Marathon County, WI Credit & Debt Lawyers, page 8

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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.
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Not enough matches for Marathon Credit & Debt lawyer.
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Shanna N. Yonke

International, Estate, Divorce & Family Law, Business

Status: In Good Standing Licensed: 12 Years

CONTACT

500 N 1St St, Wausau, WI 54402

Elizabeth Reeths

Lawsuit & Dispute

Status: In Good Standing Licensed: 14 Years

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210 McClellan St, Wausau, WI 54402

Michael John Deasy

Litigation

Status: Inactive Licensed: 51 Years

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922 Ross Ave, Wausau, WI 54403

Tina Marie Abernethy

State Appellate Practice, Environmental Law Other, DUI-DWI, Criminal

Status: In Good Standing Licensed: 24 Years

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2600 Capitol Ave, Marathon, WI 54448

Calvin R. Dexter

Trusts, Power of Attorney, Prenuptial Agreements

Status: In Good Standing Licensed: 42 Years

CONTACT

1 Corporate Drive, Wausau, WI 54401

Holly Lutz

General Practice

Status: In Good Standing Licensed: 43 Years

CONTACT

6705 County Rd, Wausau, WI 54401

Thomas M. Hruz

Federal Appellate Practice, Corporate, Employment Discrimination, Insurance

Status: Inactive Licensed: 23 Years

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2100 Stewart Avenue, Wausau, WI 54401

Peter C. Gunther

Traffic, Employment, Family Law, Bankruptcy

Status: In Good Standing Licensed: 47 Years

CONTACT

1220 N 6Th St, Wausau, WI 54403

Shane J. VanderWaal

Education, Landlord-Tenant, Traffic, Lawsuit & Dispute

Status: In Good Standing Licensed: 32 Years

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530 Jackson St, Wausau, WI 54401

Gregory J. Stacker

Education, Landlord-Tenant, Real Estate, Wills & Probate

Status: In Good Standing Licensed: 36 Years

CONTACT

1220 N 6Th St, Wausau, WI 54403

800-923-0641

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LEGAL TERMS

FCBA

See Fair Credit Billing Act.

REDEMPTION

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump s... (more...)

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a car note by paying the lender the amount a retail vendor would charge for the car, considering its age and condition.

LIMITED PARTNERSHIP

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner ... (more...)

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner or partners (called general partners) have unlimited personal liability. The key difference between a general and limited partner concerns management decision making--general partners run the business, and limited partners, who are usually passive investors, are not allowed to make day-to-day business decisions. If they do, they risk being treated as general partners with unlimited personal liability.

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.

NONDISCHARGEABLE DEBTS

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chap... (more...)

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chapter 13 bankruptcy, the nondischargeable debts will have to be paid in full during your plan or you will have a balance at the end of your case. Examples of nondischargeable debts include alimony and child support, most income tax debts, many student loans and debts for personal injury or death caused by drunk driving. Compare dischargeable debts.

CREDIT REPORT

An account of your credit history, prepared by a credit bureau. A credit report will contain both credit history, such as what you owe to whom and whether you m... (more...)

An account of your credit history, prepared by a credit bureau. A credit report will contain both credit history, such as what you owe to whom and whether you make the payments on time, as well as personal history, such as your former addresses, employment record and lawsuits in which you have been involved. An estimated 50% of all credit reports contain errors, such as accounts that don't belong to you, an incorrect account status or information reported that is older than seven years (ten years in the case of a bankruptcy).

FRATERNAL BENEFIT SOCIETY BENEFITS

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal socie... (more...)

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal societies that provide benefits. Also called benefit society, benevolent society or mutual aid association benefits. Under bankruptcy laws, these benefits are virtually always considered exempt property.

CREDITOR

A person or entity (such as a bank) to whom a debt is owed.

BANKRUPTCY TRUSTEE

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is t... (more...)

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is to gather the debtor's nonexempt property, liquidate it and distribute it proportionally to her creditors. In a Chapter 13 case, the trustee's role is to receive the debtor's monthly payments and distribute them proportionally to her creditors.

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 8

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Shanna N. Yonke

Elizabeth Reeths

Michael John Deasy

Tina Marie Abernethy

Calvin R. Dexter

Holly Lutz

Thomas M. Hruz

Peter C. Gunther

Shane J. VanderWaal

Gregory J. Stacker

TIPS

LEGAL TERMS

FCBA

REDEMPTION

LIMITED PARTNERSHIP

PRESUMED ABUSE

NONDISCHARGEABLE DEBTS

CREDIT REPORT

FRATERNAL BENEFIT SOCIETY BENEFITS

CREDITOR

BANKRUPTCY TRUSTEE

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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