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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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Martin W. Pozefsky

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

Status: In Good Standing Licensed: 40 Years

CONTACT

1 Poe Ct, Ballston Lake, NY 12020

Elizabeth Lisa Fairbanks-Fletcher

Tax Litigation, Foreclosure, Divorce, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

CONTACT

3257 Route 9, Saratoga Springs, NY 12866

Chelsey Tulis Lester

Bankruptcy & Debt

Status: In Good Standing Licensed: 14 Years

CONTACT

60 Railroad Pl, Saratoga Springs, NY 12866

Steven David Greenblatt

Lawsuit & Dispute, Wills & Probate, Business, Bankruptcy & Debt

Status: In Good Standing

CONTACT

480 Broadway, Saratoga Springs, NY 12866

Peter Alexander Tulin

Divorce & Family Law, Criminal, Credit & Debt

Status: Suspended Licensed: 49 Years

CONTACT

Saratoga Springs, NY 12866

Ronald Joseph Kim

Employment, Criminal, Civil & Human Rights, Bankruptcy & Debt

Status: In Good Standing

CONTACT

480 Broadway, Saratoga Springs, NY 12866

Robert William Pulsifer

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

Status: In Good Standing Licensed: 33 Years

CONTACT

562 Maple Ave, Saratoga Springs, NY 12866

Ronald Joseph Kim

Employee Rights, Employment, Civil & Human Rights, Bankruptcy & Debt

Status: In Good Standing Licensed: 35 Years

CONTACT

480 Broadway, Saratoga Springs, NY 12866

Stephen Talbot Rodriguez

Litigation, White Collar Crime, Administrative Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 42 Years

CONTACT

100 West Ave, Saratoga Springs, NY 12866

Michael Jerry Englert

Bankruptcy

Status: In Good Standing Licensed: 40 Years

CONTACT

52 Franklin St, Saratoga Springs, NY 12866

800-923-0641

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LEGAL TERMS

REAFFIRMATION

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing deb... (more...)

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy case is over. For instance, a debtor might make a reaffirmation agreement with the holder of a car note that the debtor can keep the car and must continue to pay the debt after bankruptcy.

DISCHARGE (OF DEBTS)

A bankruptcy court's erasure of the debts of a person or business that has filed for bankruptcy.

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.

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.

BULK SALES LAW

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.

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.

FCBA

See Fair Credit Billing Act.

ADMINISTRATIVE EXPENSES

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.

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.

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Porter Corners Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Martin W. Pozefsky

Elizabeth Lisa Fairbanks-Fletcher

Chelsey Tulis Lester

Steven David Greenblatt

Peter Alexander Tulin

Ronald Joseph Kim

Robert William Pulsifer

Ronald Joseph Kim

Stephen Talbot Rodriguez

Michael Jerry Englert

TIPS

LEGAL TERMS

REAFFIRMATION

DISCHARGE (OF DEBTS)

MEANS TEST

S CORPORATION

BULK SALES LAW

DISPOSABLE INCOME

FCBA

ADMINISTRATIVE EXPENSES

CURRENT MONTHLY INCOME

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