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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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Bernard D. Levine

✓ VERIFIED

Bankruptcy & Debt, Estate, Real Estate, DUI-DWI, Divorce & Family Law

Bernard D. Levine is a practicing lawyer in the state of New York.

CONTACT

800-736-0841

70 Linden Oaks Office Park, Rochester, NY 14625

Derek Akiwumi

✓ VERIFIED

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

Derek Akiwumi, representing clients throughout WNY, has a proven reputation for getting the results you need. From criminal defense, appeals, and pers... (more)

CONTACT

800-711-9031

300 International Dr, Buffalo, NY 14221

Kenneth Gallant

Bankruptcy & Debt, Bankruptcy, Credit & Debt

Status: In Good Standing

FREE CONSULTATION

CONTACT

1425 Jefferson Road, Rochester, NY 14623

Patrick Noe

Business Organization, Family Law, Eminent Domain, Collection

Status: In Good Standing

FREE CONSULTATION

CONTACT

1301 North Forest Road, Buffalo, NY 14221

Charles Conrad Welch

Bankruptcy

Status: In Good Standing Licensed: 28 Years

CONTACT

1722 Lake Rd, Hamlin, NY 14464

Raymond S. DiRaddo

Estate Planning, Family Law, Criminal, Bankruptcy

Status: In Good Standing Licensed: 47 Years

CONTACT

31 Erie Canal Dr, Rochester, NY 14626

Anita Claire Miller

Divorce & Family Law, Bankruptcy

Status: In Good Standing Licensed: 51 Years

CONTACT

1600 Crossroads Building, Rochester, NY 14614

Robert G. Mccarthy

Bankruptcy

Status: In Good Standing Licensed: 20 Years

CONTACT

1600 Crossroads Bldg., Rochester, NY 14614

Barry Christopher Balonek

Family Law, Constitutional Law, Corporate, Credit & Debt

Status: In Good Standing Licensed: 49 Years

CONTACT

38 Wilelen Rd, Rochester, NY 14624

Mary Jo S. Korona

Litigation, Employee Rights, Civil Rights, Bankruptcy Litigation

Status: In Good Standing

CONTACT

28 E Main St, Rochester, NY 14614

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.

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.

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.

CREDIT BUREAU

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit... (more...)

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit card companies that use the information to screen applicants for loans and credit cards. There are three major credit bureaus, Equifax, Experian and Trans Union, and they are regulated by the federal Fair Credit Reporting Act.

PRESUMED ABUSE

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means te... (more...)

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means test, the court will presume that the debtor has sufficient income to fund a Chapter 13 plan. In this situation, the debtor will not be allowed to proceed with a Chapter 7 bankruptcy unless the debtor can prove that he or she is not abusing the Chapter 7 bankruptcy remedy.

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.

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.

DOING BUSINESS AS (DBA)

A situation in which a business owner operates a company under a name different from his or her real name. The owner must file a 'fictitious name statement' or ... (more...)

A situation in which a business owner operates a company under a name different from his or her real name. The owner must file a 'fictitious name statement' or similar document with the appropriate agency -- for example, the county clerk. This enables consumers to discover the names of the business owners, which is important if a consumer needs to sue the business.

LIABILITY

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pi... (more...)

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pipe bursts the day after Paul installs it, ruining the bathroom floor. This raises the issue of liability: Who is responsible for the damage? Peri claims that Paul is responsible, and sues him for the cost of hiring another plumber to fix the pipe and replacing the floor. Paul, in turn, claims that the pipe manufacturer is responsible, because they supplied him with faulty materials. Both Peri and Paul must prove their claims in court; if Paul and/or the manufacturer is found liable, one or both will have to pay damages to Peri. (2) Something for which a person is liable. For example, a debt is often called a liability.

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Kent Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Bernard D. Levine

Derek Akiwumi

Kenneth Gallant

Patrick Noe

Charles Conrad Welch

Raymond S. DiRaddo

Anita Claire Miller

Robert G. Mccarthy

Barry Christopher Balonek

Mary Jo S. Korona

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LEGAL TERMS

LIMITED PARTNERSHIP

WINDING UP

UNSECURED DEBT

CREDIT BUREAU

PRESUMED ABUSE

NONPROFIT CORPORATION

FRAUDULENT TRANSFER

DOING BUSINESS AS (DBA)

LIABILITY

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