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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 A. Reynolds

Bankruptcy & Debt

Status: In Good Standing Licensed: 32 Years

CONTACT

105 Maxess Rd, Melville, NY 11747

Lawrence Alan Levine

Commercial Real Estate, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 51 Years

CONTACT

445 Broadhollow Rd, Melville, NY 11747

Paul J. Bloom

Industry Specialties, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 53 Years

CONTACT

445 Broadhollow Rd, Melville, NY 11747

Leslie Hanna Tayne

International Tax, Banking & Finance, Consumer Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

CONTACT

135 Pinelawn Rd, Melville, NY 11747

Craig Scott Roberts

Lawsuit & Dispute, Employee Rights, Employment, Bankruptcy & Debt

Status: In Good Standing

CONTACT

58 S Service Rd, Melville, NY 11747

Gary Bernard Sachs

Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 54 Years

CONTACT

509 Verona Dr, Melville, NY 11747

Garrett Patrick Hopkins

Divorce, Criminal, Credit & Debt

Status: In Good Standing Licensed: 46 Years

CONTACT

68 S Service Rd, Melville, NY 11747

Ilene J. Behar

International, Divorce, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 33 Years

CONTACT

588 Bardini Dr, Melville, NY 11747

David Andrew Brown

Credit & Debt, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 31 Years

CONTACT

225 Broadhollow Rd, Melville, NY 11747

Paul E. Levitt

Employment, Family Law, Contract, Bankruptcy

Status: In Good Standing Licensed: 44 Years

CONTACT

445 Broadhollow Rd, Melville, NY 11747

800-923-0641

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800-943-8690

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LEGAL TERMS

PRESUMED ABUSE

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means te... (more...)

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means test, the court will presume that the debtor has sufficient income to fund a Chapter 13 plan. In this situation, the debtor will not be allowed to proceed with a Chapter 7 bankruptcy unless the debtor can prove that he or she is not abusing the Chapter 7 bankruptcy remedy.

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.

CURRENT MONTHLY INCOME

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding... (more...)

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding the bankruptcy filing. The debtor's current monthly income is used to determine whether the debtor can file for Chapter 7 bankruptcy, among other things.

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.

SUBROGATION

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off i... (more...)

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off its injured claimant takes the legal rights the claimant has against a third party that caused the injury, and sues that third party.

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working fo... (more...)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working for collection agencies. The law does not apply to creditors collecting their own debts. This law has greatly improved conditions for debtors, although more than a few debt collectors ignore the law. If a collection agency violates the law, debtors can contact the Federal Trade Commission for help.

CREDIT INSURANCE

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay o... (more...)

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance. Federal and state consumer protection laws require the lender to disclose to existing and potential borrowers the terms and costs of obtaining credit insurance because it can affect the terms of the loan.

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.

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.

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Wyandanch Bankruptcy & Debt Lawyer, New York, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Kenneth A. Reynolds

Lawrence Alan Levine

Paul J. Bloom

Leslie Hanna Tayne

Craig Scott Roberts

Gary Bernard Sachs

Garrett Patrick Hopkins

Ilene J. Behar

David Andrew Brown

Paul E. Levitt

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LEGAL TERMS

PRESUMED ABUSE

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

CURRENT MONTHLY INCOME

SOLE PROPRIETORSHIP

SUBROGATION

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

CREDIT INSURANCE

S CORPORATION

DEBT COLLECTOR

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