Marathon County, WI Credit & Debt Lawyers, page 7

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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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James B. Connell

Lawsuit & Dispute, Criminal, Accident & Injury

Status: In Good Standing Licensed: 51 Years

CONTACT

803 Greenhill Dr, Wausau, WI 54401

Dana James Weis

Employment Discrimination, Products Liability, Personal Injury, Medical Malpractice

Status: In Good Standing

CONTACT

3100 Eagle Ave, Wausau, WI 54401

David B. Welles

Litigation, Administrative Law, Business

Status: In Good Standing

CONTACT

319 Weston Ave, Wausau, WI 54403

Keith F. Ellison

Criminal, DUI-DWI, Divorce & Family Law, Insurance Malpractice, Accident & Injury

Status: In Good Standing Licensed: 48 Years

CONTACT

630 4Th St, Wausau, WI 54402

Lance Trollop

Wrongful Death, Personal Injury, Car Accident, Accident & Injury, Personal Injury

Status: In Good Standing

CONTACT

2100 Stewart Ave, Wausau, WI 54402

Kenneth J. Andraski

Traffic, Mass Torts, Divorce & Family Law, Criminal, Accident & Injury

Status: In Good Standing Licensed: 51 Years

CONTACT

610 Jackson St, Wausau, WI 54402

Kevin Michael McDonald

Workers' Compensation, Employment, Insurance, Business

Status: In Good Standing

CONTACT

500 N 3Rd St, Wausau, WI 54403

Beth A. Richlen

Real Estate, Health Care, Government, Divorce & Family Law

Status: In Good Standing Licensed: 18 Years

CONTACT

401 Fifth St, Wausau, WI 54402

Mark A. Klinner

Litigation, Government, Civil & Human Rights, Accident & Injury

Status: In Good Standing

CONTACT

210 Mcclellan St, Wausau, WI 54402

Patrick L. Crooks

Real Estate, Estate, Accident & Injury

Status: In Good Standing Licensed: 67 Years

CONTACT

1510 Adams Ct, Wausau, WI 54403

800-923-0641

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LEGAL TERMS

DISPOSABLE INCOME

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Ch... (more...)

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Chapter 13 plan.

IRS EXPENSES

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income mu... (more...)

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income must use the IRS expenses to calculate their average net income in a Chapter 7 case, or their disposable income in a Chapter 13 case.

GARNISHMENT

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if ... (more...)

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if she loses a lawsuit filed by the creditor. Up to 25% of a person's wages can be deducted.

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.

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.

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.

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.

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.

AUTOMATIC STAY

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities,... (more...)

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid debt.

SAMPLE LEGAL CASES

HARBOR CREDIT UNION v. SAMP

... 1 BLANCHARD, J. Harbor Credit Union obtained a judgment of foreclosure on real estate owned by Christopher Samp based on Samp's default on a first mortgage and note. ... So Mr. Samp would be walking away without any debt to [Harbor] in regard to those two loans.". ...

IN RE THE MARRIAGE OF CHON v. Sorensen

... 4 The trial court found that Sorenson overpaid maintenance, essentially cancelling out the credit card debt. ... The court expressly found credible Sorenson's testimony regarding the payment of the credit card debt. We defer to the circuit court's credibility determinations. Wis. Stat. ...

IN RE THE MARRIAGE OF IVERSON v. Iverson

... Jean agreed to "maintain average inventory in the store" and further agreed that "she will not increase the credit card debt against the business beyond $50,000." Lowell agreed to pay Jean a $40,000 cash equalization payment from his share of the net sale proceeds of ...

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Marathon County, WI Credit & Debt Lawyers, page 7

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

James B. Connell

Dana James Weis

David B. Welles

Keith F. Ellison

Lance Trollop

Kenneth J. Andraski

Kevin Michael McDonald

Beth A. Richlen

Mark A. Klinner

Patrick L. Crooks

TIPS

LEGAL TERMS

DISPOSABLE INCOME

IRS EXPENSES

GARNISHMENT

401(K) PLAN

CURRENT MONTHLY INCOME

C CORPORATION

MEETING OF CREDITORS

SOLE PROPRIETORSHIP

AUTOMATIC STAY

SAMPLE LEGAL CASES

HARBOR CREDIT UNION v. SAMP

IN RE THE MARRIAGE OF CHON v. Sorensen

IN RE THE MARRIAGE OF IVERSON v. Iverson

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