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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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Kenneth Gallant

Bankruptcy & Debt, Bankruptcy, Credit & Debt

Status: In Good Standing

FREE CONSULTATION

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1425 Jefferson Road, Rochester, NY 14623

Frank J. Beretta

International, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 40 Years

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Pittsford-Victor Road, Victor, NY 14564

Kelly Jeanne Diggins

Electronic Commerce, Business & Trade, Business, Commercial Bankruptcy

Status: In Good Standing Licensed: 17 Years

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207 High Point Dr, Victor, NY 14564

Kelly Jeanne Diggins

Electronic Commerce, Business & Trade, Business, Commercial Bankruptcy

Status: In Good Standing Licensed: 17 Years

CONTACT

207 High Point Dr, Victor, NY 14564

Christopher Matthew Missick

Landlord-Tenant, Real Estate, Business, Credit & Debt

Status: In Good Standing Licensed: 15 Years

CONTACT

7181 Brent Knl, Victor, NY 14564

John Francis Mckeown

Social Security, DUI-DWI, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 40 Years

CONTACT

53 Assembly Dr, Mendon, NY 14506

Pamela Beattie Webb

Industry Specialties, Civil & Human Rights, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 46 Years

CONTACT

865 Victor Rd, Victor, NY 14564

Gary Michael Kanellis

Real Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 26 Years

CONTACT

1173 Pittsford Victor Rd, Pittsford, NY 14534

Robert Dahl Schultz

Landlord-Tenant, Real Estate, Divorce & Family Law, Credit & Debt

Status: In Good Standing Licensed: 45 Years

CONTACT

1080 Pittsford Victor Rd, Pittsford, NY 14534

Robert L. Jacobson

Collection

Status: In Good Standing Licensed: 44 Years

CONTACT

1080 Pittsford Victor Rd, Pittsford, NY 14534

800-923-0641

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LEGAL TERMS

TRADE DRESS

The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape... (more...)

The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape of Frangelico liqueur bottles. Trade dress can be protected under trademark law if a showing can be made that the average consumer would likely be confused as to product origin if another product were allowed to appear in similar dress.

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.

CREDIT FILE

See credit report.

CHAPTER 7 BANKRUPTCY

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 b... (more...)

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 bankruptcy takes from three to six months, costs about $200, and commonly requires only one trip to the courthouse.

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.

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.

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.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

LIMITED PARTNERSHIP

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner ... (more...)

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner or partners (called general partners) have unlimited personal liability. The key difference between a general and limited partner concerns management decision making--general partners run the business, and limited partners, who are usually passive investors, are not allowed to make day-to-day business decisions. If they do, they risk being treated as general partners with unlimited personal liability.

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Victor Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Kenneth Gallant

Frank J. Beretta

Kelly Jeanne Diggins

Kelly Jeanne Diggins

Christopher Matthew Missick

John Francis Mckeown

Pamela Beattie Webb

Gary Michael Kanellis

Robert Dahl Schultz

Robert L. Jacobson

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LEGAL TERMS

TRADE DRESS

S CORPORATION

CREDIT FILE

CHAPTER 7 BANKRUPTCY

DISPOSABLE INCOME

ADMINISTRATIVE EXPENSES

REDEMPTION

SETOFF

LIMITED PARTNERSHIP

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