Mount Horeb Credit & Debt Lawyer, Wisconsin

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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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Craig E. Stevenson

Business, Credit & Debt, Commercial Bankruptcy, Bankruptcy

Status: In Good Standing

FREE CONSULTATION

CONTACT

33 East Main Street, Madison, WI 53701

Krista R. Pleviak

Corporate, Credit & Debt, Real Estate, Business

Status: In Good Standing

CONTACT

25 West Main Street, Madison, WI 53701

Mike Godbe

Education, Employment Discrimination, Employment, Discrimination, Credit & Debt

Status: In Good Standing Licensed: 8 Years

CONTACT

409 East Main St,, Madison, WI 53703

Brittany Ogden

Bankruptcy, Corporate, Credit & Debt, Intellectual Property

Status: In Good Standing

CONTACT

33 East Main Street, Madison, WI 53703

Jeffery P. Phillips

Bankruptcy, Credit & Debt

Status: In Good Standing Licensed: 18 Years

CONTACT

121 S. Pinckney St., Madison, WI 53703

800-923-0641

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800-943-8690

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LEGAL TERMS

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.

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.

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.

LIQUIDATING PARTNER

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

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

NUISANCE FEES

Money charged by some credit card companies to increase their profits when you fail to use the card the way the creditor wants. Examples include late payment fe... (more...)

Money charged by some credit card companies to increase their profits when you fail to use the card the way the creditor wants. Examples include late payment fees, inactivity fees and fees for not carrying a balance from month to month. It's best to shop around and get rid of cards that have these fees attached.

SECRET WARRANTY PROGRAM

A program under which a car manufacturer will make repairs for free on vehicles with persistent problems, even after the warranty has expired, in order to avoid... (more...)

A program under which a car manufacturer will make repairs for free on vehicles with persistent problems, even after the warranty has expired, in order to avoid a recall and the accompanying bad press. Secret warranties are rarely advertised by the manufacturer, so consumers must pursue the manufacturer to discover and take advantage of them. A few states require manufacturers to notify car buyers when they adopt secret warranty programs.

TRADE NAME

The official name of a business, the one it uses on its letterhead and bank account when not dealing with consumers.

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.

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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Mount Horeb Credit & Debt Lawyer, Wisconsin

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Craig E. Stevenson

Krista R. Pleviak

Mike Godbe

Brittany Ogden

Jeffery P. Phillips

TIPS

LEGAL TERMS

SETOFF

INFRINGEMENT (OF TRADEMARK)

SOLE PROPRIETORSHIP

LIQUIDATING PARTNER

PREFERENCE

NUISANCE FEES

SECRET WARRANTY PROGRAM

TRADE NAME

FAIR CREDIT REPORTING ACT (FCRA)

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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