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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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Includes: Bankruptcy Litigation, Commercial Bankruptcy, Consumer Bankruptcy, Dissolution

Moriah Adamo

Bankruptcy, Estate Planning, Guardianships & Conservatorships, Litigation

Status: In Good Standing

CONTACT

3 Dakota Drive, Lake Success, NY 11042

Joshua G. Losardo

Condominiums, Administrative Law, Credit & Debt, Bankruptcy

Status: In Good Standing

CONTACT

270 Madison Avenue, New York, NY 10016

Dorothy J. Santos

Bankruptcy, Estate Administration, Estate Planning

Status: In Good Standing

CONTACT

1111 Marcus Avenue, New Hyde Park, NY 11042

Warren R. Graham

Banking & Finance, Bankruptcy, Corporate, Reorganization

Status: In Good Standing

FREE CONSULTATION

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292 Madison Avenue, New York, NY 10017

Jerry C. Feuerstein

Antitrust, Bankruptcy, Corporate, Business Organization

Status: In Good Standing

CONTACT

360 Lexington Avenue, New York, NY 10017

S. Stewart Smith

Administrative Law, Bankruptcy, Commercial Bankruptcy, Consumer Bankruptcy

Status: In Good Standing

CONTACT

270 Madison Avenue, New York, NY 10016

Edward G. Baer

Condominiums, Commercial Leasing, Landlord-Tenant, Bankruptcy Litigation

Status: In Good Standing

CONTACT

270 Madison Avenue, New York, NY 10016

Jamie B. Chapman

Foreclosure, Real Estate, Transactions, Bankruptcy

Status: In Good Standing

CONTACT

270 Madison Avenue, New York, NY 10016

William A. Tauber

Bankruptcy, Business Organization, Contract, Criminal

Status: In Good Standing

FREE CONSULTATION

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1967 Turnbull Avenue, Bronx, NY 10473

Rene S. Roupinian

Employee Rights, Class Action, Bankruptcy Litigation

Status: In Good Standing

CONTACT

500 Fifth Avenue, New York, NY 10110

800-923-0641

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LEGAL TERMS

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.

FDCPA

See Fair Debt Collections & Practices Act.

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.

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.

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.

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.

FAIR CREDIT BILLING ACT (FCBA)

A federal law that gives you rights when an error occurs on your credit card statement. You must notify the credit card company of the mistake within 60 days af... (more...)

A federal law that gives you rights when an error occurs on your credit card statement. You must notify the credit card company of the mistake within 60 days after it mailed the bill to you. The company must then correct the mistake, or at least acknowledge receipt of your letter within 30 days, and must correct the error within 90 days or explain why it believes the credit card statement is correct.

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.

WINDING UP

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, a... (more...)

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, all with the ultimate goal of liquidating or closing down a corporation or partnership.

SAMPLE LEGAL CASES

Barranco v. Cabrini Medical Center

... Department. Decided April 1, 2008. Concur â€” Gonzalez, JP, Williams, Catterson and Moskowitz, JJ. On or about February 21, 2001, plaintiff filed a petition in the United States Bankruptcy Court for the District of New Jersey. Some ...

Insurance Co. v. HSBC BANK USA

... We are asked in this case to decide whether a Bankruptcy Court order allowing a creditor to seize a debtor's bank account is entitled to res judicata effect in a subsequent state proceeding alleging that a portion of the funds in the account were state tax proceeds that should not ...

White v. Mazella-White

... which was to vacate the aforesaid inquest be made part of this judgment; and it is further," and (3) by deleting the fifth decretal paragraph thereof awarding the defendant the principal sum of $85,000 in equitable distribution payable to the defendant's trustee in bankruptcy; as so ...

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Queens Bankruptcy Lawyer, New York, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Moriah Adamo

Joshua G. Losardo

Dorothy J. Santos

Warren R. Graham

Jerry C. Feuerstein

S. Stewart Smith

Edward G. Baer

Jamie B. Chapman

William A. Tauber

Rene S. Roupinian

TIPS

LEGAL TERMS

SOLE PROPRIETORSHIP

FDCPA

PRESUMED ABUSE

CURRENT MONTHLY INCOME

DISCHARGEABLE DEBTS

BANKRUPTCY

FAIR CREDIT BILLING ACT (FCBA)

MEANS TEST

WINDING UP

SAMPLE LEGAL CASES

Barranco v. Cabrini Medical Center

Insurance Co. v. HSBC BANK USA

White v. Mazella-White

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