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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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Brendan R. Wolf

Election & Political, Business Organization, Eminent Domain, Collection

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4 Old Route 146, Clifton Park, NY 12065

Scott M. Ronda

Business Organization, Family Law, Collection, Banking & Finance

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514 Vischers Ferry Road, Clifton Park, NY 12065

Brandi Burns

Real Estate, Estate, Criminal, Bankruptcy & Debt

Status: Licensed: 30 Years

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20 Church Ave, Ballston Spa, NY 12020

Carol Dillon Pollard

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

Status: Licensed: 37 Years

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113 Swan St, Schenectady, NY 12302

Christiaan Van Niekerk

Foreclosure, Bankruptcy, Landlord-Tenant, Bankruptcy & Debt

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202 Union Street, Schenectady, NY 12305

Christiaan Mauritz Van Niekerk

Bankruptcy & Debt

Status: Licensed: 19 Years

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146 Jay St, Schenectady, NY 12305

Christopher Robert Burke

Government, Bankruptcy, Personal Injury, Accident & Injury

Status: Licensed: 14 Years

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670 Franklin St, Schenectady, NY 12305

David F. Devall

Divorce & Family Law, Bankruptcy, Criminal, Litigation

Status: Licensed: 47 Years

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59 Franklin Stret, Saratoga Springs, NY 12866

Deborah A. Sabin

Other, Lawsuit & Dispute, Business, Bankruptcy & Debt

Status: Licensed: 46 Years

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14 Muirfield Ln, Clifton Park, NY 12065

Elizabeth Lisa Fairbanks-Fletcher

Tax Litigation, Foreclosure, Divorce, Bankruptcy, Bankruptcy & Debt

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3257 Route 9, Saratoga Springs, NY 12866

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.

GUARANTOR

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. T... (more...)

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. The guarantor gives a 'guaranty,' which is an assurance that the debt or other obligation will be fulfilled.

BULK SALES LAW

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.

FORBEARANCE

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily ... (more...)

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily postponing or reducing the borrower's payments.

LIMITED LIABILITY

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or ... (more...)

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or a person who invests in a corporation (a shareholder) generally stands to lose only the amount of money invested in the business. This means that if the business folds, creditors cannot seize or sell an owner's home, car, or other personal assets.

LIQUIDATING PARTNER

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.

IRS EXPENSES

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income mu... (more...)

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income must use the IRS expenses to calculate their average net income in a Chapter 7 case, or their disposable income in a Chapter 13 case.

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.

401(K) PLAN

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income ... (more...)

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income taxes on the amount invested and any earnings are due until the employee withdraws money from the fund.

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Ballston Lake Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Brendan R. Wolf

Scott M. Ronda

Brandi Burns

Carol Dillon Pollard

Christiaan Van Niekerk

Christiaan Mauritz Van Niekerk

Christopher Robert Burke

David F. Devall

Deborah A. Sabin

Elizabeth Lisa Fairbanks-Fletcher

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LEGAL TERMS

WINDING UP

GUARANTOR

BULK SALES LAW

FORBEARANCE

LIMITED LIABILITY

LIQUIDATING PARTNER

IRS EXPENSES

PRESUMED ABUSE

401(K) PLAN

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