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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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John H. Thomas

Bankruptcy, Landlord-Tenant, Real Estate, Litigation

Status: In Good Standing

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158 Orange Avenue, Walden, NY 12586

John W. Cobb

Bankruptcy, Contract, Criminal, Estate Planning

Status: In Good Standing

FREE CONSULTATION

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724 Broadway, Newburgh, NY 12550

Mark T. Starkman

Administrative Law, Bankruptcy Litigation, Construction Liens, Credit & Debt

Status: In Good Standing

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Orange Avenue, Walden, NY 12586

Anthony Ross Lobiondo

Traffic, Workers' Compensation, Criminal, Bankruptcy, Accident & Injury

Status: In Good Standing Licensed: 33 Years

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275 North St, Newburgh, NY 12550

Brandon Charles Ozman

Education, Dispute Resolution, Criminal, Bankruptcy & Debt, Misdemeanor

Status: In Good Standing Licensed: 36 Years

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130 W Main St, Walden, NY 12586

Bruce Blatchly

Adoption, Corporate, Business Organization, Bankruptcy

Status: In Good Standing Licensed: 48 Years

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3 Academy St, New Paltz, NY 12561

Charles Erwin Tebbe

Commercial Bankruptcy, Insurance, Litigation

Status: Inactive Licensed: 33 Years

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35 Pine Woods Rd, Hyde Park, NY 12538

Daniel M. Martuscello

Real Estate, Industry Specialties, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 48 Years

CONTACT

1390 Route 9W, Marlboro, NY 12542

Dannielle Cole O'Toole

Income Tax, Employee Rights, Banking & Finance, Collection

Status: In Good Standing Licensed: 10 Years

CONTACT

110 Main St, Poughkeepsie, NY 12601

David Daniel Akerib

Workers' Compensation, Bankruptcy, Medical Malpractice, Accident & Injury

Status: In Good Standing Licensed: 30 Years

CONTACT

1279 Rte 300, Newburgh, NY 12551

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.

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.

INTEREST

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to ... (more...)

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to your balance. This means that if your loan or credit line has an interest rate of 8%, the holder adds 8% to the balance each year. More specifically, interest is calculated and added to your loan or credit line through a process called compounding. If interest is compounded daily, the balance will rise by 1/365th of 8% each day. If interest is compounded monthly, the balance will rise 1/12th of 8% at the start of each month.

FAIR CREDIT REPORTING ACT (FCRA)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to a... (more...)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to adopt reasonable procedures for gathering, maintaining and disseminating information and bars credit bureaus from reporting negative information that is older than seven years, except a bankruptcy, which may be reported for ten. If you notify a credit bureau of an error in your credit report, the FCRA requires the bureau to investigate your allegations within 30 days, review all information you provide, remove inaccurate and unverified information and adopt procedures to keep the information from reappearing. In addition, the law requires that creditors refrain from reporting incorrect information to credit bureaus.

DOING BUSINESS AS (DBA)

A situation in which a business owner operates a company under a name different from his or her real name. The owner must file a 'fictitious name statement' or ... (more...)

A situation in which a business owner operates a company under a name different from his or her real name. The owner must file a 'fictitious name statement' or similar document with the appropriate agency -- for example, the county clerk. This enables consumers to discover the names of the business owners, which is important if a consumer needs to sue the business.

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.

MEANS TEST

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income ... (more...)

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income for his or her state should be allowed to file for Chapter 7 bankruptcy.

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.

DISCHARGEABLE DEBTS

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bill... (more...)

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bills and medical bills. Compare nondischargeable debts.

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Modena Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

John H. Thomas

John W. Cobb

Mark T. Starkman

Anthony Ross Lobiondo

Brandon Charles Ozman

Bruce Blatchly

Charles Erwin Tebbe

Daniel M. Martuscello

Dannielle Cole O'Toole

David Daniel Akerib

TIPS

LEGAL TERMS

BANKRUPTCY

S CORPORATION

INTEREST

FAIR CREDIT REPORTING ACT (FCRA)

DOING BUSINESS AS (DBA)

CURRENT MONTHLY INCOME

MEANS TEST

UNDUE HARDSHIP

DISCHARGEABLE DEBTS

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