Uniondale 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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Adam Sinclair Kalb

Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 32 Years

CONTACT

100 Garden City Plaza, Garden City, NY 11530

Adam D'Antonio

Lawsuit & Dispute, Criminal, Civil & Human Rights, Bankruptcy & Debt

Status: In Good Standing

CONTACT

1225 Franklin Ave, Garden City, NY 11530

Adam S. Kalb

Business, Bankruptcy & Debt

Status: In Good Standing

CONTACT

100 Garden City Plaza, Garden City, NY 11530

Adam P. Wofse

Bankruptcy & Debt

Status: In Good Standing Licensed: 30 Years

CONTACT

3305 Jerusalem Ave, Wantagh, NY 11793

Alan Scott Rutkin

Lawsuit & Dispute, Business, Bankruptcy, Products Liability

Status: In Good Standing Licensed: 41 Years

CONTACT

926 Rxr Plaza, Uniondale, NY 11556

Alan Jonathan Schwartz

Real Estate, Criminal, Collection, Accident & Injury

Status: In Good Standing Licensed: 44 Years

CONTACT

840 Franklin Ave, Garden City, NY 11530

Alan C. Eagle

Estate Planning, Employee Rights, Bankruptcy, Products Liability

Status: In Good Standing Licensed: 39 Years

CONTACT

926 Rxr Plaza, Uniondale, NY 11556

Albert William Petraglia

Real Estate, Estate, Bankruptcy, Products Liability

Status: In Good Standing Licensed: 51 Years

CONTACT

926 Rxr Plaza, Uniondale, NY 11556

Alexander Daniel Zeltser

Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 17 Years

CONTACT

1527 Franklin Ave, Mineola, NY 11501

Alison Margaret Ladd

Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 15 Years

CONTACT

1201 Rxr Plaza, Uniondale, NY 11556

800-923-0641

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LEGAL TERMS

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.

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemp... (more...)

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemptible because it has been damaged or destroyed.

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.

DISCHARGE (OF DEBTS)

A bankruptcy court's erasure of the debts of a person or business that has filed for bankruptcy.

INFRINGEMENT (OF TRADEMARK)

Unauthorized use of a protected trademark or service mark, or use of something very similar to a protected mark. The success of a lawsuit to stop the infringeme... (more...)

Unauthorized use of a protected trademark or service mark, or use of something very similar to a protected mark. The success of a lawsuit to stop the infringement turns on whether the defendant's use causes a likelihood of confusion in the average consumer. If a court determines that the average consumer would be confused, the owner of the original mark can prevent the other's use of the infringing mark and sometimes collect damages.

HOUSEHOLDER

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a ho... (more...)

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a homestead exemption and possibly other exemptions relating to the maintenance of the household.

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.

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.

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Uniondale Bankruptcy & Debt Lawyer, New York, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Adam Sinclair Kalb

Adam D'Antonio

Adam S. Kalb

Adam P. Wofse

Alan Scott Rutkin

Alan Jonathan Schwartz

Alan C. Eagle

Albert William Petraglia

Alexander Daniel Zeltser

Alison Margaret Ladd

TIPS

LEGAL TERMS

GARNISHMENT

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

PREFERENCE

DISCHARGE (OF DEBTS)

INFRINGEMENT (OF TRADEMARK)

HOUSEHOLDER

SOLE PROPRIETORSHIP

INTEREST

S CORPORATION

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