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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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James Glucksman

Bankruptcy & Debt

Status: In Good Standing Licensed: 42 Years

CONTACT

2 Park Avenue, New York, NY 10016

Joris Michael Hogan

International Other, Employee Rights, Administrative Law, Credit & Debt

Status: In Good Standing Licensed: 43 Years

CONTACT

156 William St, New York, NY 10038

William Paul Weintraub

Litigation, Workout, Reorganization, Credit & Debt

Status: In Good Standing Licensed: 45 Years

CONTACT

620 Eighth Avenue, New York, NY 10018

Ivan Saul Feldman

Elder Law, Corporate, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 59 Years

CONTACT

319 W 108Th St, New York, NY 10025

James A. Sherer

Class Action, Science, Technology & Internet, Merger & Acquisition, Bankruptcy

Status: In Good Standing Licensed: 22 Years

CONTACT

45 Rockefeller Plaza, New York, NY 10111

Justin Goldblatt

Securities, Bankruptcy

Status: In Good Standing

CONTACT

885 Third Avenue, New York, NY 10022

Marc Adam Rogovin

Real Estate, Commercial Bankruptcy, Litigation

Status: In Good Standing Licensed: 19 Years

CONTACT

733 Third Avenue, New York, NY 10017

Robert Timothy Honeywell

Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 33 Years

CONTACT

599 Lexington Ave, New York, NY 10022

Michael Lee Moskowitz

Litigation, Banking & Finance, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 43 Years

CONTACT

270 Madison Ave, New York, NY 10016

Courtney Slatten Katzenstein

Litigation, Lawsuit & Dispute, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 38 Years

CONTACT

3 East 84Th St, New York, NY 10028

800-923-0641

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LEGAL TERMS

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.

WINDING UP

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, a... (more...)

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, all with the ultimate goal of liquidating or closing down a corporation or partnership.

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.

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

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.

NONDISCHARGEABLE DEBTS

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chap... (more...)

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chapter 13 bankruptcy, the nondischargeable debts will have to be paid in full during your plan or you will have a balance at the end of your case. Examples of nondischargeable debts include alimony and child support, most income tax debts, many student loans and debts for personal injury or death caused by drunk driving. Compare dischargeable debts.

DISPOSABLE INCOME

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Ch... (more...)

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Chapter 13 plan.

FCBA

See Fair Credit Billing Act.

TOXIC TORT

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and su... (more...)

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and suffering.

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New York County, NY Bankruptcy & Debt Lawyers, page 8

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

James Glucksman

Joris Michael Hogan

William Paul Weintraub

Ivan Saul Feldman

James A. Sherer

Justin Goldblatt

Marc Adam Rogovin

Robert Timothy Honeywell

Michael Lee Moskowitz

Courtney Slatten Katzenstein

TIPS

LEGAL TERMS

BANKRUPTCY TRUSTEE

WINDING UP

S CORPORATION

CHAPTER 13 PLAN

PREFERENCE

NONDISCHARGEABLE DEBTS

DISPOSABLE INCOME

FCBA

TOXIC TORT

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