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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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Debra Lobello Burhans

International, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 42 Years

CONTACT

4961 Ford Rd, Elba, NY 14058

Charles Conrad Welch

Bankruptcy

Status: In Good Standing Licensed: 28 Years

CONTACT

1722 Lake Rd, Hamlin, NY 14464

Lance J. Mark

Adoption, Bankruptcy, Accident & Injury

Status: In Good Standing Licensed: 50 Years

CONTACT

539B Main St, Medina, NY 14103

Audrey M. Farber

Foreclosure, Litigation, Election & Political, Transactions, Bankruptcy

Status: In Good Standing Licensed: 39 Years

CONTACT

175 Mile Crossing Blvd, Rochester, NY 14624

Ellis Michael Oster

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

Status: In Good Standing Licensed: 18 Years

CONTACT

175 Mile Crossing Blvd, Rochester, NY 14624

Barry Christopher Balonek

Family Law, Constitutional Law, Corporate, Credit & Debt

Status: In Good Standing Licensed: 49 Years

CONTACT

38 Wilelen Rd, Rochester, NY 14624

Kenneth Charles Keller

Bankruptcy & Debt

Status: In Good Standing Licensed: 44 Years

CONTACT

47 Loyalist Ave, Rochester, NY 14624

Raymond S. DiRaddo

Estate Planning, Family Law, Criminal, Bankruptcy

Status: In Good Standing Licensed: 47 Years

CONTACT

31 Erie Canal Dr, Rochester, NY 14626

Kelly M. Ciccone

Family Law, Collection, Bankruptcy

Status: In Good Standing Licensed: 25 Years

CONTACT

1081 Long Pond Rd, Rochester, NY 14626

George Mitris

Bankruptcy & Debt

Status: In Good Standing Licensed: 38 Years

CONTACT

2080 W Ridge Rd, Rochester, NY 14626

800-923-0641

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LEGAL TERMS

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.

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.

TRUTH IN LENDING ACT (TILA)

A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disc... (more...)

A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disclose the terms of a loan, including the total amount of the loan, the annual interest rate and the number, amount and due dates of all payments necessary to repay the loan. The TILA requires additional disclosures and places many restrictions on mortgages.

CHAPTER 7 BANKRUPTCY

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 b... (more...)

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 bankruptcy takes from three to six months, costs about $200, and commonly requires only one trip to the courthouse.

FAIR LABOR STANDARDS ACT (FLSA)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements ... (more...)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements for overtime and places restrictions on child labor.

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.

DEBIT CARD

A card issued by a bank that combines the functions of an ATM card and checks. A debit card can be used to withdraw cash at a bank like an ATM card, and it can ... (more...)

A card issued by a bank that combines the functions of an ATM card and checks. A debit card can be used to withdraw cash at a bank like an ATM card, and it can also be used at stores to pay for goods and services in place of a check. Unlike a credit card, a debit card automatically withdraws money from your checking account at the time of the transaction. Debit cards are regulated by the Electronic Funds Transfer Act.

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.

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.

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Kendall Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Debra Lobello Burhans

Charles Conrad Welch

Lance J. Mark

Audrey M. Farber

Ellis Michael Oster

Barry Christopher Balonek

Kenneth Charles Keller

Raymond S. DiRaddo

Kelly M. Ciccone

George Mitris

TIPS

LEGAL TERMS

FORBEARANCE

FAIR CREDIT REPORTING ACT (FCRA)

TRUTH IN LENDING ACT (TILA)

CHAPTER 7 BANKRUPTCY

FAIR LABOR STANDARDS ACT (FLSA)

DISCHARGEABLE DEBTS

DEBIT CARD

GENERAL PARTNER

S CORPORATION

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