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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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Amanda Rose Lamberson

Litigation, Divorce & Family Law, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

CONTACT

400 Garden City Plaza, Garden City, NY 11530

Amanda Sue Reynolds

Employment, Employee Rights, Bankruptcy, Products Liability

Status: In Good Standing

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926 Rxr Plaza, Uniondale, NY 11556

Amanda Rae Griner

Estate Planning, Employee Rights, Bankruptcy, Products Liability

Status: In Good Standing Licensed: 13 Years

CONTACT

926 Rxr Plz, Uniondale, NY 11556

Amanda Gurman

Estate Planning, Employee Rights, Bankruptcy, Products Liability

Status: In Good Standing

CONTACT

926 Rxr Plz, Uniondale, NY 11556

Amos Weinberg

Lawsuit & Dispute, Bankruptcy & Debt

Status: In Good Standing Licensed: 47 Years

CONTACT

49 Somerset Dr S, Great Neck, NY 11020

Amy Lesserson Brown

International, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 42 Years

CONTACT

121 Hofstra University, Hempstead, NY 11549

Andrea Cara Sacks

Employee Rights, Business, Bankruptcy, Products Liability

Status: In Good Standing Licensed: 22 Years

CONTACT

926 Rxr Plaza, Uniondale, NY 11556

Andreea N. Stefanescu Knudson

Estate Planning, Employee Rights, Bankruptcy, Products Liability

Status: In Good Standing Licensed: 17 Years

CONTACT

926 Rxr Plz, Uniondale, NY 11556

Andrew Martin Thaler

Real Estate, Lawsuit & Dispute, Bankruptcy & Debt

Status: In Good Standing Licensed: 41 Years

CONTACT

675 Old Country Rd, Old Westbury, NY 11590

Andrew Lee Markowitz

Real Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 46 Years

CONTACT

1325 Franklin Avenue, Garden City, NY 11530

800-923-0641

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LEGAL TERMS

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.

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.

ACCORD AND SATISFACTION

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collectin... (more...)

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.

CREDIT COUNSELING

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Unde... (more...)

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Under the new bankruptcy law, a debtor must undergo credit counseling with an approved provider before filing for bankruptcy.

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.

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.

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.

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.

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Williston Park Bankruptcy & Debt Lawyer, New York, page 4

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Amanda Rose Lamberson

Amanda Sue Reynolds

Amanda Rae Griner

Amanda Gurman

Amos Weinberg

Amy Lesserson Brown

Andrea Cara Sacks

Andreea N. Stefanescu Knudson

Andrew Martin Thaler

Andrew Lee Markowitz

TIPS

LEGAL TERMS

SOLE PROPRIETORSHIP

WORKOUT

401(K) PLAN

ACCORD AND SATISFACTION

CREDIT COUNSELING

CHAPTER 7 BANKRUPTCY

FRAUDULENT TRANSFER

GENERAL PARTNER

BULK SALES LAW

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