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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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Stephen Newland

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Accident & Injury, Bankruptcy, Real Estate

Stephen S. Newland obtained his undergraduate degree in political science from the University of Illinois in Urbana-Champaign. Steve then went on to r... (more)

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800-943-5201

1512 Artaius Parkway, Suite 300, Libertyville, IL 60048

Howard L. Teplinsky

Dispute Resolution, Arbitration, Bankruptcy, Bankruptcy Litigation

Status: In Good Standing

CONTACT

750 Lake Cook Rd, Buffalo Grove, IL 60089

William J. Factor

Government, Business, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

FREE CONSULTATION

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1363 Shermer Road, Northbrook, IL 60062

David P. Holtkamp

Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

FREE CONSULTATION

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1363 Shermer Road, Northbrook, IL 60062

Steven M. Cecchi

Bankruptcy & Debt

Status: In Good Standing Licensed: 23 Years

CONTACT

1421 W Shure Dr, Arlington Heights, IL 60004

Steven Cecchi

Bankruptcy & Debt

Status: In Good Standing Licensed: 23 Years

CONTACT

1421 W Shure Dr, Arlington Heights, IL 60004

Randall Alan Wolff

Personal Injury, Car Accident, Slip & Fall Accident, Divorce & Family Law, Bankruptcy

Status: In Good Standing Licensed: 40 Years

FREE CONSULTATION

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3325 N. Arlington Heights Rd 500, Arlington Heights, IL 60004

Barry M Rosenbloom

Real Estate, Employment, Banking & Finance, Bankruptcy & Debt

Status: In Good Standing

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1411 Mchenry Road, Buffalo Grove, IL 60089

Charles Paul Fox

Public Schools, Divorce & Family Law, Bankruptcy & Debt, Accident & Injury

Status: In Good Standing Licensed: 39 Years

CONTACT

355 West Dundee Road, Buffalo Grove, IL 60089

Su Ji Moon

Intellectual Property, Government, Bankruptcy & Debt, Insurance Malpractice

Status: In Good Standing Licensed: 12 Years

CONTACT

830 S. Buffalo Grove Rd., Buffalo Grove, IL 60089

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.

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

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.

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.

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.

COLLATERAL

Property that guarantees payment of a secured debt.

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.

CYBERSQUATTING

Buying a domain name that reflects the name of a business or famous person with the intent of selling the name back to the business or celebrity for a profit. T... (more...)

Buying a domain name that reflects the name of a business or famous person with the intent of selling the name back to the business or celebrity for a profit. The Anticybersquatting Consumer Protection Act of 1999 authorizes a cybersquatting victim to file a federal lawsuit to regain a domain name or sue for financial compensation. Under the act, registering, selling or using a domain name with the intent to profit from someone else's good name is considered cybersquatting. Victims of cybersquatting can also use the provisions of the Uniform Domain Name Dispute Resolution Policy adopted by ICANN, an international tribunal administering domain names. This international policy results in arbitration of the dispute, not litigation.

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Lincolnshire Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Stephen Newland

Howard L. Teplinsky

William J. Factor

David P. Holtkamp

Steven M. Cecchi

Steven Cecchi

Randall Alan Wolff

Barry M Rosenbloom

Charles Paul Fox

Su Ji Moon

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LEGAL TERMS

BANKRUPTCY

SOLE PROPRIETORSHIP

SETOFF

LIMITED LIABILITY

HOUSEHOLDER

FORBEARANCE

COLLATERAL

BULK SALES LAW

CYBERSQUATTING

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