Stony Brook Bankruptcy & Debt Lawyer, New York

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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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Andre Nicholas Poulis

Insurance, Personal Injury, Commercial Bankruptcy

Status:

FREE CONSULTATION

CONTACT

50 Route 111, Smithtown, NY 11787

Kevin Alan Seaman

Industry Specialties, Business, Bankruptcy & Debt

Status: Licensed: 52 Years

CONTACT

Stony Brook, NY 11790

Maria Christine Ambrosio

Immigration, Family Law, Consumer Rights, Collection

Status: Licensed: 39 Years

CONTACT

21 Annandale Rd, Stony Brook, NY 11790

Aida Saba Cavooris

Personal Injury, Bankruptcy, Contract, Civil Rights, International Tax

Status: Licensed: 25 Years

CONTACT

100 S Jersey Ave, East Setauket, NY 11733

Anneris Marlene Pena

Divorce & Family Law, Criminal, Bankruptcy & Debt

Status: Licensed: 28 Years

CONTACT

East Setauket, NY 11733

Melissa Corwin

Real Estate, Bankruptcy & Debt, Wrongful Death, Accident & Injury

Status: Licensed: 23 Years

CONTACT

East Setauket, NY 11733

Charles Jeffery Gleis

Real Estate, Divorce & Family Law, Business, Bankruptcy & Debt

Status: Licensed: 18 Years

CONTACT

551 Route 25A, Saint James, NY 11780

Rosemarie Bruno

Lawsuit & Dispute, Divorce & Family Law, Bankruptcy

Status:

CONTACT

3771 Nesconset Hwy, Centereach, NY 11720

James Peter Deana

Other, Real Estate, Bankruptcy & Debt, Accident & Injury

Status: Licensed: 24 Years

CONTACT

47 Route 25A, East Setauket, NY 11733

Brian Morris

Divorce & Family Law, Bankruptcy & Debt, Real Estate, Estate

Status: Licensed: 21 Years

CONTACT

2233 Nesconset Hwy, Lake Grove, NY 11755

800-814-6700

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LEGAL TERMS

SUBROGATION

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off i... (more...)

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off its injured claimant takes the legal rights the claimant has against a third party that caused the injury, and sues that third party.

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.

MEETING OF CREDITORS

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a f... (more...)

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a few questions. In a Chapter 7, the meeting of creditors lasts a few minutes and rarely do any creditors show up. In a Chapter 13 bankruptcy, one or two creditors may attend, especially if they disagree with some provision of your repayment plan.

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.

AUTOMATIC STAY

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities,... (more...)

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid debt.

BANKRUPTCY

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are ... (more...)

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are two types of bankruptcies -- liquidation, in which your debts are wiped out (discharged) and reorganization, in which you provide the court with a plan for how you intend to repay your debts. For both consumers and business, liquidation bankruptcy is called Chapter 7. For consumers, reorganization bankruptcy is called Chapter 13. Reorganization bankruptcy for consumers with an extraordinary amount of debt and for businesses is called Chapter 11. Reorganization bankruptcy for family farmers is called Chapter 12.

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

TRADE NAME

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

ADMINISTRATIVE EXPENSES

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.

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Stony Brook Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Andre Nicholas Poulis

Kevin Alan Seaman

Maria Christine Ambrosio

Aida Saba Cavooris

Anneris Marlene Pena

Melissa Corwin

Charles Jeffery Gleis

Rosemarie Bruno

James Peter Deana

Brian Morris

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LEGAL TERMS

SUBROGATION

FAIR CREDIT REPORTING ACT (FCRA)

MEETING OF CREDITORS

S CORPORATION

AUTOMATIC STAY

BANKRUPTCY

SOLE PROPRIETORSHIP

TRADE NAME

ADMINISTRATIVE EXPENSES

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