Bensenville Bankruptcy & Debt Lawyer, Illinois

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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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Matthew J Ryan

Bankruptcy, Criminal, Estate Planning, Family Law

Status: In Good Standing

FREE CONSULTATION

CONTACT

3101 N Rose Street, Franklin Park, IL 60131

Glenn Betancourt-Burgos

Adoption, Alimony & Spousal Support, Bankruptcy, Child Support

Status: In Good Standing

CONTACT

3158 S. River Road, Des Plaines, IL 60018

Kristine M. Kolky

Corporate, Banking & Finance, Bankruptcy Litigation, Bankruptcy

Status: In Good Standing

FREE CONSULTATION

CONTACT

One Pierce Place, Itasca, IL 60143

Nicholas V. Dizonno

Banking & Finance, Bankruptcy, Bankruptcy Litigation, Corporate

Status: In Good Standing

FREE CONSULTATION

CONTACT

One Pierce Place, Itasca, IL 60143

Daniel Lawrence Giudice

Divorce, DUI-DWI, Civil Rights, Collection

Status: In Good Standing

CONTACT

201 North Church Road, Bensenville, IL 60106

Daniel Giudice

Divorce, DUI-DWI, Civil Rights, Collection

Status: In Good Standing

CONTACT

201 North Church Road, Bensenville, IL 60106

Christopher Douglas Galloway

Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 22 Years

CONTACT

357 Hiawatha Trail, Wood Dale, IL 60191

Nella E. Mariani

Bankruptcy, Bankruptcy & Debt, Credit & Debt

Status: In Good Standing Licensed: 26 Years

CONTACT

600 S County Line Rd, Bensenville, IL 60106

Nella E. Mariani

Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 26 Years

CONTACT

600 County Line Rd, Bensenville, IL 60106

Audrey Elaine Gardner

Bankruptcy, DUI-DWI, Traffic, Civil Rights, Business

Status: In Good Standing Licensed: 8 Years

CONTACT

1043 S York Rd, Bensenville, IL 60106

800-923-0641

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800-943-8690

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LEGAL TERMS

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.

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.

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.

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.

CYBERSQUATTING

Buying a domain name that reflects the name of a business or famous person with the intent of selling the name back to the business or celebrity for a profit. T... (more...)

Buying a domain name that reflects the name of a business or famous person with the intent of selling the name back to the business or celebrity for a profit. The Anticybersquatting Consumer Protection Act of 1999 authorizes a cybersquatting victim to file a federal lawsuit to regain a domain name or sue for financial compensation. Under the act, registering, selling or using a domain name with the intent to profit from someone else's good name is considered cybersquatting. Victims of cybersquatting can also use the provisions of the Uniform Domain Name Dispute Resolution Policy adopted by ICANN, an international tribunal administering domain names. This international policy results in arbitration of the dispute, not litigation.

CREDIT FILE

See credit report.

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.

LIMITED LIABILITY

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or ... (more...)

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or a person who invests in a corporation (a shareholder) generally stands to lose only the amount of money invested in the business. This means that if the business folds, creditors cannot seize or sell an owner's home, car, or other personal assets.

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Bensenville Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Matthew J Ryan

Glenn Betancourt-Burgos

Kristine M. Kolky

Nicholas V. Dizonno

Daniel Lawrence Giudice

Daniel Giudice

Christopher Douglas Galloway

Nella E. Mariani

Nella E. Mariani

Audrey Elaine Gardner

TIPS

LEGAL TERMS

WINDING UP

S CORPORATION

PRIORITY DEBT

GARNISHMENT

CHAPTER 13 PLAN

CYBERSQUATTING

CREDIT FILE

TOXIC TORT

LIMITED LIABILITY

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