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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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Andrew Paul Marks

International Tax, Employment, Civil & Human Rights, Collection

Status: In Good Standing Licensed: 40 Years

CONTACT

555 Theodore Fremd Ave, Rye, NY 10580

Anna R. Schwartz

Litigation, International Tax, Trademark, Collection

Status: In Good Standing Licensed: 28 Years

CONTACT

555 Theodore Fremd Ave, Rye, NY 10580

Anthony F. Siriano

Criminal, Collection

Status: In Good Standing Licensed: 39 Years

CONTACT

3867 East Tremont Avenue, Bronx, NY 10465

Barry L. Mendelson

Corporate, Litigation, Collection, Real Estate

Status: In Good Standing

CONTACT

One Water Street, White Plains, NY 10601

Caren P Bailey

Collection

Status: In Good Standing Licensed: 22 Years

CONTACT

145 Huguenot St, New Rochelle, NY 10801

Daniel F. Florio

Corporate, Collection, Commercial Leasing, Construction Contracts

Status: In Good Standing Licensed: 28 Years

CONTACT

30 Glenn Street, White Plains, NY 10603

Daniel Richard Kaplan

Litigation, International Tax, Trademark, Collection

Status: In Good Standing Licensed: 69 Years

CONTACT

555 Theodore Fremd Ave, Rye, NY 10580

Daniel Frank Florio

Accident & Injury, Collection

Status: In Good Standing Licensed: 29 Years

CONTACT

30 Glenn St, White Plains, NY 10603

Edward B. Geller

Consumer Rights, Dispute Resolution, Lawsuit & Dispute, Collection

Status: In Good Standing Licensed: 45 Years

CONTACT

15 Landing Way, Bronx, NY 10464

Francis J. Malara

Consumer Protection, Bankruptcy, Federal Appellate Practice, Collection

Status: In Good Standing

CONTACT

245 Main St, White Plains, NY 10601

800-923-0641

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LEGAL TERMS

TRADE NAME

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

401(K) PLAN

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income ... (more...)

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income taxes on the amount invested and any earnings are due until the employee withdraws money from the fund.

FCRA

See Fair Credit Reporting Act.

LIQUIDATING PARTNER

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.

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.

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.

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.

CONSUMER CREDIT COUNSELING SERVICE (CCCS)

A national non-profit agency that, at no cost, helps debtors plan budgets and repay their debts. One major criticism of CCCS is that each office is primarily fu... (more...)

A national non-profit agency that, at no cost, helps debtors plan budgets and repay their debts. One major criticism of CCCS is that each office is primarily funded by voluntary donations from the creditors that receive payments from debtors repaying their debts through that office. Despite this criticism, most CCCS counselors provide clients with thorough and neutral advice.

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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Larchmont Collection Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Andrew Paul Marks

Anna R. Schwartz

Anthony F. Siriano

Barry L. Mendelson

Caren P Bailey

Daniel F. Florio

Daniel Richard Kaplan

Daniel Frank Florio

Edward B. Geller

Francis J. Malara

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LEGAL TERMS

TRADE NAME

401(K) PLAN

FCRA

LIQUIDATING PARTNER

CURRENT MONTHLY INCOME

MEETING OF CREDITORS

PRESUMED ABUSE

CONSUMER CREDIT COUNSELING SERVICE (CCCS)

S CORPORATION

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