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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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Mark A. Schoenfeldt

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

Are you facing criminal charges, whether a misdemeanor or felony, in or around Milwaukee, Waukesha, Racine, Kenosha, or elsewhere in Wisconsin? You sh... (more)

FREE CONSULTATION

CONTACT

414-272-2860

230 West Wells Street, Milwaukee, WI 53203

Jeremy T.C. Wenzel

Freedom of Information, Voting Rights, Bankruptcy

Status: In Good Standing

FREE CONSULTATION

CONTACT

735 W. Wisconsin Avenue, Milwaukee, WI 53233

J. Paul Neumeier

Corporate, Business Organization, Commercial Real Estate, Credit & Debt

Status: In Good Standing

CONTACT

Two Plaza East, 330 East Kilbourn Avenue, Milwaukee, WI 53202

Benjamin A. Menzel

Collection, Construction Liens, Pension & Benefits, Labor Law

Status: In Good Standing

FREE CONSULTATION

CONTACT

1555 N. River Center Dr., Milwaukee, WI 53212

Tamara N. Jackson

Estate Planning, Family Law, Elder Law, Bankruptcy

Status: In Good Standing

FREE CONSULTATION

CONTACT

2200 N. Mayfair Road, Milwaukee, WI 53226

Yanira Gonzalez Fernandini

Bankruptcy

Status: In Good Standing

FREE CONSULTATION

CONTACT

626 East Wisconsin Ave., Milwaukee, WI 53202

Christine Kapsos

Real Estate, Credit & Debt, Bankruptcy, Legal Malpractice

Status: In Good Standing

CONTACT

3216 South 92nd St., Milwaukee, WI 53227

John Krawczyk

Americans with Disabilities Act , Commercial Banks, Credit & Debt, Directors & Officers

Status: In Good Standing

CONTACT

16650 W. Bluemound Rd., Brookfield, WI 53005

Brian A. Romans

Contract, Credit & Debt, Estate Administration, Land Use & Zoning

Status: In Good Standing

CONTACT

N94 W17900 Appleton Avenue, Menomonee Falls, WI 53051

Beth M Brockmeyer

Commercial Bankruptcy, Consumer Bankruptcy, Credit & Debt

Status: In Good Standing

CONTACT

N14 W24200 Tower Place, Waukesha, WI 53188

800-923-0641

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LEGAL TERMS

CHAPTER 13 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

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.

LIEN

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortg... (more...)

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortgages, home equity loans, car loans and personal loans for which you pledge property to guarantee repayment. Liens created without your consent are called nonconsensual liens, and include judgment liens (liens filed by a creditor who has sued you and obtained a judgment), tax liens and mechanics liens (liens filed by a contractor who worked on your house but wasn't paid).

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

GENERAL PARTNER

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the... (more...)

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. See also partnership, limited partnership.

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.

SUBROGATION

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off i... (more...)

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off its injured claimant takes the legal rights the claimant has against a third party that caused the injury, and sues that third party.

AUTOMATIC STAY

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities,... (more...)

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid debt.

DISCHARGEABLE DEBTS

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bill... (more...)

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bills and medical bills. Compare nondischargeable debts.

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Milwaukee Bankruptcy & Debt Lawyer, Wisconsin

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Mark A. Schoenfeldt

Jeremy T.C. Wenzel

J. Paul Neumeier

Benjamin A. Menzel

Tamara N. Jackson

Yanira Gonzalez Fernandini

Christine Kapsos

John Krawczyk

Brian A. Romans

Beth M Brockmeyer

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LEGAL TERMS

CHAPTER 13 BANKRUPTCY

FRAUDULENT TRANSFER

LIEN

SOLE PROPRIETORSHIP

GENERAL PARTNER

WINDING UP

SUBROGATION

AUTOMATIC STAY

DISCHARGEABLE DEBTS

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