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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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Peter C. Brehm

Commercial Leasing, Contract, Consumer Bankruptcy, Commercial Bankruptcy

Status: In Good Standing

CONTACT

1540 Capitol Dr., Green Bay, WI 54303

Alice F. Schipper

Bankruptcy, Divorce & Family Law, Estate, Child Custody

Status: In Good Standing Licensed: 22 Years

CONTACT

2700 Vernon Dr, Green Bay, WI 54304

Anthony C. Kraujalis

Bankruptcy

Status: In Good Standing Licensed: 45 Years

CONTACT

408 Conestoga Cir, Eagle, WI 53119

Benjamin David LaFrombois

Real Estate, Estate, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 28 Years

CONTACT

320 N Badger Ave, Appleton, WI 54914

Bill James Symes

Commercial Real Estate, Real Estate, Contract, Bankruptcy

Status: In Good Standing Licensed: 16 Years

CONTACT

1368 Settlers Row, New Franken, WI 54313

Bill J. Symes

Commercial Real Estate, Real Estate, Contract, Bankruptcy

Status: In Good Standing Licensed: 16 Years

CONTACT

1368 Settlers Row, New Franken, WI 54313

Brian R. Mudd

Traffic, Estate, Bankruptcy, Medical Malpractice

Status: Inactive Licensed: 53 Years

CONTACT

130 E Walnut St, Green Bay, WI 54305

Brittany Anne Klaus

Estate, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing

CONTACT

5300 South 108Th South, Hales Corners, WI 53130

Chris K. Konnor

Real Estate, Estate, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 37 Years

CONTACT

Milwaukee, WI 53217

David L. Kinnamon

Government, Estate, Environmental Law Other, Bankruptcy

Status: In Good Standing Licensed: 58 Years

CONTACT

411 E Wisconsin Ave, Milwaukee, WI 53202

800-923-0641

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LEGAL TERMS

GRACE PERIOD

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you h... (more...)

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you have to pay interest on the amount of your purchases. Cash advances, however, usually have no grace period; interest begins to accumulate from the date of the withdrawal, even if you pay your bills on time. Also, some student loans give you a grace period after graduating or dropping out of school. During this time, you are not required to make payments on your loan.

FAIR CREDIT REPORTING ACT (FCRA)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to a... (more...)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to adopt reasonable procedures for gathering, maintaining and disseminating information and bars credit bureaus from reporting negative information that is older than seven years, except a bankruptcy, which may be reported for ten. If you notify a credit bureau of an error in your credit report, the FCRA requires the bureau to investigate your allegations within 30 days, review all information you provide, remove inaccurate and unverified information and adopt procedures to keep the information from reappearing. In addition, the law requires that creditors refrain from reporting incorrect information to credit bureaus.

NONEXEMPT PROPERTY

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typicall... (more...)

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typically includes valuable clothing (furs) and electronic equipment, an expensive car that's been paid off and most of the equity in your house. Compare exempt property.

COLLATERAL

Property that guarantees payment of a secured debt.

FRATERNAL BENEFIT SOCIETY BENEFITS

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal socie... (more...)

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal societies that provide benefits. Also called benefit society, benevolent society or mutual aid association benefits. Under bankruptcy laws, these benefits are virtually always considered exempt property.

CREDITOR

A person or entity (such as a bank) to whom a debt is owed.

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.

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.

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.

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Pulaski Bankruptcy & Debt Lawyer, Wisconsin

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Peter C. Brehm

Alice F. Schipper

Anthony C. Kraujalis

Benjamin David LaFrombois

Bill James Symes

Bill J. Symes

Brian R. Mudd

Brittany Anne Klaus

Chris K. Konnor

David L. Kinnamon

TIPS

LEGAL TERMS

GRACE PERIOD

FAIR CREDIT REPORTING ACT (FCRA)

NONEXEMPT PROPERTY

COLLATERAL

FRATERNAL BENEFIT SOCIETY BENEFITS

CREDITOR

PRESUMED ABUSE

ADMINISTRATIVE EXPENSES

C CORPORATION

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