Strykersville 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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Derek Akiwumi

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Accident & Injury, Criminal, Divorce & Family Law, Estate, Bankruptcy & Debt

Derek Akiwumi, representing clients throughout WNY, has a proven reputation for getting the results you need. From criminal defense, appeals, and pers... (more)

CONTACT

800-711-9031

300 International Dr, Buffalo, NY 14221

Thomas A. Steffan

Real Estate, Health Care, Estate, Bankruptcy & Debt

Status: Licensed: 39 Years

CONTACT

13132 Main St, Alden, NY 14004

John Kirby Colling

Traffic, Divorce & Family Law, Bankruptcy, Bankruptcy & Debt

Status: Licensed: 40 Years

CONTACT

Arcade, NY 14009

James Matthew Wujcik

Real Estate, Business, Bankruptcy & Debt

Status: Licensed: 19 Years

CONTACT

11 Exchange St, Attica, NY 14011

David Leigh Metzler

Traffic, Industry Specialties, Business, Bankruptcy & Debt

Status: Licensed: 53 Years

CONTACT

104 Bank St, Batavia, NY 14020

Frederick Matthew Rarick

Criminal, Bankruptcy

Status: Licensed: 41 Years

CONTACT

39 Ellicott St, Batavia, NY 14020

Thomas Francis Turturo

Estate, Criminal, Bankruptcy & Debt

Status: Licensed: 15 Years

CONTACT

5130 E Main Street Rd, Batavia, NY 14020

Michelle Claudine Marans

Bankruptcy & Debt

Status: Licensed: 31 Years

CONTACT

20 Lawrence Bell Dr, Buffalo, NY 14221

Daniel Wisher

Family Law, Bankruptcy

Status: Licensed: 21 Years

CONTACT

5678 Main St, Buffalo, NY 14221

Mariella Stravalaci-Mikienis

Real Estate, Criminal, Business, Bankruptcy & Debt

Status: Licensed: 25 Years

CONTACT

5838 Main St, Buffalo, NY 14221

800-923-0641

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LEGAL TERMS

BULK SALES LAW

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.

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.

ADMINISTRATIVE EXPENSES

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.

GARNISHMENT

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if ... (more...)

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if she loses a lawsuit filed by the creditor. Up to 25% of a person's wages can be deducted.

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.

MEETING OF CREDITORS

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a f... (more...)

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a few questions. In a Chapter 7, the meeting of creditors lasts a few minutes and rarely do any creditors show up. In a Chapter 13 bankruptcy, one or two creditors may attend, especially if they disagree with some provision of your repayment plan.

DEBT COLLECTOR

A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe... (more...)

A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe. Debt collectors can be relentless, often using scare tactics, humiliation and repeated phone calls to extract payments or promises to pay.

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.

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

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Strykersville Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Derek Akiwumi

Thomas A. Steffan

John Kirby Colling

James Matthew Wujcik

David Leigh Metzler

Frederick Matthew Rarick

Thomas Francis Turturo

Michelle Claudine Marans

Daniel Wisher

Mariella Stravalaci-Mikienis

TIPS

LEGAL TERMS

BULK SALES LAW

401(K) PLAN

ADMINISTRATIVE EXPENSES

GARNISHMENT

GENERAL PARTNER

MEETING OF CREDITORS

DEBT COLLECTOR

SOLE PROPRIETORSHIP

PREFERENCE

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