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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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Daniel Lawrence Giudice

Divorce, DUI-DWI, Civil Rights, Collection

Status: In Good Standing

CONTACT

201 North Church Road, Bensenville, IL 60106

Daniel Giudice

Divorce, DUI-DWI, Civil Rights, Collection

Status: In Good Standing

CONTACT

201 North Church Road, Bensenville, IL 60106

Robert Michael Gomberg

Insurance, Transactions, Banking & Finance, Collection

Status: In Good Standing Licensed: 38 Years

CONTACT

264 East Forest Avenue, Elmhurst, IL 60126

Robert Gomberg

Insurance, Transactions, Banking & Finance, Collection

Status: In Good Standing Licensed: 38 Years

CONTACT

264 East Forest Avenue, Elmhurst, IL 60126

Carolyn Bassani Cardona

General Practice

Status: In Good Standing Licensed: 32 Years

CONTACT

8755 W. Higgins, Chicago, IL 60631

Brian David Schulman

Collection, Bankruptcy & Debt

Status: In Good Standing Licensed: 32 Years

CONTACT

8755 W. Higgins, Chicago, IL 60631

Daniel Degen

Class Action, Collection, Transactions, Legal Malpractice

Status: In Good Standing Licensed: 17 Years

CONTACT

9575 W Higgins Rd, Des Plaines, IL 60018

Robert Good Lohman

Collection, Personal Injury, Slip & Fall Accident

Status: In Good Standing

CONTACT

2400 E Devon Ave, Des Plaines, IL 60018

Bryan J. Berry

Real Estate, International Tax, Collection, Personal Injury

Status: In Good Standing Licensed: 37 Years

CONTACT

9501 W Devon Ave, Des Plaines, IL 60018

Bryan Berry

Tax, International Tax, Collection, Personal Injury

Status: In Good Standing Licensed: 38 Years

CONTACT

9501 W Devon Ave, Des Plaines, IL 60018

800-923-0641

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LEGAL TERMS

BANKRUPTCY

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are ... (more...)

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are two types of bankruptcies -- liquidation, in which your debts are wiped out (discharged) and reorganization, in which you provide the court with a plan for how you intend to repay your debts. For both consumers and business, liquidation bankruptcy is called Chapter 7. For consumers, reorganization bankruptcy is called Chapter 13. Reorganization bankruptcy for consumers with an extraordinary amount of debt and for businesses is called Chapter 11. Reorganization bankruptcy for family farmers is called Chapter 12.

FCRA

See Fair Credit Reporting Act.

LIMITED PARTNERSHIP

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner ... (more...)

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner or partners (called general partners) have unlimited personal liability. The key difference between a general and limited partner concerns management decision making--general partners run the business, and limited partners, who are usually passive investors, are not allowed to make day-to-day business decisions. If they do, they risk being treated as general partners with unlimited personal liability.

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.

DEFINED CONTRIBUTION PLAN

A type of pension plan that does not guarantee any particular pension amount upon retirement. Instead, the employer pays into the pension fund a certain amount ... (more...)

A type of pension plan that does not guarantee any particular pension amount upon retirement. Instead, the employer pays into the pension fund a certain amount every month, or every year, for each employee. The employer usually pays a fixed percentage of an employee's wages or salary, although sometimes the amount is a fraction of the company's profits, with the size of each employee's pension share depending on the amount of wage or salary. Upon retirement, each employee's pension is determined by how much was contributed to the fund on behalf of that employee over the years, plus whatever earnings that money has accumulated as part of the investments of the entire pension fund.

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.

MEETING OF CREDITORS

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a f... (more...)

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a few questions. In a Chapter 7, the meeting of creditors lasts a few minutes and rarely do any creditors show up. In a Chapter 13 bankruptcy, one or two creditors may attend, especially if they disagree with some provision of your repayment plan.

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

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Franklin Park Collection Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Daniel Lawrence Giudice

Daniel Giudice

Robert Michael Gomberg

Robert Gomberg

Carolyn Bassani Cardona

Brian David Schulman

Daniel Degen

Robert Good Lohman

Bryan J. Berry

Bryan Berry

TIPS

LEGAL TERMS

BANKRUPTCY

FCRA

LIMITED PARTNERSHIP

FORBEARANCE

S CORPORATION

DEFINED CONTRIBUTION PLAN

SETOFF

MEETING OF CREDITORS

CHAPTER 13 PLAN

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