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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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Warren R. Graham

Banking & Finance, Bankruptcy, Corporate, Reorganization

Status: In Good Standing

FREE CONSULTATION

CONTACT

292 Madison Avenue, New York, NY 10017

Rhoda Y. Andors

Administrative Law, Reorganization, Wrongful Termination, Civil Rights

Status: In Good Standing

CONTACT

98 Cutter Mill Road, Great Neck, NY 11021

Mary Ann Catalano

Trusts, Estate, Employment, Reorganization

Status: In Good Standing

CONTACT

1122 Franklin Ave, Garden City, NY 11530

Heather Lennox

Reorganization, Consumer Rights

Status: In Good Standing

CONTACT

222 East 41St Street, New York, NY 10017

Esite J Johnson

Medical Malpractice, Property Damage, Banking & Finance, Reorganization

Status: In Good Standing Licensed: 58 Years

CONTACT

124 New York, New York, NY 10035

Alex Spizz

Reorganization, Bankruptcy, Credit & Debt, Bankruptcy Litigation

Status: In Good Standing Licensed: 51 Years

CONTACT

425 Park Avenue, New York, NY 10022

Terence Durant Watson

Bankruptcy, Reorganization

Status: In Good Standing Licensed: 28 Years

CONTACT

1251 Avenue Of The Americas, New York, NY 10020

Margaret A. Phillips

Reorganization

Status: In Good Standing Licensed: 24 Years

CONTACT

1285 Avenue Of The Americas, New York, NY 10019

Stephen Andrew Rutenberg

Foreign Investment, Equine, Securities, Reorganization

Status: In Good Standing Licensed: 23 Years

CONTACT

787 7Th Ave, New York, NY 10019

Vanessa Green Spiro

Real Estate, Lending, Reorganization, Bankruptcy & Debt

Status: In Good Standing Licensed: 34 Years

CONTACT

222 E 41st St, New York, NY 10017

800-923-0641

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LEGAL TERMS

ADMINISTRATIVE EXPENSES

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.

FRAUDULENT TRANSFER

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee --... (more...)

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit of the creditors.

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.

COSIGNER

A person who signs his or her name to a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for t... (more...)

A person who signs his or her name to a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for the loan or debt. Many people use cosigners to qualify for a loan or credit card. Landlords may require a cosigner when renting to a student or someone with a poor credit history.

CCCS

See Consumer Credit Counseling Service.

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.

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

FAIR LABOR STANDARDS ACT (FLSA)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements ... (more...)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements for overtime and places restrictions on child labor.

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.

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Jamaica Reorganization Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Warren R. Graham

Rhoda Y. Andors

Mary Ann Catalano

Heather Lennox

Esite J Johnson

Alex Spizz

Terence Durant Watson

Margaret A. Phillips

Stephen Andrew Rutenberg

Vanessa Green Spiro

TIPS

LEGAL TERMS

ADMINISTRATIVE EXPENSES

FRAUDULENT TRANSFER

CURRENT MONTHLY INCOME

COSIGNER

CCCS

NONPROFIT CORPORATION

WORKOUT

FAIR LABOR STANDARDS ACT (FLSA)

S CORPORATION

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