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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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Kathleen E. Bonville

Other, Business, Bankruptcy, Accident & Injury

Status: In Good Standing Licensed: 42 Years

CONTACT

4283 Gibraltar Bluff Rd, Fish Creek, WI 54212

Anita Boor

Estate Planning, Environmental Law Other, Bankruptcy, Products Liability

Status: In Good Standing Licensed: 10 Years

CONTACT

33 E Main St, Madison, WI 53703

Joseph W. Boucher

Traffic, Child Custody, DUI-DWI, Bankruptcy

Status: In Good Standing

CONTACT

401 Charmany Dr, Madison, WI 53705

Matthew J. Linn

Bankruptcy, Business & Trade, Trusts

Status: In Good Standing Licensed: 17 Years

CONTACT

Legacy Private Trust Company, Neenah, WI 54956

Douglas K. Marone

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

Status: In Good Standing Licensed: 42 Years

CONTACT

107 Church Ave, Oshkosh, WI 54903

Kelly J. Schwab

Real Estate, Estate, Employment, Collection, Business

Status: In Good Standing Licensed: 25 Years

CONTACT

43 West 6th Avenue, Oshkosh, WI 54902

Kristine A. Pihlgren

Wills, Wills & Probate, Divorce & Family Law, Contract, Bankruptcy

Status: In Good Standing Licensed: 19 Years

CONTACT

3000 Poberezny Rd, Oshkosh, WI 54903

Jason Hirschberg

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

Status: In Good Standing

CONTACT

601 Oregon St, Oshkosh, WI 54903

Andrew J Phillips

Traffic, Family Law, Criminal, Credit & Debt

Status: In Good Standing Licensed: 37 Years

CONTACT

141 N Sawyer St, Oshkosh, WI 54902

Alex B. Luaders

Government, Bankruptcy

Status: In Good Standing Licensed: 21 Years

CONTACT

2380 State Rd, Oshkosh, WI 54904

800-923-0641

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LEGAL TERMS

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.

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.

CREDIT REPORT

An account of your credit history, prepared by a credit bureau. A credit report will contain both credit history, such as what you owe to whom and whether you m... (more...)

An account of your credit history, prepared by a credit bureau. A credit report will contain both credit history, such as what you owe to whom and whether you make the payments on time, as well as personal history, such as your former addresses, employment record and lawsuits in which you have been involved. An estimated 50% of all credit reports contain errors, such as accounts that don't belong to you, an incorrect account status or information reported that is older than seven years (ten years in the case of a bankruptcy).

CREDIT COUNSELING

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Unde... (more...)

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Under the new bankruptcy law, a debtor must undergo credit counseling with an approved provider before filing for bankruptcy.

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.

GRACE PERIOD

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you h... (more...)

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you have to pay interest on the amount of your purchases. Cash advances, however, usually have no grace period; interest begins to accumulate from the date of the withdrawal, even if you pay your bills on time. Also, some student loans give you a grace period after graduating or dropping out of school. During this time, you are not required to make payments on your loan.

COLLATERAL

Property that guarantees payment of a secured debt.

UNSECURED DEBT

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only reme... (more...)

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only remedy is to sue you and get a judgment. Compare secured debt.

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Fremont Bankruptcy & Debt Lawyer, Wisconsin

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Kathleen E. Bonville

Anita Boor

Joseph W. Boucher

Matthew J. Linn

Douglas K. Marone

Kelly J. Schwab

Kristine A. Pihlgren

Jason Hirschberg

Andrew J Phillips

Alex B. Luaders

TIPS

LEGAL TERMS

BULK SALES LAW

CHAPTER 7 BANKRUPTCY

IRS EXPENSES

CREDIT REPORT

CREDIT COUNSELING

S CORPORATION

GRACE PERIOD

COLLATERAL

UNSECURED DEBT

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