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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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James G. Yastion

Corporate, Collection, Complex Litigation, Credit & Debt

Status: In Good Standing

CONTACT

10 Matthews Street, Goshen, NY 10924

Robert J. Buonomo

Bankruptcy, Business Organization, Insurance, Litigation

Status: In Good Standing

CONTACT

1997 State Route 17M, Goshen, NY 10924

Carol C. Pierce

Dispute Resolution, Arbitration, Corporate, Bankruptcy

Status: In Good Standing

CONTACT

10 Matthews Street, Goshen, NY 10924

Douglas Michael Jones

Real Estate, Litigation, Medicare & Medicaid, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 34 Years

CONTACT

2 N Main St, Florida, NY 10921

Melissa Ann Perry

Tax, Elder Law, Bankruptcy, Personal Injury, Tax Litigation

Status: In Good Standing Licensed: 10 Years

CONTACT

40 Matthews St, Goshen, NY 10924

Joseph J Reilly

Lawsuit & Dispute, Employment, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 23 Years

CONTACT

2002 Route 17M, Goshen, NY 10924

Darren Harrel Fairlie

Lawsuit & Dispute, Family Law, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 19 Years

CONTACT

30 Park Pl, Goshen, NY 10924

Timothy P. Mcelduff

Education, Tax, Social Security, Bankruptcy & Debt

Status: In Good Standing

CONTACT

30 Park Pl, Goshen, NY 10924

Christopher Paul Borek

DUI-DWI, Bankruptcy

Status: In Good Standing Licensed: 35 Years

CONTACT

255-275 Main St, Goshen, NY 10924

Simon David Haysom

Timeshare, Immigration, Divorce, Bankruptcy

Status: In Good Standing Licensed: 35 Years

CONTACT

Goshen, NY 10924

800-923-0641

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LEGAL TERMS

LIMITED PARTNERSHIP

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner ... (more...)

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner or partners (called general partners) have unlimited personal liability. The key difference between a general and limited partner concerns management decision making--general partners run the business, and limited partners, who are usually passive investors, are not allowed to make day-to-day business decisions. If they do, they risk being treated as general partners with unlimited personal liability.

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.

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.

COLLATERAL

Property that guarantees payment of a secured debt.

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemp... (more...)

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemptible because it has been damaged or destroyed.

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.

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.

GUARANTOR

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. T... (more...)

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. The guarantor gives a 'guaranty,' which is an assurance that the debt or other obligation will be fulfilled.

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Fremont Center Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

James G. Yastion

Robert J. Buonomo

Carol C. Pierce

Douglas Michael Jones

Melissa Ann Perry

Joseph J Reilly

Darren Harrel Fairlie

Timothy P. Mcelduff

Christopher Paul Borek

Simon David Haysom

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LEGAL TERMS

LIMITED PARTNERSHIP

C CORPORATION

CREDIT COUNSELING

COLLATERAL

PREFERENCE

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

UNSECURED DEBT

LIMITED LIABILITY

GUARANTOR

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