Bensenville Bankruptcy & Debt Lawyer, Illinois

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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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Matthew J Ryan

Bankruptcy, Criminal, Estate Planning, Family Law

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FREE CONSULTATION

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3101 N Rose Street, Franklin Park, IL 60131

Glenn Betancourt-Burgos

Adoption, Alimony & Spousal Support, Bankruptcy, Child Support

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CONTACT

3158 S. River Road, Des Plaines, IL 60018

Kristine M. Kolky

Corporate, Banking & Finance, Bankruptcy Litigation, Bankruptcy

Status:

FREE CONSULTATION

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One Pierce Place, Itasca, IL 60143

Nicholas V. Dizonno

Banking & Finance, Bankruptcy, Bankruptcy Litigation, Corporate

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FREE CONSULTATION

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One Pierce Place, Itasca, IL 60143

Richard E. Sexner

Criminal, Bankruptcy, Bankruptcy & Debt, Bankruptcy & Debt

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FREE CONSULTATION

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579 W North Avenue, Elmhurst, IL 60126

Robert Honig

Real Estate, Estate, Bankruptcy & Debt

Status: Licensed: 33 Years

CONTACT

116 S. York St, Elmhurst, IL 60126

Daniel Giudice

Divorce, DUI-DWI, Civil Rights, Collection

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CONTACT

201 North Church Road, Bensenville, IL 60106

Nella E. Mariani

Bankruptcy & Debt, Credit & Debt, Bankruptcy

Status: Licensed: 27 Years

CONTACT

600 County Line Rd, Bensenville, IL 60106

Nella E. Mariani

Bankruptcy, Bankruptcy & Debt, Credit & Debt

Status: Licensed: 27 Years

CONTACT

600 S County Line Rd, Bensenville, IL 60106

Bryan J. Berry

Real Estate, International Tax, Collection, Personal Injury, Tax

Status: Licensed: 38 Years

CONTACT

9501 W Devon Ave, Des Plaines, IL 60018

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LEGAL TERMS

DISCHARGE (OF DEBTS)

A bankruptcy court's erasure of the debts of a person or business that has filed for bankruptcy.

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.

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.

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.

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.

CREDIT COUNSELING

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Unde... (more...)

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Under the new bankruptcy law, a debtor must undergo credit counseling with an approved provider before filing for bankruptcy.

TOXIC TORT

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and su... (more...)

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and suffering.

TRADE DRESS

The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape... (more...)

The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape of Frangelico liqueur bottles. Trade dress can be protected under trademark law if a showing can be made that the average consumer would likely be confused as to product origin if another product were allowed to appear in similar dress.

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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Bensenville Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Matthew J Ryan

Glenn Betancourt-Burgos

Kristine M. Kolky

Nicholas V. Dizonno

Richard E. Sexner

Robert Honig

Daniel Giudice

Nella E. Mariani

Nella E. Mariani

Bryan J. Berry

TIPS

LEGAL TERMS

DISCHARGE (OF DEBTS)

401(K) PLAN

FORBEARANCE

S CORPORATION

ADMINISTRATIVE EXPENSES

CREDIT COUNSELING

TOXIC TORT

TRADE DRESS

LIABILITY

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