONTACT

128 W. Mineral St., Milwaukee, WI 53204

Jeffrey Keith Fields

Bankruptcy & Debt, Credit & Debt, Bankruptcy, Collection

Status: Licensed: 28 Years

FREE CONSULTATION

CONTACT

2323 S 109th St, Milwaukee, WI 53227

Nicholas J. DeStefanis

Bankruptcy & Debt, Criminal, Divorce & Family Law, Accident & Injury, Estate

Status: Licensed: 18 Years

CONTACT

1126 S. 70th Street, West Allis, WI 53214

John M. Heuer

Business, Bankruptcy & Debt, Employee Rights

Status: Licensed: 48 Years

CONTACT

9312 W National Ave, Milwaukee, WI 53227

Martin R. Anderson

Wills & Probate, Estate Planning, Estate, Child Custody, Bankruptcy

Status:

CONTACT

403 Superior Ave, Tomah, WI 54660

Matthew T. Angel

Real Estate, Bankruptcy & Debt

Status: Licensed: 22 Years

CONTACT

110 W Fountain St, Dodgeville, WI 53533

Lorin M. Schuchardt

Immigration, Estate, Divorce & Family Law, Bankruptcy

Status:

CONTACT

1126 S 70Th St, Milwaukee, WI 53214

Nelson S. Weine

Industry Specialties, Business, Bankruptcy & Debt

Status: Licensed: 54 Years

CONTACT

6471 Blue Heron Pointe Drive, Waterford, WI 53185

800-814-6700

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LEGAL TERMS

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.

ABUSE

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because ... (more...)

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because the debtor appears to have enough disposable income to fund a Chapter 13 repayment plan.

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.

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.

GARNISHMENT

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if ... (more...)

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if she loses a lawsuit filed by the creditor. Up to 25% of a person's wages can be deducted.

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.

401(K) PLAN

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income ... (more...)

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income taxes on the amount invested and any earnings are due until the employee withdraws money from the fund.

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.

GRACE PERIOD

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you h... (more...)

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you have to pay interest on the amount of your purchases. Cash advances, however, usually have no grace period; interest begins to accumulate from the date of the withdrawal, even if you pay your bills on time. Also, some student loans give you a grace period after graduating or dropping out of school. During this time, you are not required to make payments on your loan.

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Mount Pleasant Bankruptcy & Debt Lawyer, Wisconsin, page 4

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Chris Head

Rollie Hanson

Joseph Ryan

Jeffrey Keith Fields

Nicholas J. DeStefanis

John M. Heuer

Martin R. Anderson

Matthew T. Angel

Lorin M. Schuchardt

Nelson S. Weine

TIPS

LEGAL TERMS

PREFERENCE

ABUSE

PRIORITY DEBT

SECURED DEBT

GARNISHMENT

GENERAL PARTNER

401(K) PLAN

MEANS TEST

GRACE PERIOD

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