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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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Jigar K. Patel

Bankruptcy, Personal Injury, Estate Planning, Litigation

Status: In Good Standing

CONTACT

10560 W. Cermak Rd., Westchester, IL 60154

Joseph Anthony Serpico

Divorce, DUI-DWI, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 46 Years

CONTACT

10525 West Cermak Road, Westchester, IL 60154

Joseph Serpico

Divorce, DUI-DWI, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 46 Years

CONTACT

10525 West Cermak Road, Westchester, IL 60154

Austin Joshua Pollak

Bankruptcy

Status: In Good Standing Licensed: 9 Years

CONTACT

700 Commerce Drive, Oak Brook, IL 60523

Randall Bruce Hribal

Workers' Compensation, Civil Rights, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 32 Years

CONTACT

10500 West Cermak Road, Westchester, IL 60154

Randall Hribal

Divorce & Family Law, Criminal, Civil Rights, Bankruptcy

Status: In Good Standing Licensed: 32 Years

CONTACT

10500 West Cermak Road, Westchester, IL 60154

Russell Custer

Bankruptcy & Debt, Collection, Litigation

Status: In Good Standing Licensed: 49 Years

CONTACT

1900 Spring Rd, Oak Brook, IL 60523

Natalie Cappetta

Commercial Real Estate, Estate, Transactions, Collection

Status: In Good Standing Licensed: 22 Years

CONTACT

1900 Spring Road, Oak Brook, IL 60523

Russell R. Custer

Commercial Real Estate, Litigation, Collection, Bankruptcy

Status: In Good Standing Licensed: 49 Years

CONTACT

1900 Spring Road, Oak Brook, IL 60523

Nella E. Mariani

Bankruptcy, Bankruptcy & Debt, Credit & Debt

Status: In Good Standing Licensed: 26 Years

CONTACT

600 S County Line Rd, Bensenville, IL 60106

800-923-0641

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LEGAL TERMS

DEBT COLLECTOR

A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe... (more...)

A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe. Debt collectors can be relentless, often using scare tactics, humiliation and repeated phone calls to extract payments or promises to pay.

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.

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.

TRADE NAME

The official name of a business, the one it uses on its letterhead and bank account when not dealing with consumers.

CREDIT FILE

See credit report.

INTEREST

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to ... (more...)

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to your balance. This means that if your loan or credit line has an interest rate of 8%, the holder adds 8% to the balance each year. More specifically, interest is calculated and added to your loan or credit line through a process called compounding. If interest is compounded daily, the balance will rise by 1/365th of 8% each day. If interest is compounded monthly, the balance will rise 1/12th of 8% at the start of each month.

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

MEANS TEST

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income ... (more...)

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income for his or her state should be allowed to file for Chapter 7 bankruptcy.

FAIR LABOR STANDARDS ACT (FLSA)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements ... (more...)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements for overtime and places restrictions on child labor.

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Berkeley Bankruptcy & Debt Lawyer, Illinois, page 3

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Jigar K. Patel

Joseph Anthony Serpico

Joseph Serpico

Austin Joshua Pollak

Randall Bruce Hribal

Randall Hribal

Russell Custer

Natalie Cappetta

Russell R. Custer

Nella E. Mariani

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LEGAL TERMS

DEBT COLLECTOR

GUARANTOR

S CORPORATION

TRADE NAME

CREDIT FILE

INTEREST

WORKOUT

MEANS TEST

FAIR LABOR STANDARDS ACT (FLSA)

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