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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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Joshua G. Losardo

Condominiums, Administrative Law, Credit & Debt, Bankruptcy

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270 Madison Avenue, New York, NY 10016

Stacy Shimony

Residential Real Estate, Landlord-Tenant, Real Estate, Bankruptcy & Debt

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270 Madison Avenue, New York, NY 10016

Michael J. Semack

Corporate, Banking & Finance, Bankruptcy Litigation, Bankruptcy

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40 Wall Street, New York, NY 10005

Patricia L. Martin-Gibbons

Adoption, Affirmative Action, Alimony & Spousal Support, Bankruptcy

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The Woolworth Building, 233 Broadway, New York, NY 10279

Zhijun Liu

Administrative Law, Asylum, Bankruptcy, Business Organization

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225 Broadway, New York, NY 10007

Dan Shaked

Estate Planning, Corporate, Credit & Debt, Bankruptcy

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FREE CONSULTATION

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255 West 36Th Street, New York, NY 10018

David Ian Pankin

Workout, Consumer Bankruptcy, Commercial Bankruptcy, Bankruptcy

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48 Willoughby St, MetroTech, Brooklyn, NY 11201

Edward G. Baer

Condominiums, Commercial Leasing, Landlord-Tenant, Bankruptcy Litigation

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270 Madison Avenue, New York, NY 10016

Jamie B. Chapman

Foreclosure, Real Estate, Transactions, Bankruptcy

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270 Madison Avenue, New York, NY 10016

Jerry C. Feuerstein

Antitrust, Bankruptcy, Corporate, Business Organization

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360 Lexington Avenue, New York, NY 10017

800-814-6700

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LEGAL TERMS

SECURED DEBT

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collater... (more...)

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

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.

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.

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.

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.

401(K) PLAN

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income ... (more...)

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income taxes on the amount invested and any earnings are due until the employee withdraws money from the fund.

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.

FCBA

See Fair Credit Billing Act.

FRAUDULENT TRANSFER

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee --... (more...)

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit of the creditors.

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So Pole Bankruptcy & Debt Lawyer, New York, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Joshua G. Losardo

Stacy Shimony

Michael J. Semack

Patricia L. Martin-Gibbons

Zhijun Liu

Dan Shaked

David Ian Pankin

Edward G. Baer

Jamie B. Chapman

Jerry C. Feuerstein

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LEGAL TERMS

SECURED DEBT

FAIR CREDIT BILLING ACT (FCBA)

NUISANCE FEES

S CORPORATION

WORKOUT

401(K) PLAN

NONPROFIT CORPORATION

FCBA

FRAUDULENT TRANSFER

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