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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

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

Status: Licensed: 24 Years

CONTACT

100 S Jersey Ave, East Setauket, NY 11733

Anneris Marlene Pena

Divorce & Family Law, Criminal, Bankruptcy & Debt

Status: Licensed: 27 Years

CONTACT

East Setauket, NY 11733

Melissa Corwin

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

Status: Licensed: 22 Years

CONTACT

East Setauket, NY 11733

Charles Jeffery Gleis

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

Status: Licensed: 17 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: 23 Years

CONTACT

47 Route 25A, East Setauket, NY 11733

Brian Morris

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

Status: Licensed: 20 Years

CONTACT

2233 Nesconset Hwy, Lake Grove, NY 11755

800-814-6700

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LEGAL TERMS

FRAUDULENT TRANSFER

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee --... (more...)

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit of the creditors.

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.

UNDUE HARDSHIP

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in t... (more...)

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in the future to pay off the loan may be able to show that repayment would be an undue hardship.

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.

NONPROFIT CORPORATION

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or f... (more...)

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or for some public purpose (such as a hospital, environmental organization or literary society). Nonprofit corporations, despite the name, can make a profit, but the business cannot be designed primarily for profit-making purposes, and the profits must be used for the benefit of the organization or purpose the corporation was created to help. When a nonprofit corporation dissolves, any remaining assets must be distributed to another nonprofit, not to board members. As with for-profit corporations, directors of nonprofit corporations are normally shielded from personal liability for the organization's debts. Some nonprofit corporations qualify for a federal tax exemption under _ 501(c)(3) of the Internal Revenue Code, with the result that contributions to the nonprofit are tax deductible by their donors.

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.

COLLATERAL

Property that guarantees payment of a secured debt.

INFRINGEMENT (OF TRADEMARK)

Unauthorized use of a protected trademark or service mark, or use of something very similar to a protected mark. The success of a lawsuit to stop the infringeme... (more...)

Unauthorized use of a protected trademark or service mark, or use of something very similar to a protected mark. The success of a lawsuit to stop the infringement turns on whether the defendant's use causes a likelihood of confusion in the average consumer. If a court determines that the average consumer would be confused, the owner of the original mark can prevent the other's use of the infringing mark and sometimes collect damages.

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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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

TIPS

LEGAL TERMS

FRAUDULENT TRANSFER

WORKOUT

UNDUE HARDSHIP

PRESUMED ABUSE

NONPROFIT CORPORATION

SECURED DEBT

COLLATERAL

INFRINGEMENT (OF TRADEMARK)

BULK SALES LAW

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