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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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Marc S. Ehrlich

Bankruptcy, Bankruptcy & Debt

Status:

CONTACT

64 2nd Street, Troy, NY 12180

Michael Thomas Logan

Government, Business, Bankruptcy & Debt

Status: Licensed: 12 Years

CONTACT

515 Broadway, Albany, NY 12207

Daniel Robert Lecours

Lawsuit & Dispute, Bankruptcy & Debt

Status: Licensed: 13 Years

CONTACT

677 Broadway, Albany, NY 12207

Glen Kimball Williams

Military & Veterans Appeals, Litigation, Commercial Bankruptcy

Status: Licensed: 49 Years

CONTACT

677 Broadway, Albany, NY 12207

Kevin Laurilliard

Collection

Status:

CONTACT

677 Broadway, Albany, NY 12201

Meghan Mary Breen

Bankruptcy & Debt, Real Estate

Status:

CONTACT

50 Beaver St, Albany, NY 12207

Pilar Andrea Cano

Mediation, Lawsuit & Dispute, Collection, Bankruptcy & Debt

Status:

CONTACT

36 S Pearl St, Albany, NY 12207

Jonathan D. Deily

Real Estate, Lawsuit & Dispute, Business, Bankruptcy & Debt

Status:

CONTACT

54 State St, Albany, NY 12207

Joann Sternheimer

Real Estate, Lawsuit & Dispute, Business, Bankruptcy & Debt

Status:

CONTACT

54 State St, Albany, NY 12207

Jeremy Rosner Root

Real Estate, Business, Bankruptcy & Debt

Status: Licensed: 20 Years

CONTACT

54 State St, Albany, NY 12207

800-923-0641

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LEGAL TERMS

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.

ACCORD AND SATISFACTION

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collectin... (more...)

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.

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.

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.

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.

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.

COLLATERAL

Property that guarantees payment of a secured debt.

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.

East Greenbush Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Marc S. Ehrlich

Michael Thomas Logan

Daniel Robert Lecours

Glen Kimball Williams

Kevin Laurilliard

Meghan Mary Breen

Pilar Andrea Cano

Jonathan D. Deily

Joann Sternheimer

Jeremy Rosner Root

TIPS

LEGAL TERMS

UNDUE HARDSHIP

ACCORD AND SATISFACTION

FRATERNAL BENEFIT SOCIETY BENEFITS

NONEXEMPT PROPERTY

S CORPORATION

C CORPORATION

COLLATERAL

IRS EXPENSES

CREDITOR

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