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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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Janet M. McDonough

Bankruptcy & Debt, Divorce & Family Law, Estate

Status: In Good Standing Licensed: 28 Years

CONTACT

103 North Bridge Street, Chippewa Falls, WI 54729

Ardis A. Cray

Criminal, Family Law, Estate Planning, Bankruptcy

Status: Inactive Licensed: 47 Years

CONTACT

12259 65Th Ave, Chippewa Falls, WI 54729

John W. Jokela

Bankruptcy & Debt, Credit & Debt, Bankruptcy Litigation, Bankruptcy

Status: In Good Standing Licensed: 50 Years

CONTACT

1901 Brackett Ave, Eau Claire, WI 54701

Jon Elton Stanek

Consumer Rights, Civil Rights, Consumer Bankruptcy, Bankruptcy

Status: In Good Standing Licensed: 19 Years

CONTACT

Eau Claire, WI 54703

Daniel R. Freund

Credit & Debt, Collection, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 41 Years

CONTACT

920 S Farwell St, Eau Claire, WI 54701

Eric Wiechert

International Tax, Construction, Bankruptcy

Status: In Good Standing

CONTACT

126 N Barstow St., Eau Claire, WI 54702

Russell D. Nicolet

Bankruptcy & Debt, Accident & Injury, Workers' Compensation, Social Security -- Disability, Mass Torts

Status: In Good Standing Licensed: 18 Years

FREE CONSULTATION

CONTACT

402 Graham Ave., Eau Claire, WI 54701

Brian Howard Wright

Employment, Criminal, Litigation, Bankruptcy

Status: In Good Standing Licensed: 31 Years

CONTACT

116 West Grand Avenue, Eau Claire, WI 54702

800-923-0641

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LEGAL TERMS

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.

UNDUE HARDSHIP

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in t... (more...)

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in the future to pay off the loan may be able to show that repayment would be an undue hardship.

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.

CREDIT BUREAU

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit... (more...)

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit card companies that use the information to screen applicants for loans and credit cards. There are three major credit bureaus, Equifax, Experian and Trans Union, and they are regulated by the federal Fair Credit Reporting Act.

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.

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.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

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.

Cadott Bankruptcy & Debt Lawyer, Wisconsin

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Janet M. McDonough

Ardis A. Cray

John W. Jokela

Jon Elton Stanek

Daniel R. Freund

Eric Wiechert

Russell D. Nicolet

Brian Howard Wright

TIPS

LEGAL TERMS

401(K) PLAN

UNDUE HARDSHIP

IRS EXPENSES

CREDIT BUREAU

GENERAL PARTNER

BULK SALES LAW

SETOFF

WINDING UP

COLLATERAL

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