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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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Alan R. Lecours

Real Estate, Criminal, Bankruptcy & Debt

Status: In Good Standing

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Gansevoort, NY 12831

Alex Colin Turnello

Workers' Compensation, Natural Resources, Construction, Personal Injury, Consumer Bankruptcy

Status: In Good Standing Licensed: 9 Years

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17 Heinrick St, Queensbury, NY 12804

Anne J. White

Bankruptcy & Debt

Status: In Good Standing

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48 Sugarbush Way, Schroon Lake, NY 12870

Antonin I. Z. Robbason

Civil Rights, Bankruptcy

Status: In Good Standing

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511 Glen St, Glens Falls, NY 12801

Antonin I. Z. Robbason

Construction, Litigation, Insurance, Collection

Status: In Good Standing

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511 Glen St, Glens Falls, NY 12801

Brian Patrick Barrett

Motor Vehicle, Child Custody, Criminal, Bankruptcy

Status: In Good Standing

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5676 Cascade Rd, Lake Placid, NY 12946

David Edward Rudgers

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

Status: In Good Standing Licensed: 37 Years

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15 Father Jogues Pl, Paradox, NY 12883

Edwin Michael Adeson

Real Estate, Traffic, Litigation, Lawsuit & Dispute, Bankruptcy

Status: In Good Standing Licensed: 30 Years

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1 Lawrence St, Glens Falls, NY 12801

Gregory M. Dennin

Real Estate, Lawsuit & Dispute, Estate, Civil & Human Rights, Bankruptcy & Debt

Status: In Good Standing Licensed: 39 Years

CONTACT

2745 Main St, Lake Placid, NY 12946

James William Hyde

Bankruptcy & Debt

Status: In Good Standing Licensed: 26 Years

CONTACT

1459 State Route, Wells, NY 12190

800-923-0641

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LEGAL TERMS

LIQUIDATING PARTNER

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

LIABILITY

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pi... (more...)

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pipe bursts the day after Paul installs it, ruining the bathroom floor. This raises the issue of liability: Who is responsible for the damage? Peri claims that Paul is responsible, and sues him for the cost of hiring another plumber to fix the pipe and replacing the floor. Paul, in turn, claims that the pipe manufacturer is responsible, because they supplied him with faulty materials. Both Peri and Paul must prove their claims in court; if Paul and/or the manufacturer is found liable, one or both will have to pay damages to Peri. (2) Something for which a person is liable. For example, a debt is often called a liability.

INFRINGEMENT (OF TRADEMARK)

Unauthorized use of a protected trademark or service mark, or use of something very similar to a protected mark. The success of a lawsuit to stop the infringeme... (more...)

Unauthorized use of a protected trademark or service mark, or use of something very similar to a protected mark. The success of a lawsuit to stop the infringement turns on whether the defendant's use causes a likelihood of confusion in the average consumer. If a court determines that the average consumer would be confused, the owner of the original mark can prevent the other's use of the infringing mark and sometimes collect damages.

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.

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemp... (more...)

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemptible because it has been damaged or destroyed.

LOSS DAMAGE WAIVER (LDW)

Rental car insurance that makes the rental car company responsible for damage to or theft of a rental car. This insurance is a major consumer ripoff, as it ofte... (more...)

Rental car insurance that makes the rental car company responsible for damage to or theft of a rental car. This insurance is a major consumer ripoff, as it often duplicates coverage provided by the renter's regular car insurance and/or the credit card she uses to rent the car. Nevertheless, hard-sell practices by rental car agents often dupe people into buying LDWs they don't really need. LDW is also called 'collision damage waiver.'

UNDUE HARDSHIP

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in t... (more...)

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in the future to pay off the loan may be able to show that repayment would be an undue hardship.

UNSECURED DEBT

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only reme... (more...)

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only remedy is to sue you and get a judgment. Compare secured debt.

Pottersville Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Alan R. Lecours

Alex Colin Turnello

Anne J. White

Antonin I. Z. Robbason

Antonin I. Z. Robbason

Brian Patrick Barrett

David Edward Rudgers

Edwin Michael Adeson

Gregory M. Dennin

James William Hyde

TIPS

LEGAL TERMS

LIQUIDATING PARTNER

LIABILITY

INFRINGEMENT (OF TRADEMARK)

S CORPORATION

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

LOSS DAMAGE WAIVER (LDW)

UNDUE HARDSHIP

UNSECURED DEBT

FDCPA

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