Rolling Meadows Bankruptcy & Debt Lawyer, Illinois, page 2

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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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Gretchen Wehrnenberg Stewart

Litigation, Estate Planning, Business, Collection

Status: In Good Standing Licensed: 39 Years

CONTACT

1203 E Woodford Pl, Arlington Heights, IL 60004

Sean Darnell Jordan

Elder Law, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 13 Years

CONTACT

121 South Wilke Road, Arlington Heights, IL 60005

Dana Norinne Blumthal

Workers' Compensation, Employee Rights, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 14 Years

CONTACT

121 South Wilke Road, Arlington Heights, IL 60005

Ronald Matthew Justin

Entertainment, Workers' Compensation, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 20 Years

CONTACT

121 S. Wilkie Road, Arlington Heights, IL 60005

Alexis Dockstader Martin

Bankruptcy & Debt

Status: In Good Standing Licensed: 12 Years

CONTACT

121 S. Wilke Road, Arlington Heights, IL 60005

Robin Yung Mistretta-bradley

Real Estate, Estate, Bankruptcy & Debt, Accident & Injury

Status: In Good Standing Licensed: 14 Years

CONTACT

121 South Wilke Road, Arlington Heights, IL 60005

Maribeth Johnson

Divorce & Family Law, Criminal, Bankruptcy, Workers' Compensation

Status: In Good Standing Licensed: 13 Years

CONTACT

121 S. Wilke Road, Arlington Heights, IL 60005

Raphael Strzelecki

Transactions, Business & Trade, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 21 Years

CONTACT

121 South Wilke Road, Arlington Heights, IL 60005

Robin Mistretta-bradley

Real Estate, Estate, Bankruptcy & Debt, Accident & Injury

Status: In Good Standing Licensed: 15 Years

CONTACT

121 S. Wilke Road, Arlington Heights, IL 60005

Mary Pat Donohue

Workers' Compensation, Business & Trade, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 41 Years

CONTACT

121 S. Wilke Road, Arlington Heights, IL 60005

800-923-0641

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LEGAL TERMS

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.

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.

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.

CREDIT BUREAU

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit... (more...)

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit card companies that use the information to screen applicants for loans and credit cards. There are three major credit bureaus, Equifax, Experian and Trans Union, and they are regulated by the federal Fair Credit Reporting Act.

LIQUIDATING PARTNER

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

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

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.

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

UNSECURED DEBT

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only reme... (more...)

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only remedy is to sue you and get a judgment. Compare secured debt.

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Rolling Meadows Bankruptcy & Debt Lawyer, Illinois, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Gretchen Wehrnenberg Stewart

Sean Darnell Jordan

Dana Norinne Blumthal

Ronald Matthew Justin

Alexis Dockstader Martin

Robin Yung Mistretta-bradley

Maribeth Johnson

Raphael Strzelecki

Robin Mistretta-bradley

Mary Pat Donohue

TIPS

LEGAL TERMS

SECRET WARRANTY PROGRAM

INTEREST

S CORPORATION

CREDIT BUREAU

LIQUIDATING PARTNER

CHAPTER 13 PLAN

WINDING UP

WORKOUT

UNSECURED DEBT

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