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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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Jerrold W. Bartman

Bankruptcy

Status: In Good Standing

FREE CONSULTATION

CONTACT

409 New Karner Road, Albany, NY 12205

Kevin A. Moss

Criminal, Traffic, Credit & Debt, Personal Injury

Status: In Good Standing Licensed: 52 Years

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462 Bond Rd, Altamont, NY 12009

Christiaan Van Niekerk

Foreclosure, Bankruptcy, Landlord-Tenant, Bankruptcy & Debt

Status: In Good Standing

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202 Union Street, Schenectady, NY 12305

Richard H. Weiskopf

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

Status: In Good Standing Licensed: 50 Years

CONTACT

670 Franklin Street, Schenectady, NY 12305

Nancy Baum Delain

Patent, Intellectual Property, Business & Trade, Bankruptcy & Debt

Status: In Good Standing Licensed: 20 Years

CONTACT

107 North College Street, Schenectady, NY 12305

Michelle H. Wildgrube

Real Estate, Federal Appellate Practice, Family Law, Bankruptcy

Status: In Good Standing

CONTACT

1473 Erie Blvd, Schenectady, NY 12305

Joseph L Litz

Criminal, Contract, Business Organization, Bankruptcy

Status: In Good Standing Licensed: 40 Years

CONTACT

143 Clinton St, Schenectady, NY 12305

Anthony J Pietrafesa

Bankruptcy & Debt, Consumer Rights, Defect and Lemon Law, Deceptive Trade Practices, Landlord-Tenant

Status: In Good Standing

FREE CONSULTATION

CONTACT

1971 Western Av #181, Albany, NY 12203

Roger M Mallery

Bankruptcy, Real Estate, Trusts, Wills & Probate, Child Custody

Status: In Good Standing Licensed: 68 Years

CONTACT

545 Main St, Cobleskill, NY 12043

James P. Melita

Traffic, Collection, Divorce, Criminal

Status: In Good Standing

CONTACT

Albany, NY 12203

800-923-0641

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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.

DISCHARGEABLE DEBTS

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bill... (more...)

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bills and medical bills. Compare nondischargeable debts.

FCBA

See Fair Credit Billing Act.

GUARANTOR

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. T... (more...)

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. The guarantor gives a 'guaranty,' which is an assurance that the debt or other obligation will be fulfilled.

COLLECTION AGENCY

A company hired by a creditor to collect a debt that it is owed. Creditors typically hire a collection agency only after they have made efforts to collect the d... (more...)

A company hired by a creditor to collect a debt that it is owed. Creditors typically hire a collection agency only after they have made efforts to collect the debt themselves, typically through letters (called 'dunning' letters) and telephone calls. Collection agencies are regulated by the federal Fair Debt Collection Practices Act. Unfortunately, too many collectors ignore this law.

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemp... (more...)

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemptible because it has been damaged or destroyed.

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.

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

BULK SALES LAW

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.

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Quaker Street Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Jerrold W. Bartman

Kevin A. Moss

Christiaan Van Niekerk

Richard H. Weiskopf

Nancy Baum Delain

Michelle H. Wildgrube

Joseph L Litz

Anthony J Pietrafesa

Roger M Mallery

James P. Melita

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LEGAL TERMS

S CORPORATION

DISCHARGEABLE DEBTS

FCBA

GUARANTOR

COLLECTION AGENCY

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

SECURED DEBT

WORKOUT

BULK SALES LAW

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