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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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Jeffrey B. Novak

Employee Rights, Construction, Business, Dissolution, Lawsuit & Dispute

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CONTACT

2410 N Forest Rd, Getzville, NY 14068

Frank Stephen Ieraci

Health Care, Workers' Compensation, Divorce & Family Law, Bankruptcy

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CONTACT

2140 Eggert Rd, Buffalo, NY 14226

Barry Christopher Balonek

Family Law, Constitutional Law, Corporate, Credit & Debt

Status: Licensed: 49 Years

CONTACT

38 Wilelen Rd, Rochester, NY 14624

Jay Elliot Brett

Real Estate, Business & Trade, Corporate, Commercial Bankruptcy

Status: Licensed: 67 Years

CONTACT

2645 Sheridan Dr, Tonawanda, NY 14150

Kenneth Stuart Gallant

Bankruptcy, Bankruptcy & Debt

Status: Licensed: 47 Years

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1425 Jefferson Road, Rochester, NY 14623

Andrew Kala Gonsalves

Health Care Other, Biotechnology, Commercial Bankruptcy, Patent

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2000 Winton Road South, Rochester, NY 14618

Philip Stephen Chamot

Real Estate, Estate Planning, Estate, Commercial Bankruptcy

Status: Licensed: 37 Years

CONTACT

76 West Ave, Lockport, NY 14094

Mary Jo S. Korona

Litigation, Employee Rights, Civil Rights, Bankruptcy Litigation, Bankruptcy & Debt

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28 E Main St, Rochester, NY 14614

Jennifer Montante

Accident & Injury, Bankruptcy, Estate, Social Security

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FREE CONSULTATION

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919 Winton Road, Rochester, NY 14618

Carl Alfred Steinbrenner

Real Estate, Intellectual Property, Business, Commercial Bankruptcy

Status: Licensed: 37 Years

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104 Troup St, Rochester, NY 14608

800-923-0641

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LEGAL TERMS

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.

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.

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

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.

CHAPTER 13 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

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.

NUISANCE FEES

Money charged by some credit card companies to increase their profits when you fail to use the card the way the creditor wants. Examples include late payment fe... (more...)

Money charged by some credit card companies to increase their profits when you fail to use the card the way the creditor wants. Examples include late payment fees, inactivity fees and fees for not carrying a balance from month to month. It's best to shop around and get rid of cards that have these fees attached.

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.

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.

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Gainesville Bankruptcy & Debt Lawyer, New York, page 3

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Jeffrey B. Novak

Frank Stephen Ieraci

Barry Christopher Balonek

Jay Elliot Brett

Kenneth Stuart Gallant

Andrew Kala Gonsalves

Philip Stephen Chamot

Mary Jo S. Korona

Jennifer Montante

Carl Alfred Steinbrenner

TIPS

LEGAL TERMS

IRS EXPENSES

BULK SALES LAW

PREFERENCE

LIMITED PARTNERSHIP

CHAPTER 13 BANKRUPTCY

FORBEARANCE

NUISANCE FEES

DEBT COLLECTOR

GENERAL PARTNER

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