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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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Howard E. Knispel

Real Estate, Divorce & Family Law, Criminal, Bankruptcy & Debt

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354 Veterans Hwy., Commack, NY 11725

Mel Jacoby

Accident & Injury, Bankruptcy & Debt, Criminal, Divorce & Family Law

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267 Carleton Avenue, Central Islip, NY 11722

Craig Dennison Robins

Litigation, Consumer Protection, Bankruptcy, Bankruptcy & Debt

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35 Pinelawn Road, Melville, NY 11747

Paul S. Hyl

Health Care Other, Estate Planning, Elder Law, Collection

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225 Broad Hollow Road, Melville, NY 11747

Robin Sheryl Abramowitz

Mediation, Arbitration, Family Law, Credit & Debt

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225 Old Country Rd, Melville, NY 11747

Jacob Louis Chase

Housing & Urban Development, Commercial Real Estate, Estate, Lending, Bankruptcy & Debt

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534 Broadhollow Rd, Melville, NY 11747

Howard Edward Knispel

Real Estate, Trusts, DUI-DWI, Bankruptcy

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354 Veterans Hwy, Commack, NY 11725

Bradley M. Zelenitz

Landlord-Tenant, Trusts, Contract, Bankruptcy

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330 Vanderbilt Motor Parkway, Hauppauge, NY 11788

John Calimano

Estate Planning, Elder Law, Civil Rights, Bankruptcy

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330 Vanderbilt Motor Parkway, Hauppauge, NY 11788

Andrew F. Brems

Misdemeanor, Contract, Collection, Slip & Fall Accident

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330 Vanderbilt Motor Parkway, Hauppauge, NY 11788

800-923-0641

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LEGAL TERMS

LIMITED LIABILITY

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or ... (more...)

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or a person who invests in a corporation (a shareholder) generally stands to lose only the amount of money invested in the business. This means that if the business folds, creditors cannot seize or sell an owner's home, car, or other personal assets.

HOUSEHOLDER

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a ho... (more...)

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a homestead exemption and possibly other exemptions relating to the maintenance of the household.

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.

MEANS TEST

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income ... (more...)

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income for his or her state should be allowed to file for Chapter 7 bankruptcy.

TRADE NAME

The official name of a business, the one it uses on its letterhead and bank account when not dealing with consumers.

FCBA

See Fair Credit Billing Act.

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.

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.

CURRENT MONTHLY INCOME

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding... (more...)

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding the bankruptcy filing. The debtor's current monthly income is used to determine whether the debtor can file for Chapter 7 bankruptcy, among other things.

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Islandia Bankruptcy & Debt Lawyer, New York, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Howard E. Knispel

Mel Jacoby

Craig Dennison Robins

Paul S. Hyl

Robin Sheryl Abramowitz

Jacob Louis Chase

Howard Edward Knispel

Bradley M. Zelenitz

John Calimano

Andrew F. Brems

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LEGAL TERMS

LIMITED LIABILITY

HOUSEHOLDER

BANKRUPTCY

MEANS TEST

TRADE NAME

FCBA

C CORPORATION

CHAPTER 13 BANKRUPTCY

CURRENT MONTHLY INCOME

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