Farnham Bankruptcy & Debt Lawyer, New York, page 2

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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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Dennis Charles Gaughan

Real Estate, Estate, Criminal, Bankruptcy & Debt

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CONTACT

6161 S Park Ave, Hamburg, NY 14075

Andrew David Brautigam

Traffic, Wills & Probate, Workers' Compensation, Criminal, Bankruptcy

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32 White St, Fredonia, NY 14063

Salvatore Richard Martoche

Tax, Real Estate, Business, Bankruptcy & Debt

Status: Licensed: 56 Years

CONTACT

5315 Oakridge Dr, Hamburg, NY 14075

Leonard Berkowitz

International, Divorce & Family Law, Criminal, Bankruptcy & Debt

Status: Licensed: 52 Years

CONTACT

4513 S Buffalo St, Orchard Park, NY 14127

Albert J. Mogavero

Real Estate, Bankruptcy & Debt

Status: Licensed: 55 Years

CONTACT

9 Brookins Green Dr, Orchard Park, NY 14127

Lauren E. Breen

Consumer Bankruptcy

Status: Licensed: 35 Years

CONTACT

237 Main St, Buffalo, NY 14203

Kevin R. Lelonek

Litigation, Reorganization, Bankruptcy & Debt

Status: Licensed: 8 Years

CONTACT

465 Main St, Buffalo, NY 14203

James Dominic Macri

Real Estate, Arbitration, Industry Specialties, Bankruptcy & Debt

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665 Main St, Buffalo, NY 14203

Angela Z. Miller

Business, Bankruptcy & Debt

Status: Licensed: 26 Years

CONTACT

125 Main St, Buffalo, NY 14203

Jonathan B. Wile

Education, Child Custody, Criminal, Bankruptcy

Status: Licensed: 35 Years

CONTACT

8726 Crumb Hill Rd, East Otto, NY 14729

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.

FCRA

See Fair Credit Reporting Act.

FAIR CREDIT REPORTING ACT (FCRA)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to a... (more...)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to adopt reasonable procedures for gathering, maintaining and disseminating information and bars credit bureaus from reporting negative information that is older than seven years, except a bankruptcy, which may be reported for ten. If you notify a credit bureau of an error in your credit report, the FCRA requires the bureau to investigate your allegations within 30 days, review all information you provide, remove inaccurate and unverified information and adopt procedures to keep the information from reappearing. In addition, the law requires that creditors refrain from reporting incorrect information to credit bureaus.

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.

DISCHARGEABLE DEBTS

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bill... (more...)

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bills and medical bills. Compare nondischargeable debts.

NONPROFIT CORPORATION

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or f... (more...)

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or for some public purpose (such as a hospital, environmental organization or literary society). Nonprofit corporations, despite the name, can make a profit, but the business cannot be designed primarily for profit-making purposes, and the profits must be used for the benefit of the organization or purpose the corporation was created to help. When a nonprofit corporation dissolves, any remaining assets must be distributed to another nonprofit, not to board members. As with for-profit corporations, directors of nonprofit corporations are normally shielded from personal liability for the organization's debts. Some nonprofit corporations qualify for a federal tax exemption under _ 501(c)(3) of the Internal Revenue Code, with the result that contributions to the nonprofit are tax deductible by their donors.

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.

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.

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.

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Farnham Bankruptcy & Debt Lawyer, New York, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Dennis Charles Gaughan

Andrew David Brautigam

Salvatore Richard Martoche

Leonard Berkowitz

Albert J. Mogavero

Lauren E. Breen

Kevin R. Lelonek

James Dominic Macri

Angela Z. Miller

Jonathan B. Wile

TIPS

LEGAL TERMS

WINDING UP

FCRA

FAIR CREDIT REPORTING ACT (FCRA)

UNDUE HARDSHIP

DISCHARGEABLE DEBTS

NONPROFIT CORPORATION

IRS EXPENSES

C CORPORATION

PRESUMED ABUSE

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