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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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Sarah Ann Filcher

Real Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 13 Years

CONTACT

1 Park Pl, Peekskill, NY 10566

Tanya Patrice Dwyer

Commercial Real Estate, Litigation, Bankruptcy

Status: In Good Standing

CONTACT

1 Park Pl, Peekskill, NY 10566

Victoria Reilly Lehning

Bankruptcy

Status: In Good Standing Licensed: 25 Years

CONTACT

1210 Frost Ln, Peekskill, NY 10566

Paul D. Feinstein

Real Estate, Lawsuit & Dispute, Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 57 Years

CONTACT

4 Oak Ct, Stony Point, NY 10980

Frank J. Laperch

Bankruptcy & Debt

Status: In Good Standing

CONTACT

148 S Liberty Dr, Stony Point, NY 10980

Robert Lawless

Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 13 Years

CONTACT

Bldg 606, West Point, NY 10996

Paul Nicholas Weber

Industry Specialties, Bankruptcy & Debt, Accident & Injury

Status: In Good Standing Licensed: 21 Years

CONTACT

Cornwall, NY 12518

Ari Joshua Stein

Other, Lawsuit & Dispute, Bankruptcy & Debt

Status: In Good Standing Licensed: 22 Years

CONTACT

1 Railroad Square, Haverstraw, NY 10927

Alan F. Steiner

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

Status: In Good Standing Licensed: 52 Years

CONTACT

1036 Old Albany Post Rd, Garrison, NY 10524

Jay Wolf Ungerman

Bankruptcy

Status: Inactive Licensed: 63 Years

CONTACT

136 Grand Street, Croton On Hudson, NY 10520

800-923-0641

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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.

LIMITED LIABILITY

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or ... (more...)

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or a person who invests in a corporation (a shareholder) generally stands to lose only the amount of money invested in the business. This means that if the business folds, creditors cannot seize or sell an owner's home, car, or other personal assets.

UNDUE HARDSHIP

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in t... (more...)

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in the future to pay off the loan may be able to show that repayment would be an undue hardship.

FAIR LABOR STANDARDS ACT (FLSA)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements ... (more...)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements for overtime and places restrictions on child labor.

SECURED DEBT

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collater... (more...)

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

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.

NUISANCE FEES

Money charged by some credit card companies to increase their profits when you fail to use the card the way the creditor wants. Examples include late payment fe... (more...)

Money charged by some credit card companies to increase their profits when you fail to use the card the way the creditor wants. Examples include late payment fees, inactivity fees and fees for not carrying a balance from month to month. It's best to shop around and get rid of cards that have these fees attached.

FCRA

See Fair Credit Reporting Act.

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.

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Bear Mountain Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Sarah Ann Filcher

Tanya Patrice Dwyer

Victoria Reilly Lehning

Paul D. Feinstein

Frank J. Laperch

Robert Lawless

Paul Nicholas Weber

Ari Joshua Stein

Alan F. Steiner

Jay Wolf Ungerman

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LEGAL TERMS

PRESUMED ABUSE

LIMITED LIABILITY

UNDUE HARDSHIP

FAIR LABOR STANDARDS ACT (FLSA)

SECURED DEBT

LIMITED PARTNERSHIP

NUISANCE FEES

FCRA

ACCORD AND SATISFACTION

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