Gratiot Bankruptcy & Debt Lawyer, Wisconsin

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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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Teresa K. Kobelt

State Trial Practice, Contract, Business Organization, Collection

Status: In Good Standing

CONTACT

1424 North High Point Road, Middleton, WI 53562

Steven W. Zaleski

Farms, DUI-DWI, Criminal, Bankruptcy

Status: In Good Standing

CONTACT

10 East Doty Street, Madison, WI 53703

Craig E. Stevenson

Business, Credit & Debt, Commercial Bankruptcy, Bankruptcy

Status: In Good Standing

FREE CONSULTATION

CONTACT

33 East Main Street, Madison, WI 53701

Lisa Kay Lietz-Ray

Collection, Commercial Bankruptcy, Bankruptcy Litigation, Bankruptcy & Debt

Status: In Good Standing Licensed: 33 Years

CONTACT

2901 W Beltline Hwy, Madison, WI 53713

Leon M. Swerin

General Practice

Status: In Good Standing Licensed: 46 Years

CONTACT

5109 S Hill Dr, Madison, WI 53705

Micabil Diaz-Martinez

Divorce, Bankruptcy

Status: In Good Standing

CONTACT

2413 Parmenter Street, Middleton, WI 53562

Aaron Benjamin Kessler

Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 16 Years

CONTACT

2901 West Beltline Highway, Madison, WI 53713

Richard Walter Jablonski

Patent, Computer Law, Insurance, Commercial Bankruptcy

Status: In Good Standing Licensed: 30 Years

CONTACT

3901 Plymouth Circle, Madison, WI 53705

Sarah E. Wood

Reorganization

Status: In Good Standing Licensed: 11 Years

CONTACT

313 Price Place, Madison, WI 53705

Edward A. Corcoran

Estate Planning, Labor Law, Family Law, Bankruptcy

Status: In Good Standing Licensed: 43 Years

CONTACT

Madison, WI 53705

800-923-0641

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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.

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.

DISPOSABLE INCOME

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Ch... (more...)

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Chapter 13 plan.

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.

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).

REAFFIRMATION

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing deb... (more...)

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy case is over. For instance, a debtor might make a reaffirmation agreement with the holder of a car note that the debtor can keep the car and must continue to pay the debt after bankruptcy.

CURRENT MONTHLY INCOME

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding... (more...)

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding the bankruptcy filing. The debtor's current monthly income is used to determine whether the debtor can file for Chapter 7 bankruptcy, among other things.

BANKRUPTCY

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are ... (more...)

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are two types of bankruptcies -- liquidation, in which your debts are wiped out (discharged) and reorganization, in which you provide the court with a plan for how you intend to repay your debts. For both consumers and business, liquidation bankruptcy is called Chapter 7. For consumers, reorganization bankruptcy is called Chapter 13. Reorganization bankruptcy for consumers with an extraordinary amount of debt and for businesses is called Chapter 11. Reorganization bankruptcy for family farmers is called Chapter 12.

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.

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Gratiot Bankruptcy & Debt Lawyer, Wisconsin

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Teresa K. Kobelt

Steven W. Zaleski

Craig E. Stevenson

Lisa Kay Lietz-Ray

Leon M. Swerin

Micabil Diaz-Martinez

Aaron Benjamin Kessler

Richard Walter Jablonski

Sarah E. Wood

Edward A. Corcoran

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LEGAL TERMS

WINDING UP

NONPROFIT CORPORATION

DISPOSABLE INCOME

MEANS TEST

CREDIT REPORT

REAFFIRMATION

CURRENT MONTHLY INCOME

BANKRUPTCY

REDEMPTION

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