Southampton Bankruptcy & Debt Lawyer, New York, 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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Melinda Anne Rubin

Immigration, Divorce, Civil Rights, Credit & Debt, Products Liability

Status: Licensed: 32 Years

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147 W Montauk Hwy, Hampton Bays, NY 11946

Evans Michael Hillen

International, Bankruptcy & Debt

Status: Licensed: 14 Years

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148 E Montauk Hwy, Hampton Bays, NY 11946

Angela Tese-Milner

Bankruptcy & Debt

Status: Licensed: 42 Years

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735 Wickham Avenue, Mattituck, NY 11952

Salem Michael Katsh

Traffic, Estate, Environmental Law Other, Credit & Debt

Status: Licensed: 52 Years

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65 Ryder Farm Ln, Orient, NY 11957

Scott Desimone

Real Estate, Labor Law, DUI-DWI, Credit & Debt

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41780 Route 25, Peconic, NY 11958

Lisa Alexandra Frey

Landlord-Tenant, Social Security, Child Custody, Bankruptcy & Debt

Status: Licensed: 41 Years

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50 Old Main Rd, Quogue, NY 11959

Francis John Tubridy

Real Estate, Bankruptcy & Debt

Status: Licensed: 58 Years

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2652 Roanoke Ave, Riverhead, NY 11901

Elizabeth A. Pfister

Divorce & Family Law, Civil & Human Rights, Bankruptcy & Debt

Status: Licensed: 32 Years

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210 Center Dr, Riverhead, NY 11901

Karen C. Napolitano

Real Estate, Divorce & Family Law, Business, Collection

Status: Licensed: 33 Years

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632 Roanoke Ave, Riverhead, NY 11901

Denise Civiletti

Credit & Debt

Status: Licensed: 42 Years

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Riverhead, NY 11901

800-923-0641

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LEGAL TERMS

NONDISCHARGEABLE DEBTS

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chap... (more...)

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chapter 13 bankruptcy, the nondischargeable debts will have to be paid in full during your plan or you will have a balance at the end of your case. Examples of nondischargeable debts include alimony and child support, most income tax debts, many student loans and debts for personal injury or death caused by drunk driving. Compare dischargeable debts.

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.

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.

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.

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.

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.

CREDITOR

A person or entity (such as a bank) to whom a debt is owed.

GUARANTOR

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. T... (more...)

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. The guarantor gives a 'guaranty,' which is an assurance that the debt or other obligation will be fulfilled.

NO-FAULT INSURANCE

Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain ... (more...)

Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain amount, regardless of who was at fault. The effect of no-fault insurance laws is to eliminate lawsuits in small accidents. The advantage is the prompt payment of medical bills and expenses. The downsides are that the amounts paid by no-fault policies are often not enough to fully cover a person's losses and that no-fault does not compensate for pain and suffering.

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Southampton Bankruptcy & Debt Lawyer, New York, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Melinda Anne Rubin

Evans Michael Hillen

Angela Tese-Milner

Salem Michael Katsh

Scott Desimone

Lisa Alexandra Frey

Francis John Tubridy

Elizabeth A. Pfister

Karen C. Napolitano

Denise Civiletti

TIPS

LEGAL TERMS

NONDISCHARGEABLE DEBTS

DISPOSABLE INCOME

NONPROFIT CORPORATION

BANKRUPTCY

GENERAL PARTNER

REDEMPTION

CREDITOR

GUARANTOR

NO-FAULT INSURANCE

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