Shelter Island Heights Bankruptcy & Debt Lawyer, New York

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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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Angela Tese-Milner

Bankruptcy & Debt

Status: In Good Standing Licensed: 42 Years

CONTACT

735 Wickham Avenue, Mattituck, NY 11952

Arthur Barry Malman

Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 57 Years

CONTACT

99 Georgica Close Rd, East Hampton, NY 11937

Brian Jay Lester

Litigation, International, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 27 Years

CONTACT

132 N Main St, East Hampton, NY 11937

Carmela M. Di Talia

Contract, Reorganization, Wrongful Termination, Family Law, Trusts

Status: In Good Standing

CONTACT

108 E Main St, Riverhead, NY 11901

Carmela M. Di Talia

Contract, Reorganization, Wrongful Termination, Family Law

Status: In Good Standing

CONTACT

108 E Main St, Riverhead, NY 11901

Carmela M. Di Talia

Contract, Reorganization, Wrongful Termination, Family Law

Status: In Good Standing

CONTACT

108 E Main St, Riverhead, NY 11901

Christian H W Mittweg

Industry Specialties, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 39 Years

CONTACT

366 Edge Of Woods Rd, Water Mill, NY 11976

Cindy Ellen Tzerman

Lawsuit & Dispute, Business, Bankruptcy & Debt, Insurance

Status: In Good Standing Licensed: 43 Years

CONTACT

10 Whalers Walk, Sag Harbor, NY 11963

David Cohen

Real Estate, Litigation, Transportation & Shipping, Corporate, Bankruptcy & Debt

Status: In Good Standing Licensed: 42 Years

CONTACT

102 Montauk Blvd., East Hampton, NY 11937

Denise Civiletti

Credit & Debt

Status: In Good Standing Licensed: 42 Years

CONTACT

Riverhead, NY 11901

800-923-0641

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LEGAL TERMS

COLLATERAL

Property that guarantees payment of a secured debt.

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.

GENERAL PARTNER

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the... (more...)

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. See also partnership, limited partnership.

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.

NONPROFIT CORPORATION

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or f... (more...)

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or for some public purpose (such as a hospital, environmental organization or literary society). Nonprofit corporations, despite the name, can make a profit, but the business cannot be designed primarily for profit-making purposes, and the profits must be used for the benefit of the organization or purpose the corporation was created to help. When a nonprofit corporation dissolves, any remaining assets must be distributed to another nonprofit, not to board members. As with for-profit corporations, directors of nonprofit corporations are normally shielded from personal liability for the organization's debts. Some nonprofit corporations qualify for a federal tax exemption under _ 501(c)(3) of the Internal Revenue Code, with the result that contributions to the nonprofit are tax deductible by their donors.

REPOSSESSION

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and ... (more...)

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and has not attempted to work with the lender to resolve the problem. A repossessor can't use force to get at your car, but he can legally hot-wire it and even drive it out of your unlocked garage.

CYBERSQUATTING

Buying a domain name that reflects the name of a business or famous person with the intent of selling the name back to the business or celebrity for a profit. T... (more...)

Buying a domain name that reflects the name of a business or famous person with the intent of selling the name back to the business or celebrity for a profit. The Anticybersquatting Consumer Protection Act of 1999 authorizes a cybersquatting victim to file a federal lawsuit to regain a domain name or sue for financial compensation. Under the act, registering, selling or using a domain name with the intent to profit from someone else's good name is considered cybersquatting. Victims of cybersquatting can also use the provisions of the Uniform Domain Name Dispute Resolution Policy adopted by ICANN, an international tribunal administering domain names. This international policy results in arbitration of the dispute, not litigation.

NONEXEMPT PROPERTY

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typicall... (more...)

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typically includes valuable clothing (furs) and electronic equipment, an expensive car that's been paid off and most of the equity in your house. Compare exempt property.

REDEMPTION

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump s... (more...)

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a car note by paying the lender the amount a retail vendor would charge for the car, considering its age and condition.

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Shelter Island Heights Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Angela Tese-Milner

Arthur Barry Malman

Brian Jay Lester

Carmela M. Di Talia

Carmela M. Di Talia

Carmela M. Di Talia

Christian H W Mittweg

Cindy Ellen Tzerman

David Cohen

Denise Civiletti

TIPS

LEGAL TERMS

COLLATERAL

S CORPORATION

GENERAL PARTNER

PRESUMED ABUSE

NONPROFIT CORPORATION

REPOSSESSION

CYBERSQUATTING

NONEXEMPT PROPERTY

REDEMPTION

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