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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.
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Mark W. Morrow

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

Status: In Good Standing Licensed: 45 Years

CONTACT

202 E Union St, Waupaca, WI 54981

Mark W Morrow

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

Status: Suspended Licensed: 45 Years

CONTACT

202 E Union St, Waupaca, WI 54981

Matthew J. Linn

Bankruptcy, Business & Trade, Trusts

Status: In Good Standing Licensed: 17 Years

CONTACT

Legacy Private Trust Company, Neenah, WI 54956

Andrew J Phillips

Traffic, Family Law, Criminal, Credit & Debt

Status: In Good Standing Licensed: 37 Years

CONTACT

141 N Sawyer St, Oshkosh, WI 54902

John W. Menn

Visa, Health Care Other, Constitutional Law, Bankruptcy

Status: In Good Standing Licensed: 15 Years

CONTACT

107 Church Ave, Oshkosh, WI 54903

Douglas K. Marone

Real Estate, Estate, Employment, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 42 Years

CONTACT

107 Church Ave, Oshkosh, WI 54903

Thomas J. King

Bankruptcy & Debt

Status: In Good Standing Licensed: 47 Years

CONTACT

2950 Universal Ct, Oshkosh, WI 54903

Jason J Hirschberg

Family Law, Business Organization, Banking & Finance, Collection

Status: In Good Standing Licensed: 18 Years

CONTACT

601 Oregon St, Oshkosh, WI 54903

Jason Hirschberg

Landlord-Tenant, Divorce & Family Law, Collection, Bankruptcy & Debt

Status: In Good Standing

CONTACT

601 Oregon St, Oshkosh, WI 54903

Jeffrey A. Mann

Landlord-Tenant, Dispute Resolution, Family Law, Collection

Status: In Good Standing

CONTACT

112 Otter Ave, Oshkosh, WI 54903

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.

REDEMPTION

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump s... (more...)

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a car note by paying the lender the amount a retail vendor would charge for the car, considering its age and condition.

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.

MEANS TEST

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income ... (more...)

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income for his or her state should be allowed to file for Chapter 7 bankruptcy.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

C CORPORATION

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S c... (more...)

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S corporation, whose profits are passed through to shareholders and taxed on their personal returns under subchapter S of the Internal Revenue Code.

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.

CHAPTER 7 BANKRUPTCY

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 b... (more...)

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 bankruptcy takes from three to six months, costs about $200, and commonly requires only one trip to the courthouse.

IRS EXPENSES

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income mu... (more...)

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income must use the IRS expenses to calculate their average net income in a Chapter 7 case, or their disposable income in a Chapter 13 case.

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Fremont Bankruptcy & Debt Lawyer, Wisconsin

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Mark W. Morrow

Mark W Morrow

Matthew J. Linn

Andrew J Phillips

John W. Menn

Douglas K. Marone

Thomas J. King

Jason J Hirschberg

Jason Hirschberg

Jeffrey A. Mann

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LEGAL TERMS

S CORPORATION

REDEMPTION

SOLE PROPRIETORSHIP

MEANS TEST

SETOFF

C CORPORATION

SECURED DEBT

CHAPTER 7 BANKRUPTCY

IRS EXPENSES

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